Real-life uses of Blockchain
Undoubtedly, Blockchain technology has become a concrete reason behind bringing a revolution in the digital world. It is an innovative technology that is transparent, open, secure, immutable and allows no transaction fee. It came into hype after introducing its first cryptocurrency Bitcoin (digital currency). Wesley weber, the blockchain expert explains about blockchain technology and its real-life uses that will influence numerous sectors to follow blockchain based technology in a long run.
The blockchain is a public ledger that holds information/data in blocks. All the blocks are linked together forming a blockchain and are protected by strong cryptographic hash algorithm which acts as a fingerprint. The entire chain is distributed globally across millions of computers. Therefore, it is virtually impossible to make an alteration or change in it. Blockchain is decentralized which means it does not support the involvement of any third party such as a bank.
Real-life uses of Blockchain
As, blockchain technology offers various advantages, skilled and experienced Wesley Weber recounts that it is necessary to make people aware of different real-life uses of blockchain which are described below.
* Dubai: The Digital City
Blockchain strategy has been incorporated in smart Dubai office ever since the year 2016. Entrepreneurs and developers use this technology to connect with investors and leading companies. The main objective behind executing a blockchain-based system is the successful development of different kinds of industries that will end up making Dubai the leading city in the world.
*Blockchain for Humanitarian Aid
United Nation, in January 2017, started a world food program called Humanitarian Aid. This project was developed for rural areas of the Sindh region in Pakistan. Using the Blockchain Technology, data like received money, amount of food and all types of transactions are mentioned on a blockchain to ensure security and transparency of this process.
* Incent Customer Retention
Based on blockchain technology, Incent Customer Retention is a loyalty program that focuses on generating token for business with its affiliated network. In this system, the exchange of tokens between users happens instantaneously which can be accessed through either customer’s mobile phone or web browser.
These evident uses of blockchain technology are an indication that the impact of blockchain technology on financial sector can’t be overlooked. Wesley weber who has been studying blockchain technology for over a decade says that, there are many more live examples and uses of this technology which will inspire you to choose Bitcoin for commodity exchange. No one other than Wesley Weber who has gained mastery over blockchain technology will help you to impart ideas and strategies to know the mechanism of Bitcoin & Blockchain technology.