According to The Wall Street Journal, blockchain technology may be used not only for cryptocurrency exchanges, but for national governance and election system, public healthcare and welfare, human rights, etc.
According to The Wall Street Journal publication, blockchain technology can be found an application not only in cryptocurrency exchanges, but in:
- Supply chain management
- Networking and IOT
- Private transport and ride sharing
- Cloud storage
- Government blockchain based system (Dubai)
- Public Benefit
- Energy Management
- Online Music
- Real estate
A blockchain is a secure database or an analogue of an account book distributed among many computers. Every person has identical records of all transactions, so to falsify one copy is senselessly. Its main principle is principle of transparency. Every person in the world can have access to the same blockchain.
Three advantages of blockchain:
- It is convenient in cases where reliability and security of transactions is needed.
- For blockchain performing a collaboration of several participants is needed.
- Excitement around the technology, which allows to attract new developers and accelerate its implementation.
Right now blockchain technology is used only for cryptocurrencies and cybersecurity.
The blockchain technology can speed up the work of government. So, Dubai is implementing Smart City project, using blockchain technology by 2020.
“We want to make Dubai the first blockchain-powered government in the world by 2020,” Aisha Bin Bishr, director general of Smart Dubai, noted.
This will allow to increase efficiency, transparency, and transform its economy.