What are Blockchain Applications in the real world

Blockchain technology is advancing rapidly and providing new applications and values to society. Blockchain will likely be utilized extensively worldwide in the not-too-distant future given the current rate of development. Let's discover fantastic blockchain applications in real life with Market247.io.

What is Blockchain Technology?

Blockchain is a technology for storing and transmitting data through interconnected and scalable blocks over time. Each block will contain information about the initialization time and potentially linked to previous blocks.

Blockchain can be thought of as a decentralized ledger designed to resist data change. The information that has been written to the block cannot be modified, thereby bringing transparency and integrity to the data. At the same time, because of its decentralization, data is distributed among many computers, making it extremely difficult to attack. Even if part of the Blockchain system collapses, other computers will continue to protect and keep the network running.

Blockchain technology versions

Blockchain technology is divided into 4 stages of development equivalent to 4 versions:

Blockchain Technology 1.0 - Currency

This is considered the first version of Blockchain technology and the outstanding blockchain application for this version is the birth of Cryptocurrency. Among them, Bitcoin emerged as the first cryptocurrency and greatly contributed to the strong development of cryptocurrencies.

Blockchain 2.0 Technology - Smart Contract

Smart Contract is the next version of Blockchain. With smart contracts built in the blockchain system, transactions are drastically reduced in terms of validation costs, increased transparency, and anti-fraud.

Blockchain Technology 3.0 - DApp

Decentralized application is the application of Blockchain technology version 3.0. These are software that are deployed completely independently and do not reside on any server where they are hosted and distributed. Most of the source code of DApps runs on a peer-to-peer network.

Blockchain technology 4.0 - Blockchain application in life

Version 4.0 is the latest version of Blockchain today. This is the most complete version and is the synthesis of the previous 3 versions. Blockchain 4.0 is applied in many economic fields and practical life.

Blockchain Applications

Blockchain has undergone a long time of development to become more and more user-friendly and bring a lot of value to economic sectors. Here are the outstanding Blockchain applications.

Losgictic

Thanks to the transparency, integrity and safety of data when stored on blockchain, businesses can track the process of product creation, transportation, and distribution to users. Thanks to that, users can easily check information about the product's production and shipping time.

Agriculture

One of the biggest problems in the agricultural sector is the origin and quality of products. Thanks to the application of blockchain technology, retailers and consumers can store transaction information, the flow of products from the place of production to the user.

The data on quality management, financial management, price... are updated continuously during production and sales. This helps to improve product transparency and create trust for users.

Banking and financial

Finance - Banking is one of the important blockchain applications. Currently, one of the biggest disadvantages of doing banking transactions is the risk of data threats, transaction fees and 3rd party control. Security and smart contracts can help eliminate the impact of 3rd parties and limit the risks of customer information security.

A prime example of blockchain application to the banking sector is the introduction of Bitcoin. Users can access and transfer Bitcoins to each other from anywhere with fast speed and low cost. In addition, the fact that data is transparently stored on the blockchain makes it easy for users to check money transfer information.

Decentralized storage

Many large technology companies such as Facebook and Google are constantly facing problems related to the leakage of user data. Therefore, the existence of a third party controlling information is extremely dangerous. That is why Blockchain was born with decentralized characteristics. Hosting on the blockchain has many benefits and differences. Users can save more costs than using current services such as google drive or Microsoft, faster processing speed ...

Gaming

One of the notable blockchain applications is gaming with the Play to Earn trend. Thanks to the application of blockchain technology, users can easily store assets, characters and in-game items as NFT assets. In addition, players can sell their earned tokens easily on centralized or decentralized exchanges.

Decentralized Exchange

With today's major centralized exchanges like Binance, Houni, Coinbase, traders have to deposit their coins on the exchange. This means that they put their trust on the exchange, there are many cases of centralized exchanges being hacked and users losing a large amount of assets. However, with the advent of blockchain applications that are decentralized exchanges, the swap feature helps users not need to transfer money to the exchange and still be able to trade from their direct wallet.

Conclusion

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The above are outstanding blockchain applications in practice. Blockchain technology is increasingly developing and promises to bring more value to our lives. Market247.io hopes that, through this article, you have gained a lot of useful knowledge. Don't forget to follow Market247 to stay up to date with the latest news from the crypto market.

FAQs

What are the 5 future blockchain applications?

Real-world use cases of blockchain technology such as faster cross-border payments, identity management, smart contracts, cryptocurrencies and supply chains – blockchain technology has always existed and become the reality. The next innovation is like the Internet.

Which blockchain is used the most?

Bitcoin accounts for almost 40% of the value of the entire cryptocurrency world, so it is reasonable to say that the Bitcoin blockchain is the most popular.

About Market247.io

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