Blockchains are a virtual ledger, one can use this technology for all sorts of things other than money.
Below are common issues that need the potential application of blockchain which will definitely change the world.
Programmers are currently working on decentralised internet platforms to distribute all the functions of the internet over distributed nodes which will increase the resiliency of the world wide web.
Smart contracts can be built on top of a ledger and operate as decentralised applications. These programs can run functions which are becoming more sophisticated and may diminish the need for standard legal contracts.
One challenge with cryptocurrencies such as Bitcoin is the need to trade on centralised exchanges which can be shut down or hacked. Decentralised markets allow trading without having to trust a third party.
Distributed cloud storage avoids the need to place faith in large centralised companies where personal data is vulnerable and pricing may escalate to cover the expanding number of data servers.
Social networking sites are centralised and are prone to censorship of information. Decentralised social media platforms mitigate this and financially reward the content creators.
Peer to peer messaging can leverage blockchain technology to encrypt messages and store data bits efficiently on many different computers where they can only be accessed with a private key.
Items that are purchased could be tracked on the blockchain to demonstrate proof of ownership and to prevent the sale of stolen goods which may eventually help to reduce crime.
While digital voting can be susceptible to tampering, blockchain voting technology is verifiable and would allow anybody to audit the blockchain to confirm votes are time stamped and legitimate.
In traditional stockmarket there is typically a delay of 2–3 days for settlement of stocks and bonds. Trading stocks on a blockchain is more cost effective and provides instant settlement.
Property titles, transactions and historic value can be built onto the blockchain providing transparency and reducing the time and cost associated with real estate transactions. And other issues such as: E-commerce, Payment Gateway, Transportation, Healthcare services, Medicine, Banks, other Financial institutions, Hospitals, Companies, and Governments among others,...
A decentralised system in systems theory is a system in which lower level components operate on local information to accomplish global goals. The global pattern of behaviour is an emergent property of dynamical mechanisms that act upon local components, such as indirect communication, rather than the result of a central ordering influence of a centralised system. Decentralised systems are intricately linked to the idea of self-organisation—a phenomenon in which local interactions between components of a system establish order and coordination to achieve global goals without a central commanding influence. The rules specifying these interactions emerge from local information and in the case of biological (or biologically-inspired) agents, from the closely linked perception and action system of the agents. These interactions continually form and depend on spatio-temporal patterns, which are created through the positive and negative feedback that the interactions provide. For example, recruitment in the foraging behaviour of ants relies on the positive feedback of the ant finding food at the end of a pheromone trail while ants' task-switching behaviour relies on the negative feedback of making antennal contact with a certain number of ants (for example, a sufficiently low encounter rate with successful foragers can cause a midden worker to switch to foraging, although other factors like food availability can affect the threshold for switching).
A new model for building massively scalable and profitable applications is emerging. Bitcoin paved the way with its cryptographically stored ledger, scarce-asset model, and peer-to-peer technology. These features provide a starting point for building a new type of software called decentralized applications, or dapps. Dapps are just now gaining media coverage, someday DAAPS becomes more widely used than the world’s most popular web apps. They are more flexible, transparent, distributed, resilient, and have a better incentivized structure than current software models. As opposed to centralized applications that run on a single computer, decentralized applications run on a P2P network of computers. They have existed since the advent of P2P networks
Decentralized applications don‘t necessarily need to run on top of a blockchain network. Tor, BitTorrent, Popcorn Time, BitMessage, are examples for decentralized applications that run on a P2P network, but not on a blockchain – which is a special kind of P2P network (read more: Origins of Bitcoin and Web3)
Decentralized applications are a piece of so ware that communicates with the blockchain, which manages the state of all network actors. The interface of the decentralized applications does not look any different than any website or mobile app today. The smart contract represents the core logic of a decentralized application. Smart contracts are integral building blocks of blockchains, that process information from external sensors or events and help the blockchain manage the state of all network actors.
Decentralized applications are similar to a traditional Web application. The frontend uses the exact same technology to render the page. It contains a “wallet” that communicates with the blockchain. The wallet manages cryptographic keys and the blockchain address. Public-key infrastructure is used for user identification and authentication. Instead of an API connecting to a database, a wallet so – ware triggers activities of a smart contract, which interacts with a blockchain: Web3 compatible website: Front End (including wallet) → Smart Contract → Blockchain. In contrast to Web2 applications, Web3 applications need a connection to the blockchain, which is managed by a special application called “wallet.” It keeps a record of the private keys and blockchain address, which represents the unique 30 identities and point of reference. Without a so ware that manages our digital identity, we will not be able to interact with the blockchain.
The Web3, therefore, builds on the current Web2 stack and introduces additional elements on an application level. In the backend, the Web3 adds a whole new infrastructure layer for decentralized applications to interact with – the decentralized protocol stack. Decentralized apps need to have a component that manages a user’s private keys, with which one can sign transactions on the state layer.
- Industry specific Blockchain Solutions (e.g. letter of credit, loyalty management, energy trading etc.);
- Solutions for integration with enterprise applications.
- Payment gateway
- Payment card
- Banking level data encryption
- Multi-level risk control
- Offline Cold storage
- ID verification
- Multiple Encrypted Wallets
- Third party escrow
- Blockchain 3.0 and Smart Contract 2.0 platform for all organizations and businesses who want to build their own blockchain application without spending much money, with the highest economic efficiency.