In essence, cryptocurrency is money not controlled by any government, central bank, or bank in general, making it immune to manipulation by those organisations. It is a peer-to-peer (P2P) technology that completely avoids governments and central banks. This opens the door to a wide range of non-financial applications that have the potential to transform our way of life completely.

An Introduction to How Governments Are Reacting

Let’s look at a few of those non-financial applications of blockchain technology before examining some of the factors causing governments worldwide to have such a negative outlook on the matter. The ramifications are obvious if you take their rhetoric seriously. Governments cannot exert control over anything not governed by their laws and regulations or valued according to those values, such as money.

Just for a second, think about Ether. The government cannot control something that is a global currency and not a national fiat. They are unable to instantly alter a country’s economy by printing money. View the Ethereum Price Index changes, for instance, throughout a 24-hour period on OKX.com. Ultimately, those costs fluctuate depending only on customer supply and demand. Which government would advocate for a currency that they have no control over?

A Few Notable Non-Financial Uses

Blockchain technology is a collection of ledger entries spread across a vast global network of hundreds of thousands to millions of machines. Although ledger entries may be tracked, access is impossible without a secret key. This would almost end the current problem of product counterfeiting. For instance, fake drugs. A counterfeiter would have to access at least half of all those computers at once to hack a prescription drug, which is impossible to do because every ledger entry is authenticated and entries are dispersed across potentially millions of computers worldwide.

So, verifying goods and intellectual property would be some non-financial purposes. Because the data in those digital ledgers would be immortalised in cyberstores, it would be a huge advantage in real estate. Blockchain technology would establish an unquestionable record of ownership, which alone might prevent the yearly legal expenses from costing most countries more than their national budget.

Giving You Something to Consider

If you’re still unsure about the extent of blockchain technology’s nonfinancial applications, think about these effects:

• Voting
• Pharmaceutical companies
• Online IDs
• activities of federal governments
• organisational designs

And there are many others, making practically every element of our life transparent. Transparency is the cornerstone of blockchain technology’s non-financial applications. There would be no more space for discussion if you questioned the veracity of some of those assertions. You would discover that in the blockchain if it could be proved.

Also read:-Why is an SSL certificate significant, in your opinion? Introduction What Are the Benefits

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Definition of Blockchain Technology

Blockchain technology is a framework for storing public transactional records, sometimes known as “blocks,” across many databases or “chains.”

It is a network with peer-to-peer nodes connecting it.

This type of storage is refer to as a “digital ledger” in plain English.

The owner’s digital signature approves every transaction in this ledger. Its owner protects the transaction from being tampered with and authenticates it. As a result, you will discover that the data included in the digital ledger is always entirely secure.

The digital ledger and a Google spreadsheet distribute among several computers connect by a network can be compare.

The transactional records, in this instance, are kept in accordance with actual purchases.

The good news is that while anyone may view the data, it cannot be alter.

1. The Working Mechanism of Blockchain Technology

You may have noticed that several businesses have developed blockchain business applications in recent years. But how exactly does blockchain technology operate? Blockchain’s technological achievements, which are still in their infancy, have the potential to change the future.

Three key technologies combine to form Blockchain:

• keys for cryptography
• a peer-to-peer system using a shared ledger
• a technique for computing that stores network activity and records.

Functioning Mechanism of Blockchain Technology

The private and public keys are two essential keys in cryptography. These keys are necessary for two parties to conduct successful transactions.

These two keys are unique to each person who uses them to create a reference to a secure digital identity. Blockchain technology is fundamentally based on this protected identity. A “digital signature” is the term use to describe this identity in the bitcoin industry. It is employed for transaction authorization and control.

Peer-to-peer networking is paired with digital signatures. To use the digital signature to agree on transactions and other issues, this network’s many participants operate as authorities.

After they approve a trade, a mathematical verification is used to certify it. The end outcome is a successful, secure transaction between the two network-connected parties.

In conclusion, cryptographic keys are used by Blockchain users to conduct various digital operations across the peer-to-peer network.
Numerous businesses have recently shown interest in creating Blockchain business applications.

2. What is the Blockchain Voting System?

A blockchain voting system uses applications of blockchain technology to enable online voting.

This peer-to-peer blockchain voting technology uses encryption and write-once techniques to append numerous electronic ledgers and communicate registration data and ballots secretly and securely across the internet.

As Blockchain has particular characteristics like a unique biometric protection system, facial recognition, and thumbprints, many people think it is incredibly secure.

Security experts consider the Blockchain voting method to be a threat to democracy, nevertheless. They claim that situations involving online voting could lead to server penetration attacks, malware on client devices, denial-of-service attacks, and other disruptions.

3. A Real-World Example of the Blockchain Voting System’s Flaws

A compelling narrative about a University of Michigan student who attempt to hack Virginia’s Voatz blockchain-based voting system was featured in a news piece in October last year.

According to the article, the FBI is investigating the situation and determining whether these assertions are factual.

Voatz, a blockchain-based smartphone voting app, was design to gather votes from West Virginians who live abroad, are in the military, or are incapacitate.

The West Virginia Secretary of State, Andrew “Mac” Warner, claimed to have discovered specific activities planned to gain unauthorized access to the voting application’s mainframe functional module.

It should be emphasize that the Voatz app uses various levels for verifying a person’s identification, including face recognition, thumbnails, and voter-verified ballots.

What were the Findings?

Warner immediately made it clear that all aspects of digital security were considered. Simply put, no votes had been altered, seen, or harmed in any other way.

This is where the blockchain voting system’s flaws started to show up.

So let’s focus on some of the arguments demonstrating how the Blockchain voting system poses a threat to democracy.

4.The Blockchain Voting System Is a Danger to Democracy for These 3 Main Reasons.

The blockchain voting system doesn’t have security options.

Using Voatz as an example, even though it is a very novel idea, MIT researchers identified several flaws in the design.

They discovered that it was simpler for hackers to change, halt, or reveal a user’s voting behavior. Additionally, it was discover that Voatz used a third-party vendor to locate and confirm voters. This led to significant privacy problems.

A government can primarily use a Blockchain voting system to give transparency rather than security. It is just being utilize as an auditing technique for experimental government voting. The Blockchain voting system was not initially develop for this purpose.

Blockchain-based voting can manipulate voter behavior.

When voting takes place outside of a protected booth, it opens up opportunities for vote-buying and voter intimidation. Demonstrating that the vote was cast for the correct candidate is crucial to vote-buying transactions.

Vote-buying will become more straightforward with Blockchain-based voting. However, it is still possible with traditional voting systems, which is difficult but not impossible. Social scientists’ role in this situation has taken on a vital significance.

They must first create incentive structures that deter vote-buying and intimidation.

For instance, before the polls close in Estonia, any voter can alter their vote many times. As a result, it is more challenging and expensive for a vote buyer to confirm that a vote seller cast their ballot for the candidate they said they would.

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Also read: Cyber Forensics 

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