The technology behind the Blockchain network has enormous potential. For this reason, the Bitcoin and Blockchain revolution has been equated to the personal computer industry in 1975 and the Internet in 1993.
One of its most relevant pop-up apps has to do with what's known as "smart contracts" or smart contracts. These smart contracts are designed to establish a confirmation of the performance of a contract without disclosing any confidential information about the parties and/or nature of the transaction.
The implications of this in relation to trust and transparency in transacting of any kind are simply countless.
The following are four sectors in which blockchain can be useful.
- Distributed cloud storage.
Cloud storage services like Dropbox or Google Drive are centralized, and by using them you're confident that a single provider will "respond" to the data you store on it. The Blockchain application may eliminate this vulnerability.
- Patents/Property Registration.
One of the first non-financial services ever given to blockchain is the inclusion of encrypted information within transactions.
This way you can create an impossible-to-replicate hash that is associated with a single document, stored outside the Blockchain. This has an obvious application for patent registration or intellectual property protection.
A company could prove that it has created a technology on a specific date without having to make a formal application to register the patent. Linking those internal documents to the hash of a transaction made at that time and testing so that they were the first to develop it.
- Electronic voting.
Electronic voting systems have already been tested but have been unable to withstand hacker attacks and fail to count accurately.
Blockchain can solve this by allowing a voting system in which voter identities were protected.
- Transparent government.
With Blockchain technology, any city council or government could reflect the status of their accounts in real time. With a currency like Bitcoin, the city council or government should only indicate the address they manage.
From that moment we could all see the status of the accounts, which comes in and out: every penny, in real time and at a zero cost. If at any given time there is a payment that goes to an address that cannot be justified by an invoice, the auditors and the entire population would see it instantly.
Let's also remember that Blockchain is a string, so you can't put something in it later to try to misrepresent the accounts of the past.