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Future Use of Blockchain Will Shape the World
Cryptocurrencies like Bitcoin and Ethereum have become every hot topics, as they have accumulated hundreds of millions of of dollars in value in just a few years. Under these popular cryptocurrencies, blockchain technology combines cryptography with decentralized record-keeping, creating the first concept of digital property, enabling people to create unique, specific assets online. Creating a digital asset supported by blockchain technology is unique because it cannot be replicated or moved, which will change the way the Internet works.
Here are some ways the blockchain changes everything.
Movies, Music and Books
Since Napster's heyday, entertainment companies have struggled to tackle piracy that undermines their business models. Before the advent of the Internet, entertainment companies could sell movies or records and know they had sold a copy to a person. Then there is the Internet, where a copy of a song can travel around the world before the first chorus is sung. Blockchain may help end this.
The same public ledger method prevents others from using your digital currency, or prevents them from playing or copying your favorite songs.
Ethereum is another popular cryptocurrency, based on the automatic execution of the contract, allowing the parties to reach an agreement, and after the implementation of the agreement, the contract automatically transfers its crypto tokens from one party to the other.
Simply put, automatic execution of a contract eliminates the need for an agreement between the parties, as it will only alert your bank when it is performed, and everyone will be able to meet their expectations.
In 2017, 16.7 million people became victims of identity theft. The problem is that the Internet has enabled and enhanced the substitution of personal information, and the centralization of information has exacerbated this credibility. If someone wants to steal your identity, they can target big companies such as credit card companies, retailers and tax records. Blockchain technology can help solve this problem. The dispersion of blockchain allows documents to be stored on multiple servers, not just one server. Instead of asking for information that can be replicated, a computer requires a social security number and instead requires access to digital identity records.
This will make it impossible for anyone without a key to access sensitive data. Although the technology still needs to be developed further before it is applied to open music files, the basics remain. The ability to introduce unique assets that no one can replicate will change the way we interact with the Internet at the basic level.
Blockchain is a brand-new technology and its usage is beyond cryptocurrency. In this article we have listed some future uses of blockchain technology. We believe this is only a small portion of the use cases for the blockchain technology. People interested in cryptocurrency and blockchain technology can keep an eye on the fast development and news related to cryptocurrency and blockchain to learn more about this new field.
On this other hand, one should realize that blockchain is still at its early stage. Let's hope it can develop at a fast speed and make our lives better!