Blockchain technology is already well identified as a part of the digital currency. There is a digital economy forming for the digital society powered by the blockchain technology.
While the idea of the digital economy has been around for more than 20 years now, it is only now that there are appropriate technology platforms and financial applications coming into existence to make it a reality. The promising uses of this technology are around smart contracts, reputation systems, machine to machine communication and internet of things.
The use cases for blockchain technology are infinite in number. It is already there is several spheres of human life, and it is impacting everyday life. While the blockchain systems boast of security of assets the major factor in the whole of the security factor is the private key.
The private key is the digital identity you will need to secure your assets. If your private key is stolen and it is not possible for a third party to recover it. And all the assets that you own in your blockchain account will vanish. The thief literally cannot be identified. When theft of your security key happens, the consequences are devastating.
However, it is not possible for malicious users to insert blocks into the public ledger. And if they do they will get noticed immediately. The integrity of blockchain technology, therefore, cannot be compromised. In cases where one of the networks is hacked there is a backup in several other ledgers in the system. The ledger is secure, and this security aspect is well proven.
Objective information cannot be impersonated in this technology. Instances like loan application fraud or other kinds of facts based fraud will not happen.
Digital identity enabled by the blockchain technology is going to be particularly useful for the unbanked population in the world. About 2 billion unbanked individuals will be able to store their identity on the blockchain. The permissions that banks normally ask for to ensure identity information like KYC to make access to financial accounts, loan accounts, and other financial services will be made easy with this technology.
Making transactions with people, we have never met before can get easy. Verifying the reputation of sellers and to evaluate the trustworthiness of a seller gets easy with this technology. While the existing rating systems are susceptible to fraudulent rating, the blockchain technology can help redesign the reputation management and rating systems.
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