The most interesting aspect of blockchain is that it could apply to any industry where information is transferred, or records should be kept, not just the cryptocurrencies. Let's have a look at some of the future uses of blockchain technology.
What is the blockchain technology
Blockchain is a public register of data distributed between computers around the world (or a database of all transactions on the network).
Blockchain is formed by thousands of independent computers and decentralized (not controlled by a single entity).
Benefits of the blockchain technology
-transparency- everything is displayed on the network
-security - it is nearly impossible to hack
-efficiency and speed - send and receive money and financial documents in minutes
-reduced costs - no involvement of the third party.
This saves a lot of money while making transactions, unlike traditional banks.
Since the blockchain is distributed between millions of users, it is nearly impossible for anyone to influence the network, which offers security and transparency. A third party is no longer needed and the bookkeeping of transactions can be maintained between the participants.
Since third parties are not necessary, and participants can do transactions nearly immediately peer-to-peer, this is the paradigm shift that makes the Blockchain so important!
The most interesting aspect of blockchain is that it could apply to any industry where information is transferred, or records should be kept, not just the cryptocurrencies.
The features of the blockchain could innovate systems in many fields, reducing the level of bureaucracy and making the processes more transparent. Blockchain can manage the huge amount of data protecting ownership and privacy in the future.
Future of the blockchain technology
-Healthcare industry - doctors can easily access all patients' health records
-Supply chain management- every time a product moves, the transaction can be documented. This could reduce delays, costs, and human errors
-Banking - the safest way to store data and the cheapest way of transferring funds
-Real estate - the process of buying and selling land requires a lot of paperwork but with blockchain it would be much easier
-Legal Industry - the questions of legality of important documents can be eliminated
-Government - corruption can be eliminated. For instance, if every piece of property in a country is registered on the blockchain, then governments could not take land from someone just because they did not have a certain document
-Voting - voting irregularities could be minimized
-Transactions - because each participant on the network verifies the transaction, trying to hack the blockchain would be nearly impossible
-Identity - Identity theft would also be impossible. All of the personal identity information – such as passport, education, or driving license – can be saved on the blockchain
