Some of the best Blockchain Invention — yet to explore full potential

By Prashant Shahi

- 3 minutes read - 431 words

There is so much potential in the field of Blockchain that can change the way we do everything.

Blockchain Technology

Let me summarize some of the things that made or “yet to make” the world amazed.

The invention of Bitcoin:

First decentralized cryptocurrency and implementation of Blockchain. Solved problem of double spending and eliminated the need of the third party to approve the transaction.

The invention of Ethereum:

It is 2nd generation Blockchain and uses SmartContracts which makes it highly programmable. Imagine performing a transaction or any task, if and only if a certain set of conditions are met. And, we can easily create Decentralized Applications (Dapps) using this.

Steemit: Blockchain based social networking platform

It produces in-app tradable tokens which are obtained for posting, discovering, and commenting on content. Imagine getting real money for upvotes or comments on your posts with this platform.

Each day, humans create 2.5 quintillion bytes of data. It requires lots of computational power to process on that data or the progress goes very slow. Any interested party can donate their computer’s spare time for aiding the research in the areas of Cancer, Alzheimer’s, Huntington’s, Parkinson’s, Infectious Disease as well as helping scientists uncover new molecular dynamics through groundbreaking computational techniques. UNICEF Australia launched thehopepage.org, that uses user’s computational power to mine cryptocurrencies which are spent on clean water, food, and vaccines for vulnerable children.

IPFS (InterPlanetary File System): The Distributed Web

IPFS is P2P distributed file system that lets users share local files to the world and content viewers aid in serving contents to others on the network. Files are identified by their hashes so, it is caching-friendly. IPFS aims to replace HTTP.

Digital Voting

Blockchain makes Digital Voting secure and transparent. We can form a chronological chain of blocks storing each vote(or set of votes) and other data. This gives security and integrity to the system while making each one of those votes traceable such that to validate election was not rigged.

….there are many more

I believe that cryptocurrencies will one day replace fiat currencies and eliminate the need of banks — like email replaced postal mails and eliminating the need of Post Offices. And almost all of the existing applications (Eg. Ola, MakeMyTrip, Flipkart, Zomato, etc) that act as a third party to connect you with others can be built using Blockchain in a decentralized manner and eliminate the need of brokers in between.

That is just the tip of the iceberg, we are yet to explore its full potential.

Originally posted in https://www.linkedin.com/pulse/some-best-blockchain-invention-yet-explore-full-potential-shahi/.

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