Technology is fast paced, and when industries ignore emerging trends, they find themselves becoming extinct. Blockchain has seen tremendous growth since it was launched a few years ago. Many people are still skeptical about the technology, but most of their concerns relate to of lack information on how blockchain technology works.
The first part to demystifying blockchain is to grasp what it is.
The blockchain is a distributed ledger technology that is decentralized and lets people record and transfer data across the world. Bitcoins are an example of blockchain technology that has received global acceptance.
Here is our list of industries that will be significantly affected by block chain technology.
Banking and online payments
Banks have relied for centuries on conventional brick and mortar business model to lend money to customers. But, with an increasing number of people moving towards online-based payments they are forced to adapt. Bitcoins are gaining popularity among the general population and banks will need to be innovative enough to withstand competition. Blockchain will enable banks and other online payment players to connect with customers across the world at a fraction of the original fees.
Cloud computing and cyber attacks
One of the threats to cloud computing is that servers are centralized and this makes them susceptible to hackers. Implementing blockchain technology means that you can distribute this risk across platforms. One benefit of blockchain when it comes to internet security is that even though the ledgers are public, the system uses encryption software’s to protect it. Though hacking is still a reality, you can protect your macs by checking out the 10 best VPNs for mac.
The retail sector suffers at times due to a middleman who links the buyers and seller. Fulfilling orders can be cumbersome when the middleman is overwhelmed with orders and is unable to fulfill them. Blockchain can eliminate the middlemen and enable the buyer to contact the seller directly. This reduces bureaucracy and leads to lower fees. It also opens the market to other players across the world.
Another sector that can greatly benefit from blockchain technologies is in the world of forecasting. This is because any analysis or research done is decentralized and accessed by everyone. Blockchain, when used in forecasting, can be used in areas like stocks and sports betting.
Voting is one area where political temperatures are very high. Voting fraud is common in many countries across the globe. Some voters are unable to travel to their voting stations due to health complications or work. Blockchain technology will help governments build voter ledgers that can be verified by all citizens. This should reduce cases of fraud and enhance transparency. The voting can be transferred to a mobile platform making it accessible to all citizens.
The healthcare industry relies upon a lot of paperwork and records. Keeping records can be a challenge for many healthcare industries. The data is susceptible to manipulation, damage, and theft. Blockchain technology can be beneficial to the sector as it eliminates fraud, sharing patient records becomes easier across different subsectors in the industry, and medical practitioners can share research on essential discoveries.
The strength of blockchain technology is that the ledger cannot be altered. This poses numerous opportunities in the legal field. Wills are often challenged for their authenticity, but when you have the wills been processed through blockchain, you eliminate the probability of frauds. Lawyers also verify the authenticity of the will. The legal field has seen an increase in the adoption of technology with AI affecting legal research.
Finding the right candidate for a job is time-consuming. HR managers have to go through many resumes to find the right candidate. They also need to verify a person’s past employment history. The challenge is that employees often falsify their records and it can be hard to contact the previous employer. Blockchain technology helps companies to have a central database of employee data. Since the ledgers entered by HR managers cannot be altered, it makes a good place to store employee records. Hiring new staff becomes easier.
Real Estate Industry
This is another sector that involves a lot of paperwork. Some of errors can be avoided by incorporating blockchain technology. Chances of records had been falsified will also decrease.
While some of the industries are skeptical in adapting blockchain, it is here to stay. Most of the people still think that blockchain technology is still a myth. This misinformation has led to slow adoption rates amongst the older generation. The younger generation has taken to investing in bitcoins even though some of the investment gurus have advised against it claiming the practice is similar to speculation.
The other fear concerning blockchain is how secure it is. While nothing is full proof in the world, the security of blockchain is secured because no one can make changes to the ledger without other members noticing. If a hacker gets into the system, other members will notice.
The last fear is that blockchain is only used for currencies. This is a lie. We have seen the adoption of blockchain technology in medicine, elections, and supply chain. The issue at hand is understanding what blockchain technology entails. A country like Sierra Leone was successfully able to deploy blockchain technology in their elections.
There exists a huge potential for blockchain technologies when it comes to creating smart contracts. This can be used to secure employment and along the supply chain. Smart contracts will be very had to falsify, and this will bring a reduction of fraud. Blockchain is expected to help reduce the costs of payments as more people will be able to transact across the globe. As data becomes digitalized, we will see an increase in blockchain technologies. You can store more data using less hardware and prevent cases of fraud.
Blockchain is the future when it comes to creating smart contracts and payments. In the future, we should see more industries adopting blockchain technologies. A lot still needs to be done to educate the public on the benefits of blockchain technologies.