Areas of application of blockchain technology

The system is actively used and developed in completely different areas of life. Most often blockchain is used to exchange, sell or buy ethereum, bitcoin and other cryptocurrencies, but there is much more behind the development of this system. These are not only financial structures, banking and entrepreneurship. Blockchain is used in healthcare, public administration, and pensions. The application of blockchain technology is aimed at collecting data and unhindered access to it by each participant. At the same time, the process takes place without the possibility of changing, copying or falsifying data. In the near future, the blockchain will create its own digital identifier, which will help replace passwords and verify the authenticity of the signature. Blockchain tracks the delivery, origin of goods, eliminates fakes and facilitates certification. With its help, you can hold a vote, the results of which cannot be faked.

The functions of the fundamental digital system have proven themselves in different directions. With the help of blockchain, it is possible to sign an agreement that is legal without personal presence. It will be available in a public registry. To increase the speed of transfers and registration of insurance services, the blockchain is suitable as a transparent system that guarantees the absence of unnecessary manipulations. Pharmacology also uses blockchain applications that have made it possible to establish anonymous feedback from the patient to the manufacturer. Many countries are investing to support research and the inclusion of blockchain in many processes. Such a system functions most successfully for operations with new users, as it speeds up the process of data transfer and prevents forgery of documents. Resource offers a unique private blockchain solution for central banks to issue and monitor the use and transactions of digital currency.

Advantages and disadvantages of blockchain technology

Despite the active introduction of technologies, the application of blockchain technology provides not only positive opportunities. Such a platform is also associated with some risks that deserve attention. Among the positive qualities of the blockchain, the following should be noted:

• Transparency and seamless access. Information is in an open channel, you can easily track the chain of events.
• Data protection. Due to the fact that the data is located in different places, the risks of vulnerability and technical problems are reduced. Blocks are created sequentially, they cannot be destroyed or forged.
• Independence and security. Various algorithms are used that are invulnerable and do not need the intervention of third parties. The process does not require control.
• Speed of work. The system works very quickly, it will take a few minutes to conduct transactions.

The negative aspects of the blockchain are not so significant, however, when choosing a system for organizing the process, they must be taken into account. Among the disadvantages of the blockchain are noted:

• Electricity consumption. It is necessary to use a large amount of memory to store data, at the same time synchronizing such information requires large costs and capacities
• Transparency of transactions. All operations are publicly available, anyone can trace the path of the transaction if they know the id of the owner’s wallet
• Hacker attack 51%. The situation is possible only in theory, however, such a feature can be. A software breach is only possible if the system captures more than half of the hashrate.
• No human-computer interaction.

Despite the presence of some disadvantages, blockchain technology continues to develop and take root. It has found application not only in the field of digital money, the blockchain is successfully used and implemented in many areas of life.