Understanding blockchain technology
It would not be an exaggeration to say that blockchain is one of the most astonishing innovations that have taken place since the birth of the Internet. It is a digital phenomenon that most people are familiar with. But for those who are looking for a brief idea of what blockchain is, it can be described as a modern database using distributed ledger technology established on a decentralized horizontal network. products that are resistant to tampering. All information is available for all users to see because every single node on the network has a copy of the ledger. It is highly secure and transparent with no scope for fraud.
A unique ‘block’ is generated each time any interaction or transaction takes place between two points on the blockchain. Each block is assigned a unique encrypted digital signature. Encryption refers to the use of mathematical algorithms to scramble data if someone tries to bypass or intercept data on the blockchain.
Today, blockchain has found its way into every industry and business sector. In particular, it has impacted the telecom and wireless industries in unimaginable ways. It has impacted the way these networks interact and work together.
The original properties of everyday devices can be enhanced by using blockchain technology. Let’s analyze some devices that act as a vehicle for blockchain technology to impact our daily lives.
These are specially created mobile phones with built-in functionality to process blockchain transactions. HTC Corp., a Taiwanese consumer electronics company, recently launched its first blockchain-enabled smartphone Exodus 1. The main feature is the ‘security token’. It stays away from the processor and the Android operating system. Enclave works on a wallet developed by HTC called Zion. It is used to securely store cryptocurrency keys offline and acts as a computer node in the blockchain network.
Exodus strikes a balance between security and convenience. The crypto keys will always be with you and at the same time, they are not connected to the operating system, which reduces the possibility of being hacked or stolen. Exodus phone owners can sync their accounts, and the Secure Enclave acts as a layer of protection for their cryptocurrency transactions and online shopping. Another blockchain-enabled smartphone is Sirin’s Finney, which has a built-in cold storage crypto wallet for storing Ethereum, Bitcoin, and other crypto tokens.
2. smart washing machine
A smart washing machine is a machine that will use an optical sensor or a camera to determine the cleanliness factor of the laundry. The robot provides arms for the washing machine, helping to load and unload clothes. Smart washing machines have the ability to communicate with other washing machines in the world. Washing recommendations may be provided for certain models of washing machines. In the event of a malfunction, the washing machine will have the ability to independently order a technician to print the necessary replacement parts using a mobile 3D printer, carry out repairs, and document the process.
The role of blockchain technology in smart washing machines:
- Protect intellectual property while printing spare parts.
- Tamper-proof documentation for personal use.
- Supply power from various sources according to predefined rules.
- Service technicians contract and maintenance documentation.
- Divide profits or expenses among owners.
Recently, IBM built a computer the size of a grain of salt. It is a type of device that IBM calls a ‘crypto anchor.’ It uses ‘digital fingerprints’ embedded in everyday items to verify origin and content. This computer is small enough and cheap enough to be used anywhere. This paves the way for new solutions that can be used to address food safety, the authenticity of manufactured ingredients and genetically modified products.
4. Cryptocurrency Watch
Chronoswiss, the Swiss watch manufacturer, has unveiled an exclusive series of crypto designer watches. It boasts a user-friendly design and is available on five crypto designer watches. Each crypto-themed watch has a dedicated digital certificate for Bitcoin, Ethereum, Zaif, COMSA or NEM. These are recorded on the blockchain making it secure and cannot be manipulated.
Chronoswiss combines the fundamentals of traditional watchmaking with the digital revolution of new global currencies. Details on each watch such as warranty period and serial number are officially registered on ‘LuxTag’, the blockchain platform. This is a service provider that uses the NEM blockchain platform to combat counterfeiting and theft. It provides digitized tagging solutions for luxury goods.
5. Water purifier
In January of this year, telecommunications giant, China Mobile incorporated blockchain into a household product. It has developed a water purifier with an integrated chip and IoT module. This helps to collect data about user behavior. Depending on how often consumers use this product, they will earn a blockchain token called PWMC, which they can then redeem for alternative filters or purchase other goods. As mentioned by China Mobile, this product involves more individuals with cryptocurrency and links them to this advanced technology. Computer chips and IoT modules are connected to the internet and will therefore run as individual nodes to transact and record user data on a distributed network. This data will be recorded on the public blockchain called SWTC.
Without a doubt, Blockchain is the backbone of a new, impromptu version of the internet. Blockchain has been influencing many aspects of our lives for the better and judging by its dizzying growth over the past decade, it is certainly here to stay.
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