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| Blockchain Function |
What is Blockchain?
The idea behind blockchain dates back to 1991, but the technology didn't get much attention until Bitcoin was developed in 2009. Bitcoin was created by a person or group using the pseudonym Satoshi Nakamoto.
Although until now no one knows who Satoshi Nakamoto really is, the technological innovations offered by him to date have had an impact on the world of using and creating digital assets in new ways.
Blockchain Benefits!
Blockchain functions as a distributed ledger that records and protects digital data through the use of cryptography. This technology is often applied to digital currency networks (cryptocurrency), but its decentralized nature and security also make it a very powerful tool, allowing it to be developed by many of the world's leading industries.
Blockchain gives internet users the ability to create value and authenticate digital information.
If anyone asks Blockchain function for any project on the internet..
There are 7 Functions and Uses of Blockchain used in business application programs, including the following below..
1.Smart Contract
Blockchain shared ledgers allow coding of simple contracts which will be executed if specified conditions are met. Ethereum is an open source blockchain project built specifically on blockchain technology using a smart contract network, aiming to realize this possibility, Smart contracts can carry out commercial transactions and carry out agreements automatically and can also enforce the obligations of all parties in a contract without intermediaries.
At the current level of technological development, Smart Contracts can be programmed to perform simple functions. For example, derivatives can be paid out when a financial instrument meets certain benchmarks, Using blockchain and Bitcoin technology allows payments to be automated.
2.File Storage
Decentralized file storage or file storage on the internet brings clear benefits. Distributing data across the network protects files from being hacked or lost.
The InterPlanetary File System (IPFS) makes it easy to conceptualize how the distributed web might operate. Similar to the way BitTorrent moves data across the internet, IPFS eliminates the need for a centralized client-server relationship. The internet of completely decentralized websites has the potential to speed up file transfer and streaming times.
This means that this type of upgrade does not only make the user comfortable. The system also really needs it for the delivery of web content, which is currently overloaded.
3.Sharing Economy
With the development of companies like Uber and Airbnb, the Sharing economy has proven successful. However, currently, users who wish to use ride-sharing or ojek services must rely on intermediaries such as Uber. By enabling peer-to-peer payments, blockchain opens the door for direct interaction between the parties – the result of a truly decentralized sharing economy.
4.Internet of Things (IoT)
What is IoT? IoT is a network controlled management of electronic devices of some kind for example, monitoring of air temperature in storage facilities.
Smart Contracts enable automation of remote control system management, where possible, a combination of software and hardware, motion sensors, and networks that facilitate the exchange of data between objects and mechanisms.
The result is increased system efficiency and improved cost monitoring performance.
5.Protection of Intellectual Property
As many people know, digital information can be reproduced indefinitely -and widely distributed thanks to the internet. Globally, this is the reason why so much free content is spread across the internet. This incident caused a great loss to the copyright owners of a content.
Smart contracts can protect copyrights and automate the sale of creative works online, eliminating the risk of file copying and redistribution.
Mycelia uses blockchain to create a peer-to-peer music distribution system. Founded by British singer-songwriter Imogen Heap, Mycelia allows musicians to sell their own songs directly to their audience, as well as license samples to producers and share royalties to songwriters and musicians.
All these functions are automated by Smart Contracts. The capacity of blockchains to issue payments in fractional cryptocurrency amounts (micropayments) means that with blockchain we have a high chance of success.
6.Governance
Governance or everything related to governance. Blockchain technology has the potential to greatly improve governance in various sectors. By managing networks and operations more democratically, fairly and securely, blockchain-based systems can be implemented as a way to eliminate electoral fraud and increase trust during voting or other constitutional processes.
They can also be used as a powerful weapon against corruption, improving data integrity and tracking in a variety of scenarios, from tax collection to distribution of financial aid.
7.Crownfunding (Charity)
Many social organizations around the world are struggling to overcome challenges in resource management, operational transparency, and effective governance. Blockchain technology can definitely help organizations to optimize the process of receiving and managing funds.
The following is an example for the integration of blockchain technology into the crownfunding industry. Blockchain Charity Foundation (BCF) is a not-for-profit organization working against poverty and inequality, aiming to carry out blockchain-powered philanthropic activities in the world.
Well maybe that's all some explanations from me, please understand the shortcomings.
