Blockchain in real world

Why do we need blockchain?

One of the concepts that many businesses are researching and developing is the third generation web or web 3. If we want to mention this concept In a concise summary, we must say that most of the things that currently exist and are managed in a centralized manner will become decentralized in the future.

Experts argue that platforms like Telegram, Twitter, Instagram, Medium, and others possess the capacity to harness individuals' data for their purposes. However, there's a growing consensus among experts that these platforms should function within a more transparent framework. Ultimately, the control and authority over systems that manipulate people's information should shift away from centralized entities and be entrusted to the individuals themselves over time.

Blockchain technology serves as a valuable tool in achieving this objective. Its capacity to securely store and track data in a distributed, decentralized manner, while removing intermediaries, has rendered it indispensable.

Blockchain technology Real-world applications : Since the advent of blockchain, its applications across diverse industries and services have expanded significantly, with new uses continually being added. Below are some examples of the applications of this innovative technology:

• Cryptocurrencies : The primary and most renowned application of blockchain technology is in the development of cryptocurrencies like Bitcoin and Toncoin. In this context, blockchain serves as a decentralized ledger system, facilitating the transfer of funds without reliance on traditional intermediaries such as banks.

• Smart contracts : Blockchain empowers the execution of smart contracts, which are coded agreements specifying terms and conditions for fulfilling obligations. These contracts operate automatically, eliminating the need for a central intermediary to oversee and enforce them. Once written onto the blockchain platform, smart contracts become immutable, ensuring that their terms cannot be altered.

• Legal and Identity Verification : Blockchain can be effective in verifying the identity of people and providing legal services such as transferring property or official documents. This information is stored securely and immutably in the blockchain.

• Electronic voting (E-Voting) : In electronic voting (E-Voting) systems, blockchain technology can play a pivotal role in bolstering trust and confidence in elections. This application has the potential to mitigate fraud and securely store voter information, thereby enhancing the integrity of the voting process.

• Insurance industry : Within the insurance sector, blockchain technology can streamline the process of settling and paying claims, enhance the accuracy of information, and foster greater transparency in insurance operations.

Blockchain technology finds applications in various industries beyond finance, including aviation and transportation, the music industry, property management, healthcare, and more.