Thanks to the recent explosion in popularity of cryptocurrencies, we’re seeing some significant advances and innovation surrounding blockchain technology. Blockchain sits at the heart of cryptocurrency. It’s the distributed data storage platform that is typically used to stow financial transaction data in a secure, tamper-proof manner. For cryptocurrency to be truly viable, it has required a level of encryption and digital security that the world has never seen before.
Cryptocurrency miners and developers have done most of the heavy lifting to create the platform. Now, app developers are coming up with some very clever and downright innovative ways to use it. Moving beyond cryptocurrencies such as BitCoin, here are some of the newest uses for blockchain.
Uses for Blockchain: Cloud Storage
Storj is a decentralized (distributed) cloud storage platform that leverages blockchain technology. Thanks to blockchain, it’s highly secure—a major advantage for any individual or organization that may be stowing sensitive information in the cloud. But the benefits extend far beyond security and encryption to include greater reliability and improved speed.
With a typical cloud storage or cloud hosting platform, there’s a single central server or server network that disburses data on demand. The amount of time it takes to actually receive that data varies depending upon your location relative to the cloud server(s). The greater the geographical distance, the longer it will take to receive the data that you’re seeking from the cloud.
To go faster, Storj harnesses the power of blockchain to boost connection speeds with its decentralized server structure. This means that the closest server can handle your request, resulting in faster server performance for users. Its decentralized nature also means this cloud platform is far less vulnerable to outages and hardware-related downtime, since data is scattered across multiple locations.
Uses for Blockchain: On-Demand Decentralized Supercomputer
Golem uses blockchain in a unique mining operation that allows users to contribute their computing power to massive global supercomputer. Companies, researchers and even government agencies then rent the virtual supercomputer. Each user who volunteers their computer to Golem receives small cryptocurrency payments when their device reaches a particular milestone.
Data centers and individual computers alike have joined together to form this massive mining and supercomputing operation, which can handle extremely complex mathematical equations for machine learning, cryptography, weather modeling/prediction, big data analysis or even the search for extraterrestrial intelligence. Blockchain makes it all possible thanks to its highly secure, decentralized data processing capabilities.
Uses for Blockchain: Legal Document, Contract & Supply Chain Solutions
Chronicled is an app for tracking documents, including all versions and revisions. The app also helps improve supply chain control efficiency thanks to its ability to keep track of multiple items, without dropping the ball. It’s all possible with blockchain for mobile apps. This technology is perfect for documenting versions, revisions, status updates, locations and other data in an indelible, secure manner. Blockchain is a tamper-evident system that tracks changes without fail, making it perfect for supply chain management and apps like Chronicled.
Here’s why: Blockchain is secured with a highly complex cryptography system which was originally devised to log financial transactions in a way that would prevent double spending. This means that the blockchain’s data is virtually impossible to access and decipher without authorization. What’s more, this technology is also extremely resistant to surreptitious data modification. In reality, data modification is unachievable. Once data is recorded in a block, that record becomes permanent. It’s impossible to alter the record without modifying all the subsequent blocks that sit along the chain.
These are just a few possible uses for blockchain technology. The opportunities extend far beyond serving as a super-secure financial transaction ledger. Many industries are coming up with new uses, from the financial and investment sector, to technology innovators, cutting-edge developers, and even alien hunters! Of course, if you want to use this open source technology in your next app, you’ll need a team that has experience with it. That’s precisely what we do here at 7T, as our developers deal in all realms of emerging technology, including predictive analytics, artificial intelligence, augmented reality, virtual reality, machine learning and natural language processing.