Where could be Blockchain be used?

Blockchain is freaking exciting and does have the potential to transform all of the business and how it operates, but that doesn’t mean it’s the right solution for every scenario. Here’s why you should choose blockchain over, say, a standard outdated Centralized database:

When you want to manage and secure digital relationships or keep a decentralized, shared system of record. Anytime you want to keep a long-term, transparent record of assets (for example, to record property or land rights ), publically available data, blockchain could be the ideal solution. Smart contracts, in particular, are great for facilitating digital relationships and transactions. With a solidity smart contract, automated payments can be released when parties in a transaction agree that their conditions have been met.

Anywhere a middleman or gatekeeper function is expensive or time-consuming. For example, major cloud services nowadays allows user to pile up the data on the servers which are organized by a single body or corporate like Google or Amazon, these services charges immensely instead of the single data serves system we could use decentralized systems like DCS-BBN or SIA data systems which are backed by the blockchain and have an ecosystem of the hosts and consumers which provides storage for the rent on lower tariffs

When you want to record secure transactions, especially between multiple partners. A traditional database may be good for recording simple transactions between two parties, but when things get more complicated, blockchain can reduce bottlenecks and simplify relationships. For example, shipping conglomerate Maersk is working with IBM to develop a private blockchain platform to connect its various partners and customers across the shipping industry. What’s more, the added security of a decentralized system makes blockchain ideal for transactions in general.

Where the data is in constant flux, but you want to keep a record of past actions. Blockchain is a better, safer way to record the activity and keep data fresh while maintaining a record of its history. The data can’t be corrupted by anyone or accidentally deleted, and you benefit from both a historical trail of data, plus an instantly up-to-date record

REFERENCES #

Benjamin, Neeraj. “Why Blockchain Makes the Difference?” BitsNBlocks, Blockchain Technology, Cryptocurrency, Bitcoins, ICO, Bitcoin, Blockchain Basics, Learning Zone, Crypto Bank, 22 Feb. 2021, bitsnblocks.co/why-blockchain-makes-the-difference/.

‌Benjamin, Neeraj. “Why Blockchain Makes the Difference?” BitsNBlocks, Blockchain Technology, Cryptocurrency, Bitcoins, ICO, Bitcoin, Blockchain Basics, Learning Zone, Crypto Bank, 22 Feb. 2021, bitsnblocks.co/why-blockchain-makes-the-difference/.