What are the uses of blockchain in the current world
Blockchain is a new generation technological invention used for data transfer. Although many people are not aware of this computer tool, its use is beginning to spread to various areas of life. What are the applications of this technology? Details in this article.
Blockchain: what is it about
Blockchain is a technology that enables the processing and transfer of data in a secure, transparent and decentralized way. For companies, Diginex proposes the improvement of their reporting through blockchain. Blockchain is a technology developed in 2008, through the emergence of cryptocurrencies, notably Bitcoin. It works as a register in which various information is contained for users who can control it directly, without the intervention of a control body.
However, although it is open to all, the blockchain remains secure. Indeed, the technology is not run by a single server, but also by some users. Data is transferred from one user to another in a decentralized way, without the intervention of a central control. The absence of a control center in the data transfer process limits intrusions into the process.
The applications of blockchain
The application of the blockchain most known to everyone is the issuance of cryptocurrencies. Indeed, these are the digital currencies that are issued and stored on the blockchain. They can also be transferred from one virtual wallet to another, always using the blockchain. Also, the technology is used for tracking objects. Some platforms use QR codes, allowing them to mark each object. Thus, it is possible to follow the path of the objects.
In addition, the blockchain is used to generate smart contacts, which are orders that are automatically triggered following an event. Some insurers use this to their advantage in order to automatically trigger compensation payments. The technology is also used to secure economic transactions.