09 August, 2018
This application developed for tracking the insurance Policies which will remove all manual work in insurance system, increase security, data consistency, data integrity and give many other benefits.
By allowing digital information to be distributed but not copied, blockchain technology created the backbone of a new type of internet.
The blockchain is a simple yet ingenious way of passing information from A to B in a fully automated and safe manner.
Blockchain is a type of distributed ledger, all network participants share the same documentation as opposed to individual copies.
This removes the need for powerful central authorities and instead hands control back to the individual user.
The fact that information is stored across a network of computers instead of on a single server, makes it very difficult for hackers to compromise the transaction data.
Even though blockchain technology has a lot of perks, still it lacks in many technological ways. A coding flaw or loophole is one of the significant points in this.
The anonymous feature of the blockchain technology attracted not only experts but also criminal personals. Why? Well, the nature of the network is decentralized so that no one can know your true identity.
Blockchains work fine for a small number of users. But what happens when a mass integration will take place? Ethereum and Bitcoin now have the highest number of users on the network and needless to say, they are having a hard time dealing with the situation.
You're probably wondering what this potentially game-changing technology can actually do in the real world. Well, wonder no more. Here are 20 potential uses for blockchain technology. Average components are testing out some of these uses in small-scale projects and controlled demos right now.