The blockchain concept can be well-applied with
- Registration of assets, portfolio, and exchange
- Acquiring property including both hard or physically existing property and immaterial like ideas, health data, votes, reputation, shares, copyrights or reservations and so on
- Financial areas, economics, and money
This technology is applicable to multiple functional areas across a wide class of business embedded with markets, money, and transactions.
- An example related to this is the use of basic digital currency technology, to effectively transfer almost 125 touchable wooden artworks and was presented for purchase.
- Likewise, any kind of available asset forms can be registered within a blockchain and its full control is maintained by the person having the private key to the blocks. Further, the controller can sell it by giving the private key code to another for accessing it.
- All these processes are subject to the existing law. For example, a vehicle ownership tag is transferable from a particular financial firm to an individual, if all the loan payments are done and confirmed by blockchain contracts.
- The interest rate tagged with the item is also variable and is specified on the digital website of contracts.
- Presently, there exist alternatives to the private key. Smartphones come with the immense ability and embedded technology to unlock any digital codes like QR codes, NFC tags, sensors, Wi-Fi access upon reaffirming a customers’ virtual identity encoded in the blockchain.
- Colored coins were familiarized as a part of the smart property on the blockchain. These colors are the tags linked to specific selected properties or assets. This is done to ensure the safety and loyalty of the transaction. The easiness obtained from these types of exchanges reflects the point that compound transactions can also be done with blockchain.
Smart Contract can be better explained as the way of using digital currency to formulate agreements with individuals via blockchain.
- This is based on trust between the parties signing the order and includes three basic essentialities
- Autonomy: If the contract is initiated, no further interaction should occur.
- Self-Sufficient: Should have provisions for arranging an area for storage and operational power.
- Decentralized: They are widely available across the networking nodes and are self-performing.
The efficient use of blockchain’s smartness feature allows common problems to be solved on the basis of minimal trust.