What is Blockchain and How is It Related to Our Life?
Unless you have been under a rock for the last few years, it’s highly unlikely that you have missed out on the term blockchain!
In this tech-friendly world, blockchain is a lot more than a buzzword. Many big brands including Microsoft, Walmart, IBM, and Mastercard have embraced this revolutionary tech already, and several more are striving to follow the suite.
Both established corporations and innovation-enchanted entrepreneurs are inclined to incorporate blockchain in their business functions and are exploring resources to leverage the power of decentralized applications. However, one cannot deny the fact that the majority of information available on the web is full of jargons and quite difficult to digest.
Most of the media available on the Internet has been directed towards educating developers and crypto experts, and it seems no one cares to explain how blockchain can impact our day-to-day lives.
However, let’s break this trend today – here’s a clear and concise definition of blockchain technology along with its practical importance.
What is Blockchain?
Blockchain is simple – you can perceive it as a decentralized electronic distributed ledger that stores information or transactions chronologically. It enables you to trace the transactions quickly and without any hassle.
The decentralization feature of the blockchain makes the technology secure, as the same information is distributed across different networks via nodes. This makes it impossible for any single user to alter the data until the request has been approved by every other user on the network.
Despite asking for a hefty initial investment, blockchain can prove cost-savvy. Being self-executing, it can slash the cost of transactions and eliminates the interference of a middleman like lawyers and bankers.
How Can Blockchain Impact Our Daily Life?
Is it true that blockchain can influence our daily life?
The answer is yes.
This complex technology can and has already started to affect our lives. Let’s understand how-
- Cyber Security
Security is one major concern that has arisen from the digitization of information.
People have started storing personal identities such as passport, SSN, PAN, birth certificates and other important documents in the electronic form.
With the number of hackers increasing on the cyberspace, it is crucial that necessary controls are placed for its protection.
The use of blockchain technology can offer you a robust platform to store and access data in a secure manner. As the data is distributed across various networks, the risk of leakage of information from any single network cannot arise.
- Effects on Healthcare
The healthcare industry generates a large amount of data every day, and it is not easy to access, manage, and extract such information.
While the present technology has been somewhat successful in handling vast data, technology like a blockchain can prove to be a great assistance. For example, the extraction of old patient records using a universal record repository in blockchain (with a sitemap and library) can be used to simplify an otherwise tedious and error-prone task.
- Digitized Voting
A transparent voting mechanism is a must in democracy.
Blockchain can assist voters in electronically transmitting votes while being anonymous to others.
If you feel that the concept is good only on paper, you must know that the idea has already been used in the Denmark elections in the year 2014 by the Liberal Alliance.
- Smart Contracts
Smart contracts are digitized contractual agreements that get executed when predetermined conditions are met.
Say, a contract is entered into between the parties wherein the payment is to be released on the fulfillment of some specific conditions. With blockchain in place, you will simply have to feed all the conditions into the system.
Once the conditions get fulfilled, the payment is automatically released, thus making the entire transaction secure, efficient and user-friendly.
By far, we have seen that the present blockchain technology is already creating ripples in different sectors of the economy. However, the crypto experts and developers aren’t satisfied with the pace of change, and they are continuously coming up with something innovative and more useful. One such platform that has been gaining popularity is Cloud Wallet.
What is Cloud Wallet?
Introduced in the year 2013, Cloud Wallet can be described as the world’s numero uno blockchain technology backed social health wallet that has integrated all the blockchain cryptographic assets in a single platform.
Created by a highly skilled team of blockchain developers, Cloud Wallet version 2.0 uses the latest 4th generation blockchain technology for cross-chain encryption exchange and payment.
The goal of Cloud Wallet is to provide users with a continuous wealth generation mechanism. It creates a Crypto based banking solution where you can generate returns from your cryptocurrencies via arbitrage trading.
What is Arbitrage Trading?
Arbitrage trading is an interesting phenomenon where one can make profits from small fluctuations in the price of an asset in the wallet. It is done by an AI-based platform called Jarvis that has been specifically been designed to do the same.
Using past data, the platform can estimate the returns that trade will generate. Then, it buys the asset from an exchange where the prices are low and sells them in the exchange in which the prices are high.
It also allows the wallet holder to encash the rewards or even reinvest the amount anytime through the wallet. With no membership fees and contracts, Cloud Wallet is the perfect crypto wallet that keeps your funds liquid and growing!
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