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Last updated on: February 7th, 2020
“Blockchain is the tech. Bitcoin is merely the first mainstream manifestation of its potential.”
— Marc Kenigsberg, founder of Bitcoin Chaser.
Invented by Satoshi Nakamoto, Blockchain Technology has brought about a revolutionary change in the dawn of crypto-currency. Using the art of cryptography, this technology protects information through collaboration and code.
Invented keeping the concept of digital currency and Bitcoin in mind, the technology has the potential to transform almost every industry of the world.
Blockchain can be described as a virtual ledger that is used to record data securely and transparently that cannot be accessed without an encrypted password. The technology allows the almost free transfer of cryptocurrency through a decentralized medium. Hence, it is considered to have a more promising prospect than Bitcoin for which it was primarily devised.
The Blockchain Technology is here to stay and it is sure to disrupt the functioning of several industries.
Let us now have a look at some of the industries that it can transform within weeks.
According to a survey by IBM, 35% of the world’s banks will adopt the blockchain by the end of 2018. When it comes to banking, Blockchain can be considered the safest as well as the fastest way of storing banking records. You will be able to transfer across borders in just an instant at a cheaper fee. Eminent banks like Barclays are planning to get the blockchain technology for faster and more efficient operation.
None of us can really claim that we have all our health records since birth. However, with a blockchain system being incorporated in the health care sector, you would have easy access to your health records within seconds. Blockchain can improve the functioning of a healthcare unit and ensure better patient care. Moreover, there will be no room for fraudulence too. Some of the many companies that are working towards this are Blockchain Health and Medical Chain.
Problems like rigged voting posing as a serious threat to a functioning government. With blockchain being the new big thing, problems of irregularities in voting systems can be taken care of. Blockchain technology has the power to make a voting system stand undisputed against all hacking efforts.
The data stored through Blockchain technology is encrypted and kept secured using the best techniques in cryptography. This prevents hacking of the data and any modifications without the required permission. Blockchain will ensure that only authorized persons can have access to the data. REMME is one such security startup.
When it comes to real estate, Blockchain is expected to simplify the tedious process of buying an estate. You will no longer need an escrow account as the system will connect prospective buyers with banks, insurance companies, and regulators. Moreover, smart contracts could be maintained to replace all the paper works. Deedcoin is one such startup that is offering cryptocurrency powered transactions, especially for the real estate market.
Rentals and Public Ride Sharing
You must be familiar with Uber, right? Uber is one such brand that already uses the blockchain technology. With peer-to-peer networks for transport rentals and ride-sharing services, there would be no need for any middle-man thus helping to cut down on an extra fee. The system will allow both the car owner and the passenger using the ride to agree to the terms and conditions in a secure way without an intervention of a third party agent.
Charities and Aid Organizations
With blockchain taking over, you do not have to worry about your money reaching to the aid organization. The blockchain technology can be used to track the donations made by you, so you know that your help is being put to correct use. For example, the U.N. is using blockchain for its World Food Programme to make sure that the food reaches the refugees properly.
There is an immediate need for blockchain in the education sector to verify the credibility of the educational records submitted by students. In case of a distance course, it becomes quite difficult to understand whether the certificates are genuine or not. From a student’s point of view, a blockchain-based system could serve them to recognize the originality of online educational programs. This revolutionary change could also make collaborations between universities and other large institutions possible.
Supply chain companies
Supply chains can be quite complicated system as they are unique for each type of business house. However, with blockchain technology, transactions can be documented and monitored transparently. This, in turn, can help reduce time delays and scope for errors. The system can also verify the authenticity of the trade and its status of products by tracking efficiently. SKUChain and Block Verify are some of the companies that are working with this idea.
Art and picture
When it comes to artwork, blockchain can help fight forgeries and collect royalties for artists too. Nowadays, many of the works by famous artists are published online without their permission. Blockchain can solve this problem by keeping track of the artwork, and a smart contract can take care of all the licensing and legal issues pertaining to it.
Video is a massive industry that makes up for a substantial portion of web traffic. Blockchain Technology can be used to devise a decentralized content delivery network or CDN, which will help to protect video content globally via proxy servers. If someone wants to download or view the content from the other servers, the proxy server will send images and text warnings instead. Videocoin is one such system that is working on CDN.
Most musicians are either deprived of the royalty they deserve or have to pay significant percentages of their income to record companies and other middle parties. With blockchain entering the music industry, singers and other artists can get their payments directly, without having to pay to any percentages to anyone. The system will also help maintain a better catalogue of every artist’s songs and will make direct interaction between musicians and their fans possible. Ujo Music is one such startup that is creating blockchain-based solutions in the music industry.
Like the art and Music industry, the publishing industry can get benefitted from blockchain too. Quite often do newbie writers fail to make it big in the writing and publishing industry even though they have what it takes to be a good writer. The industry is in the control of a group of publishers, and they are the ones to decide the success of writers. With digital publishing, there will be no scope of that publishers will have to use a system that recognizes the work of all writers. Authorship is all set to transform the traditional publishing system.
Blockchain comes with several advantages, and therefore the industries cannot wait to incorporate this decentralized system. You can say that Blockchain has the power to establish a sense of equality through its disruptive potential. The most significant disruption that blockchain can bring is the benefit of an impartial democracy that will be applied to all kinds of industries irrespective of its scale and sector.
Author Bio: Ava Smith is a market analyst and strategist in the UAE. She maintains an active blog that gives an insight into the current market trends. Known as the Marketing Guru, she is also associated with EssayAssignmentHelp.ae and extends essay help to marketing students all over the world.