Blockchain Opportunities: Solve the real-world problems

Blockchain is a key theme for the future. For many, it’s still mistakenly “synonymous” with Bitcoin! But there is more to it than that, which, with a good chance, will delete many future applications. Interestingly, this model is now becoming an opportunity. And increasingly this is the focal point of a historical period where cryptocurrencies are being questioned.

Not that digital money has no future, of course! But, there are many experts in the sector and many big economic realities who are skeptical of this possibility. But let’s go step by step.

What is the Blockchain?

Blockchain is a technology that is designed as a chain of blocks that contains all the information of different activities. The validity of this operation works by distributing the consensus across all the nodes of this chain. These chains are allowed to participate in various stages of the operation validation process.

This system allows you to easily manage a distributed database. In terms of functionality, we can imagine it as an alternative to the classic centralized archives. It allows data controllers to collaborate on all matters that are part of the network. These must be equally data sharing and accessible

There are some key features that distinguish blockchain technology and they should be kept in mind:

Starting from this, it is clear that blockchain can pave the way for various developments. Many of which are known as “digital trusts”, for example, connected to the Internet of Things.

In this sense, the system will allow for further sharing of information and the development of transparent participation. Also, greater security, since the archives cannot be altered or corrupted in any way.

This is why the concept of blockchain is one of the topics discussed at the moment. Because it can help build a Web 3.0 built on the above values.

Blockchain can be used to further secure and refine personal documents and certification systems. The idea of ​​being able to store and store any type of document in this chain, from certificates to fingerprints.

Owners of such data will always have access to the materials in an easy and secure way. At the same time, those who need to consult this information can apply for everything they need and have “easy” access.

It is, of course, a way to make all of this material uninterrupted and available for official consultation. For example, imagine an employer consulting with educational qualifications and certifications that they can hire, a way to capture filings and streamline.

We have already covered the subject with NFTs in the world of education and, in that sense, it could really be a sea change.

We’ve talked about blockchain and cryptocurrency over and over again. But we can also imagine this system as a way to manage financial information and make it secure and transparent.

Encrypting such information and making it available only to certain people can make many accounting practices easier at first. At the same time, it will change third-party statistics. And make them irreversible with the impossibility of attempting any fraud.

At a historic time where data security is fundamental and at the same time, various types of scams are being implemented, blockchain accounting can help secure the world record and the entire economic sector.

The world of blockchain can affect the medical sector and science as soon as possible.

For example, some American universities use a system based on this technology to store and share health information. As such, files should always be available and always safe from pets. Such information can be used for artificial intelligence training to identify specific pathologies.

Legal Sector: Advantages of Blockchain Technology for PA

Here, too, the same applies to speech accounting, this technology can help to lighten the work of many suitable offices. Public acts will remain untouched and will not be shared with those who do not have access. At the same time, however, they can be consulted quickly and quickly and, above all, without changing as needed.

Of course, we are talking about a huge benefit for public administration. And for those who work in this field, such as notaries, lawyers, etc.

Another specific example may raise concerns about bills, taxes, and duties. All this can thus be easily handled and verified by those in charge.

The use of blockchain can facilitate the birth of an official certification system that cannot be used for online use.

In this sense, digital identity can be secured and all results can be formalized with ease. Access and recognition of social or institutional profiles from web security; From potential voting practice, requests for specific documentation online.

Speaking of the vote, the blockchain in Sierra Leone in 2018 was used to “conduct” political elections. Voters’ votes have been recorded through this technology and made available to those who want to check their validity.

The long-term goal is to reduce the cost and speed of the voting practice, as well as reduce corruption. We are still far from fully used. But according to many, digital voting will be the official arrangement for the next election. As long as you take care of the machinery and infrastructure.

One use of this technology may be related to the transparency of the agro-food chain. Blockchain has already been used in some cases to create products that are ultimately safer and more available in our kitchens.

One type of food modification allows consumers to keep track of what they are buying from production to purchase. At the moment the food chain is being widely used to identify the source of coffee and chocolate.

And in terms of redistribution, blockchain can be used to track travel container shipments around the world. Products that arrive by sea, for example, are less subject to control than travel by road, rail, or air. The use of this technology will help make the market more secure and more monitored.

If there is one sector that is always focused on new technologies, it is gaming. Here we find the first use of blockchain on the skin and the physical and visual features that identify a player. We are not talking about identity or nickname. But about all the objects, weapons, and elements that make the gamer “unique” in the virtual world.

The uniqueness of the blockchain is crucial here. Because every player can have the key to a game-level resolution of rare items. And these cannot be allocated or sold without the consent of the owner.

The same goes for property purchased in the virtual world, of course, for those who paid for it, just as it does in real life for property and vehicles.

Of course, this could be a turning point for the world of gamers. Especially with the advent of the long-awaited Metaverse. It can radically change the cards on the table and give people a chance to “live somewhere else.” So that they have their own identity and features in different digital worlds.

The other projects we have already talked about are mainly related to culture and industry.

We’ve written about selling paintings, music, and NFTs as unique and non-reproducible works. The idea is gaining momentum, but not yet widespread. Probably due to “reasonable” problems with purchasing and rather high figures.

It is also important to talk about the publishing sector, including publishing, reviewing, and verifying that it is safe and available to anyone with full consent to copyright.

Naturally, blockchain will continue to be used in the economic field and for managing cryptographic transactions and cryptocurrencies. After all, this technology has evolved precisely in this sector and now that it is a reliable model, it certainly would make no sense to change.

For Bitcoin, for example, we all know that blockchain protocols are best suited for making transactions secure and transparent. Thus, the system will maintain dominance and be used for this purpose until it is replaced by a model considered more reliable and secure.

We’ve talked a lot about how blockchain can be a big help for cyber security. Naturally, the famous “chain” has all the requirements to meet this need. First, no one can intervene individually to change different blocks.

For this reason, everything that uses this system is theoretically safe from infringement and external attacks. The adjective “theoretically” is a must because there are infinite variables that can be effective in terms of security.

So more and more researchers are being recruited on this front to ensure maximum reliability. Also, as we have just seen, the use of this technology could affect the future of millions of people.

According to many, blockchain technology will, in the coming years, have the same effect on the expansion of the Internet in 2000.

We are talking about a technology that can have a very strong effect on personal and sensitive information. A system that can radically change the way we store and use data related to our identity — digital and otherwise.

In this context, it is natural to have doubts and confusion about the scope of this transformation. Similarly, it is natural to call for precise control and legislation in this regard. The technological revolution is much closer than it seems, and it’s true that everyone knows how to understand the great benefits.

Within ten years, blockchain could become major in various sectors. And it’s important to remember where a revolution started that will be important for human (digital) evolution in the future, perhaps.

Originally published at https://blockchain101.famecoin.ai.

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Fame Infinity

Fame Infinity

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Fame Infinity is a decentralized ecosystem, consisting of several digital marketplace and platforms which are predicated on AI-driven blockchain technology.