{"id":9232,"date":"2018-09-14T08:43:36","date_gmt":"2018-09-14T03:13:36","guid":{"rendered":"http:\/\/www.allerin.com\/blog\/?p=9232"},"modified":"2018-08-31T08:46:45","modified_gmt":"2018-08-31T03:16:45","slug":"these-3-blockchain-applications-will-blow-your-mind","status":"publish","type":"post","link":"https:\/\/www.allerin.com\/blog\/these-3-blockchain-applications-will-blow-your-mind\/","title":{"rendered":"These 3 blockchain applications will blow your mind!"},"content":{"rendered":"

\"blockchain<\/a>Companies that deal with online monetary transactions always fear the risks associated with cybersecurity. And so it\u2019s quite natural on the company\u2019s part to do whatever it takes to protect its valuable assets from hackers. For addressing such trust issues, companies are making a substantial investment in new-age and advanced technologies, and blockchain is quickly becoming every organization\u2019s first choice for secure online transactions. Transparency, immutability, robustness, and decentralization as the prominent features of blockchain are responsible for attracting companies to leverage the technology. While there are several blockchain applications already making a mark<\/a><\/u> in the market, these three applications will simply blow your mind:<\/p>\n

Blockchain applications that are mind-blowing<\/strong><\/h1>\n

Blockchain applications have gone beyond cryptocurrency. Here are few such applications that you have not probably heard yet.<\/p>\n

\"blockchain<\/a><\/p>\n

1.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/strong>Digital identity<\/strong><\/h1>\n

Whenever we browse something online, we leave a trail of personal data. While transacting online, we reveal information like our house address, credit card details, government IDs, and several other critical pieces of information about us.\u00a0 The risk of hackers breaching our computer systems or a network we\u2019re using to share information is growing tremendously, given the frequency of online transactions today. , Using blockchain for digital identity, eliminates this fear. Blockchain offers a decentralized ledger to store digital records. This decentralized ledger technology (DLT) can store every single person\u2019s identity, including their government IDs, purchasing history, medical records, and so on and so forth. The ledger is tamper-free, immutable, and up-to-date. Hence, blockchain for digital identity<\/a><\/u> is the best most secure way to validate your identity.<\/p>\n

2.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/strong>Blockchain IoT<\/strong><\/h1>\n

IoT is disrupting our lives, professionally and personally, as no other technology has. We\u2019re using or interacting these devices at multiple touchpoints in our daily lives. These devices collect a bulk of information on us, in real-time. However, as the use of IoT devices has increased, the concern around data security has increased too. What if hackers inject malware into an IoT device or a complete IoT network? Hackers will get unauthorized access to a barrage of classified information. Well, to address this, and similar issues, companies should leverage a technology that allows tamper-proof data sharing between IoT devices. Using blockchain to secure IoT<\/a><\/u> devices can store data in a decentralized ledger, which means no scope for third-party interference. The immutable nature of blockchain makes data stored on it tamper-proof..<\/p>\n

3.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/strong>Audit process <\/strong><\/h1>\n

The audit process contains an inspection of the company\u2019s financial transactions. Functionally, data stored on a blockchain ledger is irreversible and permanent. Hence, companies can store every transaction detail, including the internal and external cash flow, on blockchain ledger. The audit team can use this ledger for verifying their organization\u2019s monetary transactions. Additionally, there is no need for calling the business partners, clients, and vendors, asking for transaction details anymore. Blockchain allows these stakeholders to view every single transaction detail. Hence, blockchain helps companies to save a lot of their time, effort, and capital, thereby making the auditing process automated.<\/p>\n

<\/h4>\n

Blockchain is a powerful technology that holds the power to innovate business operations, undertake fast and safe asset transactions, and disrupt the organizational practices altogether.<\/p>\n","protected":false},"excerpt":{"rendered":"

Companies that deal with online monetary transactions always fear the risks associated with cybersecurity. And so it\u2019s quite natural on the company\u2019s part to do whatever it takes to protect…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_links_to":"","_links_to_target":""},"categories":[171,3],"tags":[794],"class_list":["post-9232","post","type-post","status-publish","format-standard","hentry","category-blockchain","category-technology","tag-blockchain-applications"],"yoast_head":"\nThese 3 blockchain applications will blow your mind!<\/title>\n<meta name=\"description\" content=\"Blockchain applications are helping organizations manage digital asset transactions better, eliminating the need for intermediaries and escalating the pace\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.allerin.com\/blog\/these-3-blockchain-applications-will-blow-your-mind\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"These 3 blockchain applications will blow your mind!\" \/>\n<meta property=\"og:description\" content=\"Companies that deal with online monetary transactions always fear the risks associated with cybersecurity. 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