Blockchain could reshape the world! In recent times, blockchain emerged to be one of the most hyped technologies in the industry. Stakeholders, businesses, and startups are looking for means to instil this disrupted technology for better business outcomes.
Though in its nascent stage, this technology is on a verge to grow and not cease. However, research is an ongoing process and will continue to take place to see where this technology pans out.
The blockchain revolution has grown to heights that even people who aren’t aware of the technology are talking about it and trying to learn how the technology works. But why is it exploding? Have you wondered about the situation? You might not know the extent of what this technology can do. But we can start off by defining what the technology is and how it works.
Blockchain technology is used as an online record keeping ledger of verified, encrypted amount of data that can be stored in the form of chains. These block of chains is immutable and cannot be altered by anyone outside the network. The property of secured and unique feature attracts organizations to get involved in the technology making it crucial for industries to adopt it for their product development.
For instance, if a transaction takes place, the request transaction is broadcasted to a network (P2P) that exist of many computers called nodes. The node acts as a validator of the transaction that has taken place, this process is done with the help of known algorithms. Once this gets completed, this transaction in combination with other transaction forms a block. This block then gets added to the series of chain that is already in existence, the moment it gets added to the chain it remains unalterable meaning the data cannot be tampered or changed.
Disruptive technology taking over the world - blockchain specialist to stay future ready for the disruption
“40 years from now, Blockchain and all that followed from it will figure more prominently in that story than Bitcoin will," says Lawrence Henry Summers, former US Secretary of the Treasury.
The blockchain revolution is proving a game changer in the industry today. From financial sectors to non-profit organizations, several organizations are putting their bets on this distributed ledger to facilitate business outcomes.
It is believed that this technology will impact businesses in every manner opening up business opportunities to investors, not just in the altcoins but even in industries the digital ledger has the potential to alter.
As a result, let us look at the following industries where blockchain revolution has taken over:
● The Finance Services
The disrupted ledger technology has disrupted several aspects in this industry including hedge funds, vetting of investors, peer-to-peer lending, emerging markets, and venture capital.
● The Security Services
It has protected internal and external threats of both natures including digital and non-digital.
● Government Services
Implementation of blockchain in several government functions has increased transparency, increase engagement, improved inefficiency and reduce costs.
● Banking
It is estimated that there are 2.2 billion unbanked people in the world. Blockchain is said to provide banks that will have a comprehensive customer profile.
● The Education Sector
One can find an immutable record of credentialing and course completion.
● Healthcare
Customers will now be able to control data sharing with providers or hospitals to have a brief view of the health of the patient. Pharmaceuticals will have improved access to research data for clinical trials.
● Real Estate
Flexible sharing economy and the fractional economy will now be possible.
Besides these services blockchain has gained a lot of traction in other industries such as transportation, insurance, the food industry, accounting, wireless telecommunication, media, and legal services. These are certain areas that the
blockchain technology companies may captivate in the near future. Today, staying abreast in the disrupted technology is one way to cope up with the IT trends.
Won’t it be great to have a world with institutional transparency in government and businesses?
Well we do see clearly the benefit of using blockchain in every aspect of businesses and i do think the main reasons people use blockchain is to minimize the cost. You can read all about blockchain related use cases on
, i do not advetising them but i do see a lot of good article related of blockchain use cases on their medium, so i think its worth to read.
