Features of Blockchain
As blockchain is the public ledger that records every Bitcoin transaction. It is now an exciting new alternative to conventional currencies, centralized banking, and transaction strategies that are not only transforming the way financial transactions are done, but also changing the world’s alternative uses.
Blockchain, in short, is a distributed ledger that maintains a continuously increasing list of transactions distributed over tens of thousands of computers. This makes it almost impossible to hack, changing the way banking is done.
Smart Contracts
The Project is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud, or third-party interference. Businesses will be able to use ‘smart contracts’ to bypass regulations and “lower the costs for a subset of our most common financial transactions.” Best of all? These contracts will be unbreakable.
Cloud Storage
Cloud storage will be another application that businesses can take advantage of. Simply using excess hard drive space, users could store the traditional cloud 300 times over, much like how you can rent out your home or room on Airbnb. Considering the world spends $22 billion + on cloud storage alone, this could open a revenue stream for average users, while significantly reducing the cost to store data for companies and personal users.
Supply-Chain Communications
Most of the things we buy aren’t made by a single entity, but by a chain of suppliers who sell their components to a company that assembles and markets the final product. The problem with this system is that if one of these components fails ‘the brand takes the brunt of the backlash. Using blockchain technology would “proactively provide digitally permanent, auditable records that show stakeholders the state of the product at each value-added step.
Paying Employees
Since the blockchain has its roots in cryptocurrency, it only makes sense that it could be used as an application to compensate employees. If your company regularly pays wages to international workers, then incorporating Bitcoin into the payroll process could be a major cost saver. payments made via Bitcoin can save both money and time for employers and employees alike. By using a public ledger of all transactions in chronological order you can actually see exactly where the money is throughout the process.
Electronic Voting
Delegated Proof of Stake (DPOS) is the fastest, most efficient, most decentralized, and most flexible consensus model available. DPOS leverages the power of stakeholder approval voting to resolve consensus issues fairly and democratically. All network parameters, from fee schedules to block intervals and transaction sizes, can be tuned via elected delegates.
As the possibilities are endless the future of blockchain will be growing in the coming years.