Five Blockchain Applications That Are Shaping Your Future, HuffPost

Five Blockchain Applications That Are Shaping Your Future

You most likely have heard of bitcoin and cryptocurrency by now. And as of late the term “Blockchain” has made meaty splashes in the tech community.

It’s the technology that underpins digital currencies and ensures that all transactions are decently conducted and recorded. But what is stored on the blockchain need not be just a monetary unit – it can be put to all manner of other interesting uses.

But, there is one underlying question most have.

What are the blockchain applications of the future?

As it turns out, more applications besides the currency can be developed to corset the technology. The following are five of the blockchain ideas that are in work in progress stage.

DISTRIBUTED CLOUD STORAGE

Blockchain data storage will become a massive disruptor shortly. (3-5 years)

Current cloud storage services are centralized — thus you the users must place trust in a single storage provider. “They” control all of your online assets.

On the other mitt with the Blockchain, this can become decentralized. For example, Storj is beta-testing cloud storage using a Blockchain-powered network to improve security and decrease dependency. Additionally, users (you) can rent out their excess storage capacity, Airbnb-style, creating fresh marketplaces.

Anyone on the internet can store your data at a pre-agreed price. Hashing and having the data in numerous locations are the keys to securing it.

Storj.io and factom are two start-ups exploring this idea. After encrypting your data, it is sent out to a network with effortless to track basic metadata.

Imagine never having to worry about your digital security every again. It’s a massive problem in the world.

Which is now estimated to cost the industry about $Eighteen.Five billion annually, according to a report released Thursday by Distil Networks.

That means for every $Trio spent, $1 is going to ad fraud.

Blockchain technologies make tracking and managing digital identities both secure and efficient, resulting in seamless sign-on and diminished fraud.

Be it banking, healthcare, national security, citizenship documentation or online retailing, identity authentication and authorization is a process intricately woven into commerce and culture worldwide.

Recall what happened with Target?

The data breach at Target was significantly broader than originally reported: The company said that seventy million customers had information such as their name, address, phone number and e-mail address hacked in the breach.

Events such as hacked databases and breached accounts are shining the light on the growing problems of a technologically advanced society, without outpaced identity-based security innovations.

Blockchain technology offers a solution to many digital identity issues, where identity can be uniquely authenticated in an incontrovertible, immutable, and secure manner. Current methods use problematic password-based systems of collective secrets exchanged and stored on insecure systems. Blockchain-based authentication systems are based on unassailable identity verification using digital signatures based on public key cryptography. In blockchain identity authentication, the only check performed is whether or not the transaction was signed by the correct private key. It is inferred that whoever has access to the private key is the proprietor and the exact identity of the proprietor is deemed irrelevant.

Blockchain Identity Use Cases

  • Blockchain technology can be applied to identity applications in the following areas:

ShoCard is a digital identity that protects consumer privacy and is as effortless to understand and use as showcasing a driver’s license. It’s optimized for mobile and so secure that a bank can rely on it.

What if you could cut your mortgage rate, make it lighter to update your will?

The world of clever contracts is quick approaching, but what are they?

These are legally roping programmable digitized contracts entered on the blockchain. What developers do is to implement legal contracts as variables and statements that can release of funds using the bitcoin network as a ‘3rd party executor’, rather than trusting a single central authority.

For example, if two people want to exchange $100 at a specific time in future when a set of preconditions are met, the conditions, payout, and parties’ details would be programmed into a brainy contract. Once the defined conditions are met, funds would be released and sent to the adequate party as per terms.

By providing computers control over contracts, we can make business more efficient and make the legal system more equitable.

“Wise contracts solve the problem of intermediary trust inbetween parties to an agreement, whether that is inbetween people transferring assets like gold, or executing decisions inbetween two parties in a betting contract,” explained Vitalik Buterin, a founder of Ethereum.”

The greatest barrier to getting electoral processes online, according to its detractors, is security. Using the blockchain, a voter could check that her or his vote was successfully transmitted while remaining anonymous to the rest of the world. In 2014, Liberal Alliance, a political party in Denmark, became the very first organization to use blockchain to vote. With American voter turnout still shockingly low, distributed digital voting may represent a way to enfranchise non-participants.

Last year a team accredited to observe the two thousand thirteen municipal elections in Estonia – the only country to run Internet voting on a broad scale – exposed that they observed election officials downloading key software over insecure Internet connections, typing PINs and passwords in view of cameras, and preparing election software on vulnerable PCs. Norway also canceled trials of e-voting systems in local and national elections, concluding that voters’ fears about their votes becoming public could undermine democratic processes. (Source: estoniaevoting.org)

Can you imagine what would happen to our governmental structures?

My hope is that Blockchain technologies will become the gold standard for all nations of the world shortly. It is time for our system and governments to become more see-through.

One interesting feature of the blockchain is its timestamp feature. The entire network essentially validates the state of packaged chunk of data (called a hash) at a certain particular time. As a trustless decentralized network, it essentially confirms the existence of [something] at a stated time that is further provable in a court of law. Until now, only centralized notary services could serve this purpose.

Manuel Aráoz, a Buenos Aires, Argentina-based developer, who built Proof of Existence as a decentralized method of verification, a kind of cryptographic notary service explained:

“As the blockchain is a public database, it is a distributed sort of consensus; your document becomes certified in a distributed sort of way.”

Proof of Existence permits users to upload a file and pay a transaction fee to have a cryptographic proof of it included on the bitcoin blockchain. The actual data is not stored online and therefore does not risk unwanted publication of the user’s material.

After anonymously uploading the document and paying the network fee, a hash of the document (or any other type of digital file) is generated as part of the transaction.

The Proof of Existence website shows recently uploaded files that have hashes on the block chain.

This, in effect, uses the public and ledger-like nature of the blockchain to store the proof of your file, which can later be verified should an issue of authorship or dating arise.

“Basically, by inserting the cryptographic hash of the document in a transaction, when that transaction is mined into a block, the block timestamp becomes the record’s timestamp,”

Just imagine never having to pay for notarization ever again: The world is evolving towards a value-based economy. Where, if you are not adding value to the entire, you are no longer needed. And it’s about time. Too many old systems exist today that only leech off you instead of adding value in your life.

As mentioned above, most of these applications are still underdeveloped The future potential of the blockchain applications is still unraveling. The next couples of years will be all about experimenting and applying to all aspects of society. Regardless of which application comes very first on a global scale. The bottom line is, Blockchain is here to stay and is converting how our society functions.

Five Blockchain Applications That Are Shaping Your Future, HuffPost

Five Blockchain Applications That Are Shaping Your Future

You most likely have heard of bitcoin and cryptocurrency by now. And as of late the term “Blockchain” has made gigantic splashes in the tech community.

It’s the technology that underpins digital currencies and ensures that all transactions are decently conducted and recorded. But what is stored on the blockchain need not be just a monetary unit – it can be put to all manner of other interesting uses.

But, there is one underlying question most have.

What are the blockchain applications of the future?

As it turns out, more applications besides the currency can be developed to corset the technology. The following are five of the blockchain ideas that are in work in progress stage.

DISTRIBUTED CLOUD STORAGE

Blockchain data storage will become a massive disruptor shortly. (3-5 years)

Current cloud storage services are centralized — thus you the users must place trust in a single storage provider. “They” control all of your online assets.

On the other mitt with the Blockchain, this can become decentralized. For example, Storj is beta-testing cloud storage using a Blockchain-powered network to improve security and decrease dependency. Additionally, users (you) can rent out their excess storage capacity, Airbnb-style, creating fresh marketplaces.

Anyone on the internet can store your data at a pre-agreed price. Hashing and having the data in numerous locations are the keys to securing it.

Storj.io and factom are two start-ups exploring this idea. After encrypting your data, it is sent out to a network with effortless to track basic metadata.

Imagine never having to worry about your digital security every again. It’s a massive problem in the world.

Which is now estimated to cost the industry about $Eighteen.Five billion annually, according to a report released Thursday by Distil Networks.

That means for every $Three spent, $1 is going to ad fraud.

Blockchain technologies make tracking and managing digital identities both secure and efficient, resulting in seamless sign-on and diminished fraud.

Be it banking, healthcare, national security, citizenship documentation or online retailing, identity authentication and authorization is a process intricately woven into commerce and culture worldwide.

Recall what happened with Target?

The data breach at Target was significantly broader than originally reported: The company said that seventy million customers had information such as their name, address, phone number and e-mail address hacked in the breach.

Events such as hacked databases and breached accounts are shining the light on the growing problems of a technologically advanced society, without outpaced identity-based security innovations.

Blockchain technology offers a solution to many digital identity issues, where identity can be uniquely authenticated in an incontestable, immutable, and secure manner. Current methods use problematic password-based systems of collective secrets exchanged and stored on insecure systems. Blockchain-based authentication systems are based on incontestable identity verification using digital signatures based on public key cryptography. In blockchain identity authentication, the only check performed is whether or not the transaction was signed by the correct private key. It is inferred that whoever has access to the private key is the holder and the exact identity of the proprietor is deemed irrelevant.

Blockchain Identity Use Cases

  • Blockchain technology can be applied to identity applications in the following areas:

ShoCard is a digital identity that protects consumer privacy and is as effortless to understand and use as showcasing a driver’s license. It’s optimized for mobile and so secure that a bank can rely on it.

What if you could cut your mortgage rate, make it lighter to update your will?

The world of brainy contracts is quick approaching, but what are they?

These are legally trussing programmable digitized contracts entered on the blockchain. What developers do is to implement legal contracts as variables and statements that can release of funds using the bitcoin network as a ‘3rd party executor’, rather than trusting a single central authority.

For example, if two people want to exchange $100 at a specific time in future when a set of preconditions are met, the conditions, payout, and parties’ details would be programmed into a wise contract. Once the defined conditions are met, funds would be released and sent to the suitable party as per terms.

By providing computers control over contracts, we can make business more efficient and make the legal system more equitable.

“Brainy contracts solve the problem of intermediary trust inbetween parties to an agreement, whether that is inbetween people transferring assets like gold, or executing decisions inbetween two parties in a betting contract,” explained Vitalik Buterin, a founder of Ethereum.”

The greatest barrier to getting electoral processes online, according to its detractors, is security. Using the blockchain, a voter could check that her or his vote was successfully transmitted while remaining anonymous to the rest of the world. In 2014, Liberal Alliance, a political party in Denmark, became the very first organization to use blockchain to vote. With American voter turnout still shockingly low, distributed digital voting may represent a way to enfranchise non-participants.

Last year a team accredited to observe the two thousand thirteen municipal elections in Estonia – the only country to run Internet voting on a broad scale – exposed that they observed election officials downloading key software over insecure Internet connections, typing PINs and passwords in view of cameras, and preparing election software on vulnerable PCs. Norway also canceled trials of e-voting systems in local and national elections, concluding that voters’ fears about their votes becoming public could undermine democratic processes. (Source: estoniaevoting.org)

Can you imagine what would happen to our governmental structures?

My hope is that Blockchain technologies will become the gold standard for all nations of the world shortly. It is time for our system and governments to become more semi-transparent.

One interesting feature of the blockchain is its timestamp feature. The entire network essentially validates the state of packaged lump of data (called a hash) at a certain particular time. As a trustless decentralized network, it essentially confirms the existence of [something] at a stated time that is further provable in a court of law. Until now, only centralized notary services could serve this purpose.

Manuel Aráoz, a Buenos Aires, Argentina-based developer, who built Proof of Existence as a decentralized method of verification, a kind of cryptographic notary service explained:

“As the blockchain is a public database, it is a distributed sort of consensus; your document becomes certified in a distributed sort of way.”

Proof of Existence permits users to upload a file and pay a transaction fee to have a cryptographic proof of it included on the bitcoin blockchain. The actual data is not stored online and therefore does not risk unwanted publication of the user’s material.

After anonymously uploading the document and paying the network fee, a hash of the document (or any other type of digital file) is generated as part of the transaction.

The Proof of Existence website shows recently uploaded files that have hashes on the block chain.

This, in effect, uses the public and ledger-like nature of the blockchain to store the proof of your file, which can later be verified should an issue of authorship or dating arise.

“Basically, by inserting the cryptographic hash of the document in a transaction, when that transaction is mined into a block, the block timestamp becomes the record’s timestamp,”

Just imagine never having to pay for notarization ever again: The world is evolving towards a value-based economy. Where, if you are not adding value to the entire, you are no longer needed. And it’s about time. Too many old systems exist today that only leech off you instead of adding value in your life.

As mentioned above, most of these applications are still underdeveloped The future potential of the blockchain applications is still unraveling. The next couples of years will be all about experimenting and applying to all aspects of society. Regardless of which application comes very first on a global scale. The bottom line is, Blockchain is here to stay and is converting how our society functions.

Five Blockchain Applications That Are Shaping Your Future, HuffPost

Five Blockchain Applications That Are Shaping Your Future

You most likely have heard of bitcoin and cryptocurrency by now. And as of late the term “Blockchain” has made phat splashes in the tech community.

It’s the technology that underpins digital currencies and ensures that all transactions are decently conducted and recorded. But what is stored on the blockchain need not be just a monetary unit – it can be put to all manner of other interesting uses.

But, there is one underlying question most have.

What are the blockchain applications of the future?

As it turns out, more applications besides the currency can be developed to corset the technology. The following are five of the blockchain ideas that are in work in progress stage.

DISTRIBUTED CLOUD STORAGE

Blockchain data storage will become a massive disruptor shortly. (3-5 years)

Current cloud storage services are centralized — thus you the users must place trust in a single storage provider. “They” control all of your online assets.

On the other arm with the Blockchain, this can become decentralized. For example, Storj is beta-testing cloud storage using a Blockchain-powered network to improve security and decrease dependency. Additionally, users (you) can rent out their excess storage capacity, Airbnb-style, creating fresh marketplaces.

Anyone on the internet can store your data at a pre-agreed price. Hashing and having the data in numerous locations are the keys to securing it.

Storj.io and factom are two start-ups exploring this idea. After encrypting your data, it is sent out to a network with effortless to track basic metadata.

Imagine never having to worry about your digital security every again. It’s a massive problem in the world.

Which is now estimated to cost the industry about $Eighteen.Five billion annually, according to a report released Thursday by Distil Networks.

That means for every $Trio spent, $1 is going to ad fraud.

Blockchain technologies make tracking and managing digital identities both secure and efficient, resulting in seamless sign-on and diminished fraud.

Be it banking, healthcare, national security, citizenship documentation or online retailing, identity authentication and authorization is a process intricately woven into commerce and culture worldwide.

Reminisce what happened with Target?

The data breach at Target was significantly broader than originally reported: The company said that seventy million customers had information such as their name, address, phone number and e-mail address hacked in the breach.

Events such as hacked databases and breached accounts are shining the light on the growing problems of a technologically advanced society, without outpaced identity-based security innovations.

Blockchain technology offers a solution to many digital identity issues, where identity can be uniquely authenticated in an incontestable, immutable, and secure manner. Current methods use problematic password-based systems of collective secrets exchanged and stored on insecure systems. Blockchain-based authentication systems are based on unassailable identity verification using digital signatures based on public key cryptography. In blockchain identity authentication, the only check performed is whether or not the transaction was signed by the correct private key. It is inferred that whoever has access to the private key is the holder and the exact identity of the holder is deemed irrelevant.

Blockchain Identity Use Cases

  • Blockchain technology can be applied to identity applications in the following areas:

ShoCard is a digital identity that protects consumer privacy and is as effortless to understand and use as showcasing a driver’s license. It’s optimized for mobile and so secure that a bank can rely on it.

What if you could cut your mortgage rate, make it lighter to update your will?

The world of clever contracts is quick approaching, but what are they?

These are legally trussing programmable digitized contracts entered on the blockchain. What developers do is to implement legal contracts as variables and statements that can release of funds using the bitcoin network as a ‘3rd party executor’, rather than trusting a single central authority.

For example, if two people want to exchange $100 at a specific time in future when a set of preconditions are met, the conditions, payout, and parties’ details would be programmed into a clever contract. Once the defined conditions are met, funds would be released and sent to the suitable party as per terms.

By providing computers control over contracts, we can make business more efficient and make the legal system more equitable.

“Wise contracts solve the problem of intermediary trust inbetween parties to an agreement, whether that is inbetween people transferring assets like gold, or executing decisions inbetween two parties in a betting contract,” explained Vitalik Buterin, a founder of Ethereum.”

The greatest barrier to getting electoral processes online, according to its detractors, is security. Using the blockchain, a voter could check that her or his vote was successfully transmitted while remaining anonymous to the rest of the world. In 2014, Liberal Alliance, a political party in Denmark, became the very first organization to use blockchain to vote. With American voter turnout still shockingly low, distributed digital voting may represent a way to enfranchise non-participants.

Last year a team accredited to observe the two thousand thirteen municipal elections in Estonia – the only country to run Internet voting on a broad scale – exposed that they observed election officials downloading key software over insecure Internet connections, typing PINs and passwords in view of cameras, and preparing election software on vulnerable PCs. Norway also canceled trials of e-voting systems in local and national elections, concluding that voters’ fears about their votes becoming public could undermine democratic processes. (Source: estoniaevoting.org)

Can you imagine what would happen to our governmental structures?

My hope is that Blockchain technologies will become the gold standard for all nations of the world shortly. It is time for our system and governments to become more semi-transparent.

One interesting feature of the blockchain is its timestamp feature. The entire network essentially validates the state of packaged chunk of data (called a hash) at a certain particular time. As a trustless decentralized network, it essentially confirms the existence of [something] at a stated time that is further provable in a court of law. Until now, only centralized notary services could serve this purpose.

Manuel Aráoz, a Buenos Aires, Argentina-based developer, who built Proof of Existence as a decentralized method of verification, a kind of cryptographic notary service explained:

“As the blockchain is a public database, it is a distributed sort of consensus; your document becomes certified in a distributed sort of way.”

Proof of Existence permits users to upload a file and pay a transaction fee to have a cryptographic proof of it included on the bitcoin blockchain. The actual data is not stored online and therefore does not risk unwanted publication of the user’s material.

After anonymously uploading the document and paying the network fee, a hash of the document (or any other type of digital file) is generated as part of the transaction.

The Proof of Existence website shows recently uploaded files that have hashes on the block chain.

This, in effect, uses the public and ledger-like nature of the blockchain to store the proof of your file, which can later be verified should an issue of authorship or dating arise.

“Basically, by inserting the cryptographic hash of the document in a transaction, when that transaction is mined into a block, the block timestamp becomes the record’s timestamp,”

Just imagine never having to pay for notarization ever again: The world is evolving towards a value-based economy. Where, if you are not adding value to the entire, you are no longer needed. And it’s about time. Too many old systems exist today that only leech off you instead of adding value in your life.

As mentioned above, most of these applications are still underdeveloped The future potential of the blockchain applications is still unraveling. The next couples of years will be all about experimenting and applying to all aspects of society. Regardless of which application comes very first on a global scale. The bottom line is, Blockchain is here to stay and is converting how our society functions.

Five Blockchain Applications That Are Shaping Your Future, HuffPost

Five Blockchain Applications That Are Shaping Your Future

You most likely have heard of bitcoin and cryptocurrency by now. And as of late the term “Blockchain” has made massive splashes in the tech community.

It’s the technology that underpins digital currencies and ensures that all transactions are decently conducted and recorded. But what is stored on the blockchain need not be just a monetary unit – it can be put to all manner of other interesting uses.

But, there is one underlying question most have.

What are the blockchain applications of the future?

As it turns out, more applications besides the currency can be developed to corset the technology. The following are five of the blockchain ideas that are in work in progress stage.

DISTRIBUTED CLOUD STORAGE

Blockchain data storage will become a massive disruptor shortly. (3-5 years)

Current cloud storage services are centralized — thus you the users must place trust in a single storage provider. “They” control all of your online assets.

On the other palm with the Blockchain, this can become decentralized. For example, Storj is beta-testing cloud storage using a Blockchain-powered network to improve security and decrease dependency. Additionally, users (you) can rent out their excess storage capacity, Airbnb-style, creating fresh marketplaces.

Anyone on the internet can store your data at a pre-agreed price. Hashing and having the data in numerous locations are the keys to securing it.

Storj.io and factom are two start-ups exploring this idea. After encrypting your data, it is sent out to a network with effortless to track basic metadata.

Imagine never having to worry about your digital security every again. It’s a massive problem in the world.

Which is now estimated to cost the industry about $Legitimate.Five billion annually, according to a report released Thursday by Distil Networks.

That means for every $Trio spent, $1 is going to ad fraud.

Blockchain technologies make tracking and managing digital identities both secure and efficient, resulting in seamless sign-on and diminished fraud.

Be it banking, healthcare, national security, citizenship documentation or online retailing, identity authentication and authorization is a process intricately woven into commerce and culture worldwide.

Recall what happened with Target?

The data breach at Target was significantly broader than originally reported: The company said that seventy million customers had information such as their name, address, phone number and e-mail address hacked in the breach.

Events such as hacked databases and breached accounts are shining the light on the growing problems of a technologically advanced society, without outpaced identity-based security innovations.

Blockchain technology offers a solution to many digital identity issues, where identity can be uniquely authenticated in an unassailable, immutable, and secure manner. Current methods use problematic password-based systems of collective secrets exchanged and stored on insecure systems. Blockchain-based authentication systems are based on incontrovertible identity verification using digital signatures based on public key cryptography. In blockchain identity authentication, the only check performed is whether or not the transaction was signed by the correct private key. It is inferred that whoever has access to the private key is the proprietor and the exact identity of the proprietor is deemed irrelevant.

Blockchain Identity Use Cases

  • Blockchain technology can be applied to identity applications in the following areas:

ShoCard is a digital identity that protects consumer privacy and is as effortless to understand and use as displaying a driver’s license. It’s optimized for mobile and so secure that a bank can rely on it.

What if you could cut your mortgage rate, make it lighter to update your will?

The world of brainy contracts is swift approaching, but what are they?

These are legally trussing programmable digitized contracts entered on the blockchain. What developers do is to implement legal contracts as variables and statements that can release of funds using the bitcoin network as a ‘3rd party executor’, rather than trusting a single central authority.

For example, if two people want to exchange $100 at a specific time in future when a set of preconditions are met, the conditions, payout, and parties’ details would be programmed into a brainy contract. Once the defined conditions are met, funds would be released and sent to the suitable party as per terms.

By providing computers control over contracts, we can make business more efficient and make the legal system more equitable.

“Brainy contracts solve the problem of intermediary trust inbetween parties to an agreement, whether that is inbetween people transferring assets like gold, or executing decisions inbetween two parties in a betting contract,” explained Vitalik Buterin, a founder of Ethereum.”

The greatest barrier to getting electoral processes online, according to its detractors, is security. Using the blockchain, a voter could check that her or his vote was successfully transmitted while remaining anonymous to the rest of the world. In 2014, Liberal Alliance, a political party in Denmark, became the very first organization to use blockchain to vote. With American voter turnout still shockingly low, distributed digital voting may represent a way to enfranchise non-participants.

Last year a team accredited to observe the two thousand thirteen municipal elections in Estonia – the only country to run Internet voting on a broad scale – exposed that they observed election officials downloading key software over insecure Internet connections, typing PINs and passwords in view of cameras, and preparing election software on vulnerable PCs. Norway also canceled trials of e-voting systems in local and national elections, concluding that voters’ fears about their votes becoming public could undermine democratic processes. (Source: estoniaevoting.org)

Can you imagine what would happen to our governmental structures?

My hope is that Blockchain technologies will become the gold standard for all nations of the world shortly. It is time for our system and governments to become more semi-transparent.

One interesting feature of the blockchain is its timestamp feature. The entire network essentially validates the state of packaged lump of data (called a hash) at a certain particular time. As a trustless decentralized network, it essentially confirms the existence of [something] at a stated time that is further provable in a court of law. Until now, only centralized notary services could serve this purpose.

Manuel Aráoz, a Buenos Aires, Argentina-based developer, who built Proof of Existence as a decentralized method of verification, a kind of cryptographic notary service explained:

“As the blockchain is a public database, it is a distributed sort of consensus; your document becomes certified in a distributed sort of way.”

Proof of Existence permits users to upload a file and pay a transaction fee to have a cryptographic proof of it included on the bitcoin blockchain. The actual data is not stored online and therefore does not risk unwanted publication of the user’s material.

After anonymously uploading the document and paying the network fee, a hash of the document (or any other type of digital file) is generated as part of the transaction.

The Proof of Existence website shows recently uploaded files that have hashes on the block chain.

This, in effect, uses the public and ledger-like nature of the blockchain to store the proof of your file, which can later be verified should an issue of authorship or dating arise.

“Basically, by inserting the cryptographic hash of the document in a transaction, when that transaction is mined into a block, the block timestamp becomes the record’s timestamp,”

Just imagine never having to pay for notarization ever again: The world is evolving towards a value-based economy. Where, if you are not adding value to the entire, you are no longer needed. And it’s about time. Too many old systems exist today that only leech off you instead of adding value in your life.

As mentioned above, most of these applications are still underdeveloped The future potential of the blockchain applications is still unraveling. The next couples of years will be all about experimenting and applying to all aspects of society. Regardless of which application comes very first on a global scale. The bottom line is, Blockchain is here to stay and is converting how our society functions.

Five Blockchain Applications That Are Shaping Your Future, HuffPost

Five Blockchain Applications That Are Shaping Your Future

You very likely have heard of bitcoin and cryptocurrency by now. And as of late the term “Blockchain” has made ample splashes in the tech community.

It’s the technology that underpins digital currencies and ensures that all transactions are decently conducted and recorded. But what is stored on the blockchain need not be just a monetary unit – it can be put to all manner of other interesting uses.

But, there is one underlying question most have.

What are the blockchain applications of the future?

As it turns out, more applications besides the currency can be developed to corset the technology. The following are five of the blockchain ideas that are in work in progress stage.

DISTRIBUTED CLOUD STORAGE

Blockchain data storage will become a massive disruptor shortly. (3-5 years)

Current cloud storage services are centralized — thus you the users must place trust in a single storage provider. “They” control all of your online assets.

On the other arm with the Blockchain, this can become decentralized. For example, Storj is beta-testing cloud storage using a Blockchain-powered network to improve security and decrease dependency. Additionally, users (you) can rent out their excess storage capacity, Airbnb-style, creating fresh marketplaces.

Anyone on the internet can store your data at a pre-agreed price. Hashing and having the data in numerous locations are the keys to securing it.

Storj.io and factom are two start-ups exploring this idea. After encrypting your data, it is sent out to a network with effortless to track basic metadata.

Imagine never having to worry about your digital security every again. It’s a massive problem in the world.

Which is now estimated to cost the industry about $Eighteen.Five billion annually, according to a report released Thursday by Distil Networks.

That means for every $Three spent, $1 is going to ad fraud.

Blockchain technologies make tracking and managing digital identities both secure and efficient, resulting in seamless sign-on and diminished fraud.

Be it banking, healthcare, national security, citizenship documentation or online retailing, identity authentication and authorization is a process intricately woven into commerce and culture worldwide.

Reminisce what happened with Target?

The data breach at Target was significantly broader than originally reported: The company said that seventy million customers had information such as their name, address, phone number and e-mail address hacked in the breach.

Events such as hacked databases and breached accounts are shining the light on the growing problems of a technologically advanced society, without outpaced identity-based security innovations.

Blockchain technology offers a solution to many digital identity issues, where identity can be uniquely authenticated in an unassailable, immutable, and secure manner. Current methods use problematic password-based systems of collective secrets exchanged and stored on insecure systems. Blockchain-based authentication systems are based on undoubted identity verification using digital signatures based on public key cryptography. In blockchain identity authentication, the only check performed is whether or not the transaction was signed by the correct private key. It is inferred that whoever has access to the private key is the holder and the exact identity of the holder is deemed irrelevant.

Blockchain Identity Use Cases

  • Blockchain technology can be applied to identity applications in the following areas:

ShoCard is a digital identity that protects consumer privacy and is as effortless to understand and use as showcasing a driver’s license. It’s optimized for mobile and so secure that a bank can rely on it.

What if you could cut your mortgage rate, make it lighter to update your will?

The world of clever contracts is rapid approaching, but what are they?

These are legally tying programmable digitized contracts entered on the blockchain. What developers do is to implement legal contracts as variables and statements that can release of funds using the bitcoin network as a ‘3rd party executor’, rather than trusting a single central authority.

For example, if two people want to exchange $100 at a specific time in future when a set of preconditions are met, the conditions, payout, and parties’ details would be programmed into a wise contract. Once the defined conditions are met, funds would be released and sent to the suitable party as per terms.

By providing computers control over contracts, we can make business more efficient and make the legal system more equitable.

“Clever contracts solve the problem of intermediary trust inbetween parties to an agreement, whether that is inbetween people transferring assets like gold, or executing decisions inbetween two parties in a betting contract,” explained Vitalik Buterin, a founder of Ethereum.”

The greatest barrier to getting electoral processes online, according to its detractors, is security. Using the blockchain, a voter could check that her or his vote was successfully transmitted while remaining anonymous to the rest of the world. In 2014, Liberal Alliance, a political party in Denmark, became the very first organization to use blockchain to vote. With American voter turnout still shockingly low, distributed digital voting may represent a way to enfranchise non-participants.

Last year a team accredited to observe the two thousand thirteen municipal elections in Estonia – the only country to run Internet voting on a broad scale – exposed that they observed election officials downloading key software over insecure Internet connections, typing PINs and passwords in view of cameras, and preparing election software on vulnerable PCs. Norway also canceled trials of e-voting systems in local and national elections, concluding that voters’ fears about their votes becoming public could undermine democratic processes. (Source: estoniaevoting.org)

Can you imagine what would happen to our governmental structures?

My hope is that Blockchain technologies will become the gold standard for all nations of the world shortly. It is time for our system and governments to become more see-through.

One interesting feature of the blockchain is its timestamp feature. The entire network essentially validates the state of packaged chunk of data (called a hash) at a certain particular time. As a trustless decentralized network, it essentially confirms the existence of [something] at a stated time that is further provable in a court of law. Until now, only centralized notary services could serve this purpose.

Manuel Aráoz, a Buenos Aires, Argentina-based developer, who built Proof of Existence as a decentralized method of verification, a kind of cryptographic notary service explained:

“As the blockchain is a public database, it is a distributed sort of consensus; your document becomes certified in a distributed sort of way.”

Proof of Existence permits users to upload a file and pay a transaction fee to have a cryptographic proof of it included on the bitcoin blockchain. The actual data is not stored online and therefore does not risk unwanted publication of the user’s material.

After anonymously uploading the document and paying the network fee, a hash of the document (or any other type of digital file) is generated as part of the transaction.

The Proof of Existence website shows recently uploaded files that have hashes on the block chain.

This, in effect, uses the public and ledger-like nature of the blockchain to store the proof of your file, which can later be verified should an issue of authorship or dating arise.

“Basically, by inserting the cryptographic hash of the document in a transaction, when that transaction is mined into a block, the block timestamp becomes the record’s timestamp,”

Just imagine never having to pay for notarization ever again: The world is evolving towards a value-based economy. Where, if you are not adding value to the entire, you are no longer needed. And it’s about time. Too many old systems exist today that only leech off you instead of adding value in your life.

As mentioned above, most of these applications are still underdeveloped The future potential of the blockchain applications is still unraveling. The next couples of years will be all about experimenting and applying to all aspects of society. Regardless of which application comes very first on a global scale. The bottom line is, Blockchain is here to stay and is converting how our society functions.

Five Blockchain Applications That Are Shaping Your Future, HuffPost

Five Blockchain Applications That Are Shaping Your Future

You most likely have heard of bitcoin and cryptocurrency by now. And as of late the term “Blockchain” has made gigantic splashes in the tech community.

It’s the technology that underpins digital currencies and ensures that all transactions are decently conducted and recorded. But what is stored on the blockchain need not be just a monetary unit – it can be put to all manner of other interesting uses.

But, there is one underlying question most have.

What are the blockchain applications of the future?

As it turns out, more applications besides the currency can be developed to corset the technology. The following are five of the blockchain ideas that are in work in progress stage.

DISTRIBUTED CLOUD STORAGE

Blockchain data storage will become a massive disruptor shortly. (3-5 years)

Current cloud storage services are centralized — thus you the users must place trust in a single storage provider. “They” control all of your online assets.

On the other forearm with the Blockchain, this can become decentralized. For example, Storj is beta-testing cloud storage using a Blockchain-powered network to improve security and decrease dependency. Additionally, users (you) can rent out their excess storage capacity, Airbnb-style, creating fresh marketplaces.

Anyone on the internet can store your data at a pre-agreed price. Hashing and having the data in numerous locations are the keys to securing it.

Storj.io and factom are two start-ups exploring this idea. After encrypting your data, it is sent out to a network with effortless to track basic metadata.

Imagine never having to worry about your digital security every again. It’s a massive problem in the world.

Which is now estimated to cost the industry about $Legal.Five billion annually, according to a report released Thursday by Distil Networks.

That means for every $Trio spent, $1 is going to ad fraud.

Blockchain technologies make tracking and managing digital identities both secure and efficient, resulting in seamless sign-on and diminished fraud.

Be it banking, healthcare, national security, citizenship documentation or online retailing, identity authentication and authorization is a process intricately woven into commerce and culture worldwide.

Reminisce what happened with Target?

The data breach at Target was significantly broader than originally reported: The company said that seventy million customers had information such as their name, address, phone number and e-mail address hacked in the breach.

Events such as hacked databases and breached accounts are shining the light on the growing problems of a technologically advanced society, without outpaced identity-based security innovations.

Blockchain technology offers a solution to many digital identity issues, where identity can be uniquely authenticated in an incontestable, immutable, and secure manner. Current methods use problematic password-based systems of collective secrets exchanged and stored on insecure systems. Blockchain-based authentication systems are based on incontrovertible identity verification using digital signatures based on public key cryptography. In blockchain identity authentication, the only check performed is whether or not the transaction was signed by the correct private key. It is inferred that whoever has access to the private key is the holder and the exact identity of the proprietor is deemed irrelevant.

Blockchain Identity Use Cases

  • Blockchain technology can be applied to identity applications in the following areas:

ShoCard is a digital identity that protects consumer privacy and is as effortless to understand and use as demonstrating a driver’s license. It’s optimized for mobile and so secure that a bank can rely on it.

What if you could cut your mortgage rate, make it lighter to update your will?

The world of wise contracts is rapid approaching, but what are they?

These are legally tying programmable digitized contracts entered on the blockchain. What developers do is to implement legal contracts as variables and statements that can release of funds using the bitcoin network as a ‘3rd party executor’, rather than trusting a single central authority.

For example, if two people want to exchange $100 at a specific time in future when a set of preconditions are met, the conditions, payout, and parties’ details would be programmed into a wise contract. Once the defined conditions are met, funds would be released and sent to the suitable party as per terms.

By providing computers control over contracts, we can make business more efficient and make the legal system more equitable.

“Wise contracts solve the problem of intermediary trust inbetween parties to an agreement, whether that is inbetween people transferring assets like gold, or executing decisions inbetween two parties in a betting contract,” explained Vitalik Buterin, a founder of Ethereum.”

The greatest barrier to getting electoral processes online, according to its detractors, is security. Using the blockchain, a voter could check that her or his vote was successfully transmitted while remaining anonymous to the rest of the world. In 2014, Liberal Alliance, a political party in Denmark, became the very first organization to use blockchain to vote. With American voter turnout still shockingly low, distributed digital voting may represent a way to enfranchise non-participants.

Last year a team accredited to observe the two thousand thirteen municipal elections in Estonia – the only country to run Internet voting on a broad scale – exposed that they observed election officials downloading key software over insecure Internet connections, typing PINs and passwords in view of cameras, and preparing election software on vulnerable PCs. Norway also canceled trials of e-voting systems in local and national elections, concluding that voters’ fears about their votes becoming public could undermine democratic processes. (Source: estoniaevoting.org)

Can you imagine what would happen to our governmental structures?

My hope is that Blockchain technologies will become the gold standard for all nations of the world shortly. It is time for our system and governments to become more semitransparent.

One interesting feature of the blockchain is its timestamp feature. The entire network essentially validates the state of packaged chunk of data (called a hash) at a certain particular time. As a trustless decentralized network, it essentially confirms the existence of [something] at a stated time that is further provable in a court of law. Until now, only centralized notary services could serve this purpose.

Manuel Aráoz, a Buenos Aires, Argentina-based developer, who built Proof of Existence as a decentralized method of verification, a kind of cryptographic notary service explained:

“As the blockchain is a public database, it is a distributed sort of consensus; your document becomes certified in a distributed sort of way.”

Proof of Existence permits users to upload a file and pay a transaction fee to have a cryptographic proof of it included on the bitcoin blockchain. The actual data is not stored online and therefore does not risk unwanted publication of the user’s material.

After anonymously uploading the document and paying the network fee, a hash of the document (or any other type of digital file) is generated as part of the transaction.

The Proof of Existence website shows recently uploaded files that have hashes on the block chain.

This, in effect, uses the public and ledger-like nature of the blockchain to store the proof of your file, which can later be verified should an issue of authorship or dating arise.

“Basically, by inserting the cryptographic hash of the document in a transaction, when that transaction is mined into a block, the block timestamp becomes the record’s timestamp,”

Just imagine never having to pay for notarization ever again: The world is evolving towards a value-based economy. Where, if you are not adding value to the entire, you are no longer needed. And it’s about time. Too many old systems exist today that only leech off you instead of adding value in your life.

As mentioned above, most of these applications are still underdeveloped The future potential of the blockchain applications is still unraveling. The next couples of years will be all about experimenting and applying to all aspects of society. Regardless of which application comes very first on a global scale. The bottom line is, Blockchain is here to stay and is converting how our society functions.

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