Bitcoin and crypto currency is well known to all of us. It is based on Blockchain.
Blockchain has made huge splashes in the tech community. it’s the technology that underpins digital currencies and ensures that all transactions are properly conducted and recorded. But what is stored on the blockchain need not be just a monetary unit - it can be put to all manner of other interesting uses.
One interesting feature of the blockchain is its timestamp feature. The whole network essentially validates the state of wrapped piece of data (called a hash) at a certain particular time. As a trustless decentralized network, it essentially confirms the existence of [something] at a stated time that is further provable in a court of law. Until now, only centralized notary services could serve this purpose.
Blockchain technology offers a solution to many digital identity issues, where identity can be uniquely authenticated in an irrefutable, immutable, and secure manner. Current methods use problematic password-based systems of shared secrets exchanged and stored on insecure systems. In Blockchain identity authentication, the only check performed is whether or not the transaction was signed by the correct private key. Blockchain-based authentication systems are based on irrefutable identity verification using digital signatures based on public key cryptography. It is inferred that whoever has access to the private key is the owner and the exact identity of the owner is deemed irrelevant.
Here are some blockchain applications of the future?
Blockchain technology can be applied to identity applications in the following areas:
1. Digital Identities
2. Passports
3. E-Residency
4. Birth Certificates
5. Wedding Certificates
6. IDs
Above article is based on
https://www.huffingtonpost.com/ameer-rosic-/5-blockchain-applications_b_13279010.html
