risk of being tampered with, misunderstood, or kept private. This way, everyone has access to election results, leaving no government or media solely responsible for reporting them.
This is already happening in South Korea with a platform called ICON.
Rather than having a number, such as a social security number, your personal information could biometrically link to your DNA. Removing the possibility of someone stealing another’s identity or even assisting with the criminal justice system by eliminating wrongful conviction in cases with physical evidence.
Depending on physical papers to track your assets leaves significant room for error. Looking for your car title, electric bills, or birth certificate would no longer be necessary. Imagine if all your information existed digitally. You would not have to worry about keeping track of it.
This would also apply to businesses. The distributed ledger could securely store all articles of incorporation, taxes, employment records, pay stubs, office space, and all other business associated costs and documents. For example, instead of reporting your profits and losses each quarter, all of this would be available in real time.
Protection of Intellectual Property
Intangible ideas, designs, and work can get a trademark. But that doesn’t mean they’re safe from being forged or copied. It’s hard to prove an idea is uniquely yours. By registering intellectual property on the blockchain, anyone can trace it based on its timestamp. This can save time, money on lawyers, and a great deal of anguish.
With the rise of the cloud, we saw data storage like never before. Instead of saving everything to a computer’s hard drive or external storage which could crash or be lost, there is now a location for storage which can be accessed anywhere with internet. However, cloud storage is a centralized application. Often the more storage you require, the more it costs. A cloud has a central point which an attacker can hack. By comparison, millions of computers worldwide host blockchain information.
Understanding Blockchain Information
We are human beings. We lose things, make mistakes and miscommunicate. There are countless other factors that can lead to issues and inconsistency. By comparison, when information is fully transparent and distributed, everyone is accountable for ensuring its validity and security.
The transparent nature of blockchain information allows individuals infinite avenues to uncover chronological, truthful information. As a result, the blockchain technology could radically shift the way we conduct countless transactions. Transparency allows us to form objective truths and hold each other and ourselves accountable.
What Is a Blockchain Wallet?
Before any transactions are made on the blockchain, an individual must set up a cryptocurrency wallet. One which is specific to the blockchain and widely utilized is blockchain wallet.
A blockchain wallet is an e-wallet which allows users to store two types of cryptocurrency: Bitcoin and Ethereum (ETH). It is entirely free to create a blockchain wallet and the process is done online. A blockchain wallet can be accessed on the blockchain website or on a mobile application. The only information you need to initialize and manage the account is an email address and a password. Once you’ve created your blockchain wallet you will receive a Wallet ID. A wallet ID is an equivalent to a bank account number.
Through the blockchain wallet interface, you can buy or sell cryptocurrencies. To make a purchase, you can transfer funds from a bank account, credit card, or debit card.
Once you are in, you will see your current balance for Bitcoin, ether, or both. You’ll also see your most recent transactions.
What Is a Wallet Address?
Each transaction has a unique address. An address is a series of letters and numbers which are a location to which you can send funds. In the case of bitcoin, a new address is created for every single transaction for security purposes. If you are looking to receive funds, you send a request with an address attached. If you are lookin