Blockchain is a method of storing data in such a way that it is difficult or impossible to alter or hack it.
What are some applications of Blockchain that might be useful in the future?
Consider some examples in this article.
1) International investment
At the moment, the most frequent application of Blockchain is cryptocurrencies such as Bitcoin and Etherum. While most people are familiar with cryptocurrency’s application in investing, it has the potential to change international banking.
Currency conversions now take a long time and are expensive, costing up to 20% of the total amount transferred. This is due to the fact that currency conversion isn’t always straightforward. Your bank must make contact with a bank in the target country and work out a deal. Both of these institutions must compensate their employees for the time spent connecting with the third party, as well as levy a fee to make the transaction profitable for the company. International trade and your consumer alternatives are hampered by this slow and drawn-out process.
Economists are fascinated about blockchain because cryptocurrencies provide an intermediary and decentralized money.
Let’s imagine we want to convert from the US dollar to the Japanese yen. We can simply press a button on our end. This Dollar is used to buy a portion of a Bitcoin equal to its worth, which is then instantly resold for Yen.
We can avoid exorbitant fees and the time it takes to connect to the decentralized server by eliminating the requirement for one or more middle parties. Cryptocurrencies’ decentralized and secure ledger could potentially allow businesses to conduct huge transactions without the need for an authenticating bank. This notion has piqued the interest of international business professionals, with 90% of the European Payments Council expecting it to fundamentally alter banking by 2025.
2) Swarm Robotics
Swarm robotics is a type of artificial intelligence that allows a swarm of robots to make decisions without the need for a centralized controller. The swarm of robots essentially employs a distributed peer-to-peer hive mind, which allows the group to serve as a decision-making apparatus. This enables the group to make decisions, draw courses, and compensate for impediments more quickly than if it had to rely on an external server. While it’s been studied for a long time in computer science circles, it’s now being investigated for use in drone-based delivery systems.
The blockchain technology is proving to be a promising tool for bringing this notion to life. It’s inherently adapted to peer-to-peer relationships, and in recent MIT tests of the ARGoS Etherium-based system, it showed to be the most responsive choice to unexpected stimuli. The worry of the hive-mind being hacked is addressed by blockchain’s built-in cryptographic security protocols.
This Blockchain application is still in its early stages of development, but its success will have far-reaching implications for commercial transportation.
The technology is currently being developed as an open-source project.