Blockchain–a term that is tossed around more than usual these days thanks to the growth of cryptocurrencies like Bitcoin. However, the applications of blockchain stretch far beyond cryptocurrency and we’re here to take a deeper look!
What Is Blockchain?
In simple terms, a blockchain assigns a unique attribute to a digital asset and is distributed on a decentralized public ledger called a blockchain. The most valuable aspect of a blockchain is the fact that it is difficult or almost impossible to modify or hack. Because of this aspect, it is a disruptor for industries like payments and cybersecurity. Essentially, the history of a digital asset is completely transparent and allows developers to share data securely.
Use Cases For Blockchain
With blockchain receiving more attention and popularity in 2020, we see more use cases for the technology moving forward.
Healthcare- With blockchain, healthcare providers can distribute transaction records securely. Additionally, medical research data and patient information can be stored.
Digital Currency– As previously mentioned, this is really where Blockchain began. Online transactions are always recorded and secured with blockchain. Using cryptocurrency, the need for a centralized bank is eliminated because the currency is attached to one owner and theft is much more difficult.
Global Trade– For global supply chains, blockchain is the perfect solution. It is an updated system that makes financial transactions much easier.
Although there are many more use cases on the rise, such as real estate, these are the significant ones that have continued to grow. With blockchain’s growth, more industries will realize its potential in the online world we now live in.
The Marriage of Blockchain and AR
Blockchain’s role in the AR space could be vital by giving content creators the ability to produce, rent, or sell their AR assets through the marketplace. It allows for the protection of your AR creations so someone else can’t replicate what you’ve done. Users can also verify the authenticity of the digital asset being sold or transferred. Overall, as AR continues to take off, blockchain would be the ideal decentralized system for successful immersive creation and sharing.