Application of Blockchain Technology

1. The world is moving towards digitalization with the advancement of new innovative technologies like blockchain. Blockchain being widely adopted in business due to its distinct features like decentralization, immutable, and transparent. Let us discuss how a Blockchain is utilized in various ways To Validate Identity The major issue of handling user data is data theft, as it exploits the user data in social media for the various purpose by hackers to access the users the personal data for exploiting user identity which is irreversible harm to the average internet user’s life. There is a lack of security, while in the case of data loss, the user needs government approval for getting it updated, where it demands evidence/proof for the user to get back which is a tedious process. This method is quite difficult and produces the main delay by requiring proof to be mailed, examined, and safely returned. The companies are working on this issue by adopting Blockchain technology to ensure the security of the user data by decentralizing proof of identity, ensuring that there’s no single point of failure and no hackers can tamper the user data. To Improve Cloud Storage Cloud storage is an unavoidable part of the modern business, as cloud storage utilizes the large data that is stored on the remote clouds where it can be retrieved at any sort of device independent of the location. Cloud storage servers are numerous and equipped with backup systems to eliminate the extended delay in retrieving data from the server. Traditional cloud storage can make use of CDNs to store files on multiple servers and advance up delivery, Blockchain is utilized to take the cloud storage to the next level in proving enhanced security and efficiency on data handling. To Enhance Diamond Exchanging

2. Diamond is costly, has always involved a lot of suspicious behavior as it has the involvement of a huge amount of money and some highly-unethical practices. There is a large gap between miners and buyers. Miners are abused and exploited, specifications are drawn, fakes are sold whenever possible, and the entire business is lacking in any kind of transparency. For eradicating all these unethical activities on diamond tradings blockchain can be used to make it transparent, and decentralized among the parties involved. As Blockchain has a distributed ledger where all the transactions are recorded on it non can tamper the data. Fintech startup Everledger is doing just that, implementing a system for tracking the buying and selling of diamonds and intending to continue growing it whenever likely to incorporate an ever-growing percentage of the diamond trade. Summing Up Blockchain technology is widely adopted in huge activities to ensure trust and security. You can make use of Blockchain technology in business to enhance your business with the help of a Blockchain solution. Utilize the trending blockchain technology in your business, with the help of Best Blockchain app development company.