The Potential of Using Blockchain Technology in Human Life: Examples of Implementation

Blockchain is sometimes referred to as the next trusted layer of the Internet Although the natural and primary area of application of technology is and will remain cryptocurrencies, the possibility of its use is not limited only to virtual currency. A decentralized network is successfully implemented in various forms in subsequent areas of operation of institutions from the banking sector, private companies, and other organizations, where security plays a key role (Swam, 2015; Daniel Drescher points out that the blockchain does not evaluate the processed data; hence, their scope and number of areas of potential application are as wide and varied as the scope of human activity. As examples, he mentions payment management, use in the creation of digital resources or digital identity. Blockchain can also be used, for example, in the digitization, storage, and verification of documents and contracts, proofs of ownership, in the provision of notary services, conducting business audits as part of auditing services, or during voting during elections (Drescher, 2017: 226-7). This collection is not closed, as it is practically impossible to discuss all uses of the blockchain. However, it is expected that new areas of implementation will emerge constantly. This is because the decentralized network, distributed over hundreds of computers around the world, based on public-and private-key encryption, is a secure structure for storing and transferring information and data. Therefore, blockchain can potentially be used to improve all processes and activities in which it is necessary to ensure the secure transfer of information or data.