The world has made much advancement in technology in the past few years. The most prominent and useful technology among all the others is Blockchain. In Blockchain the data of transactions with its timestamp is saved into blocks that are linked together using cryptography. Modification or changes cannot be done once the data is stored into the blocks. Blockchain has completely transformed the way web applications are used, by providing numerous solutions to the problems that were previously not handled by web applications.
Blockchain technology has high-level security making users relax so that they don’t worry about their information being hacked. It deals with cryptocurrencies providing banking solutions to web applications. Let’s have a look at how blockchain is transforming web applications through its powerful and unbreakable functionality.
- Decentralized Cryptocurrencies
Cryptocurrencies are digital coins passed through an electronic network, used as alternatives to other traditional currencies. There are cryptocurrencies like BitCoin, LiteCoin, Dogecoin, Peercoin and a lot of other cryptocurrencies that can be used to make transactions. These cryptocurrencies are decentralized that means that the sensitive data is not stored in one place and doesn’t involve any third party. In cryptocurrency, the buyer and seller have complete control over it removing the need for financial institutions. Through these cryptocurrencies, the transactions are made a lot easier and faster. Over the border, transactions were difficult and time-consuming processes, through Blockchain the transaction can be done within some time. The decentralized cryptocurrencies are secured through encryption so that no unauthorized user can access the information saved in blocks of transactions.
- Smart Property
Blockchain has embedded smart technology into tangible or intangible property such as houses, cars, property tiles, cookers, patents, and company shares. Using blockchain to develop web applications for a property can help in various ways as the registration and the contract details of the property owners can be stored into the ledger. Only the permitted parties will have access to this information using smart keys. After the verification of the contract, the ledger will then store all the information related to the contract and will allow the exchange of these smart keys. There is a decentralized ledger in Blockchain that records and manages the property rights and in case the smart key is lost, smart contracts can also be duplicated.
- Blockchain Internet of Things
When a device containing the on and off switch is connected to the internet, then it is called ‘Internet-Of-Things’. When the device is connected to a computer network then it is not just an object but becomes functional through the internet. As the Internet of things is growing every single day, it is published by an analyst firm that there will be above 26 million devices connected to the internet. When Blockchain technology gets combined with IoT, it provides security to the internet-connected devices. There will be billions of devices linked together, that need tight security and cybersecurity specialists make sure that all the devices and their information stay secure.
- Smart Contracts
Smart Contracts have self-execution functionality which uses If-This-Then-That (IFTTT) code in Blockchain. If these contracts are done in real life without any application, it needs an intermediary to ensure that both parties agree on all the terms and conditions. When blockchain is used in web applications for smart contracts it removes the need for third-party involvement. It also makes sure that all the ledger participants are clear about the contract and its details. In smart contracts of Blockchain implemented technology, the terms are implemented automatically once the condition or the set of conditions defined are met. A smart contract can be used for financial derivatives, property law, insurance premiums, and crowdfunding agreements.
- Blockchain Identity
Blockchain protects the identity of businesses and their users by securing it through encryption. This technology saves the data from spammers and marketing schemes making it convenient for the users to use web applications. A digital passport was developed using Blockchain technology that was launched on Github in 2014. This digital passport is given a bitcoin address and is stored in a ledger with a public ID. Blockchain has made the record-keeping more reliable, enabling encryption of birth certificate and death certificate so that users can access their important information easily. Other than these forms of identification, driving license, identity cards, computer passwords and a lot more can be stored using blockchain Services Company.
Blockchain has become popular for the past few years transforming the way web applications work. When Blockchain is implemented into the web applications, it gives much more security and strong functionalities to the applications. Blockchain uses cryptocurrencies that are digital coins used for online transactions without the involvement of third parties and financial institutions. Blockchain enables smart property through which tangible or intangible properties such as houses, cars, property tiles, cookers, patents, and company shares information can be stored into the Blockchain-enabled web applications. This technology makes the devices connected to the internet highly secure so that the data related to it is saved from being hacked. Smart contracts are also implemented using Blockchain through which performs certain functions once the condition is met. It also protects the identity of businesses and their users through encryption.
Author- Jackson Kevin