It is an indisputable fact that cryptocurrency has had its ups and downs. People have looked at bitcoin as a disputed currency for black market activity. We all are aware of the endless opportunities that bitcoin presents. Mostly, it is a public ledger that documents every bitcoin transaction called a blockchain. Blockchain is a thrilling alternative to traditional currency and centralized banking and is changing the way we handle financial transactions. It maintains a list of every transaction across every network that is distributed everywhere. This type of banking becomes impossible to hack and is revolutionizing the way banking is done. 

It will also transcend the way businesses are run, through these four applications – 

1. Cloud Storage – Blockchain can impact Businesses using Cloud Storage extensively. 

For eg – Storj, A Decentralized Cloud Storage Company is offering secure cloud storage while decreasing dependency. The founder said that by using excess hard drive space, the users can store the traditional cloud 300 times more. He believed that Blockchain can open a new stream of revenue for users while reducing the cost significantly. 

2. Smart Contracts – With the release of the Ethereum Project, Smart contracts became a hot topic in the town. The project is a decentralized platform that runs smart contracts. The applications are run as programmed without any concern, third-party interference, or fraud. 

Smart Contracts are self-robotized computer programs that can carry out the terms of any contract. It is digital financial security that is routed to recipients based on future events. 

The businesses will be able to use Smart Contract so that they can divert the regulation and lower the cost of financial transactions. 

3. Paying Salary to Employees – There is no doubt that blockchain has its roots in cryptocurrency and it can be used as an application to compensate employees. 

Bitwage, claims to be the world’s first Bitcoin-based payroll service that has saved the fees of transferring money internationally and made the process more efficient. 

4. Electronic Voting – A globally distributed database Bitshares told that Delegated Proof of Stake (DPOS) is the fastest, most structured, and ductile model. It allows the power of stakeholders to resolve consensus issues in a biased manner. 

The founder strongly believed that blockchain will grow in the coming years. When he joined, there were 6 patents in the space. Now, there are over 1200 patent files that have blockchain. 

It is going to grow consistently multifold.

Readers can also read, Blockchain’s evolution: Transactions, contracts, and applications (blockchainmagazine.net).