As many of us know Blockchain is a diverse technology, there are numerous applications to it as well. Today, we will briefly understand how some of the popular and widely used Blockchain applications work. How are they solving significant problems in the work flow of the traditional businesses?
Following are the 3 major applications of Blockchain technology:
Smart Contracts were first developed in 1997, long before the concept of Bitcoin was introduced. They are just like the conventional contracts. However, the only distinction is Smart Contracts are digital and hence more secure. The contractual data is encrypted in the cryptographic forms which are more reliable and authentic than the normal contracts we use.
Crowdfunding in its basic terms is a way of raising money through general public. In Blockchain, the crowdfunding is practiced by doing ICOs (Initial Coin Offerings) Entrepreneurs who do not have funds to build something extraordinary, on Blockchain or something else, initiate ICOs.
There are around $34 Billions already raised through different ICOs across many parts of the world. The money invested in ICOs are encrypted with the Blockchain technology which restricts fraudulent activities in the crowdfunding process.
In Sharing Economy, there is no one entity that gets most of the benefits. Instead, people who have made it sustainable and profitable by using what it offers are the real ones who get the fair share based on how much value they bring to the platform.
Unlike websites such as Facebook, Google, and Uber, that do not always pay to users that generate content for their platforms, the Blockchain Sharing Economy will make sure users get for what they bring to the table.
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