A Blockchain is an electronically distributed ledger or list of entries – much like a stock ledger -that various participants maintain via a network of computers. Blockchain use cryptography to process and verify transactions on the ledger. Encryption and coding improve transparency, efficiency, and trust in information-sharing.
As technology gradually grows, it brings with it a new wave of evolution and opportunities for the entire universe but at the same time, offers a number of challenges to the newcomers. It alters our way of life and disrupts the way industries do their business. As the result, we are forced to either adapt or be replaced by the new technology.
Blockchain technology is becoming the new key disruptive technology for industries.
We have listed down a few important industries that are expected to be completely overturned by Blockchain Technology.
The Banking industry faces a number of problems that prevent it from running smoothly. Banks currently store their clients’ money while also enabling their transfer. Blockchain technology uses a completely secure system to create permanent records of all the transactions that taking place each and every day thereby significantly lowering the risk of tampering and fraud. Blockchain would also mean that transfers would be enacted quicker, cheaper, and more efficiently through the decentralised features of the technology.
Real Estate Industry
Buying and selling property is usually a very cumbersome process. A lot of paperwork and coordination amongst various parties is required to get the job done making it a very painful experience.
Blockchain technology makes this entire process much easier by recording all the transactions and data related to the sale and purchase in a secure system. The technology can be used to create smart digital contracts so that funds are released only when conditions are met.
In terms of technology, the healthcare industry is still lagging behind. The current system is open to a wide range of possible errors and frauds since patient data is not stored properly. The digitalisation of records and processes has still not been initiated in this sector. Blockchain technology will completely restructure the system by facilitating the secure storage of medical records in one place so that data can be easily shared and accessed by authorised parties and the doctors.
Similar to the healthcare industry, the legal industry is another industry that has been left behind. Cases filed have thousands of documents with vast amounts of data that needs to be stored securely. Blockchain can securely store the documents and related records and can help in instant verification. The data can be accessed by an authorised party and all changes in the data would be authenticated and logged.
The Cryptocurrency Exchange Industry
There is little doubt that cryptocurrencies are the future of market exchange. Thanks to Blockchain technology, all records and transactions can be safely and securely recorded.
The issue is data mining – a process that is required to verify and authenticate each and every transaction of transferring digital funds requires a huge amount of computing power. This has created some problems over the years due to which certain platforms die out because the amount of computation power that was required could not be reached.
With the help of Blockchain, it will become easier to predict how much computation is required for each contract.
Vote rigging has always been very common in politics. It is very difficult to judge whether votes and results have been tampered with or not. However, with the help of Blockchain technology, it will get much easier to handle voter registration, identity verification, and vote counting, resulting in only legitimate votes being counted.
The Start-up Industry
Start-ups are now increasingly on the rise in the market. With more and more start-ups, the need for investors is also rising. At the same time, investors are searching for businesses that suit their strategies. Blockchain technology can help make this process of linking investors with businesses a lot easier. Start-ups can pitch in a secure manner by creating a summary of their product or service using Ethereum smart contract addresses thereby making sure that secrets stay safe and people get connected.
With the use of blockchain technology, there would be a massive change in the education industry. This could be achieved with the combination of blockchain, cryptocurrency, and VR.
The new internet would be known as 3D internet and would have the power to create a global classroom. The aim would be to create a global community of faculty, students, campuses, and curriculum with students from all cultures, locations, and ages.
With video on the rise, it is estimated that video will constitute for 82% of the entire traffic on the internet by 2020. It is also estimated that through blockchain technology, decentralizing video encoding, storage, and content distribution will dramatically reduce the cost of video traffic by tapping into the $30 billion wasted Internet computing services. This will allow a newly advanced ecosystem and will lead to the emergence of new video apps in the market.