Blockchain is a crystal clear ledger that records transactions among groups, and this happens on a permanent time-stamped manner without any third party approvals. Right after Nakamoto’s pronouncement, it became officially clear that blockchain can record vital information in the public domain without any fear of tempering. At its core, blockchain technology is utterly transparent, decentralized with each block timestamped. That makes it highly secure and reliable. In words of Financial Times writer Sally “ Blockchain is to Bitcoin, what the internet is to email. A big electronic system, on top of which you can build applications. Currency is just the one.”
Almost all major financial institutions are researching the viability of blockchain to save funds and secure systems. The initial innovation that popped up out of blockchain was bitcoin, a digital currency venture that now amassed over $30 billion market cap. Blockchain was recognized as a more stable system. Then came along “smart contacts” that revolutionized the loans and bonds industry through a next-level system called ethereum. That has seen the tremendous adaptation in recent years. The next phase in the blockchain revolution was of “proof of stake”. As we know the contemporary blockchain system is secured through “proof of work”, in which minors decide to streamline security and accuracy of a block of information. In “proof of stake” even higher degree of security is ensured cause it’s specifically designed for financial contracts. Now in its latest phase “blockchain scaling” is making waves. When it comes to blockchain workability, every connected computer has to process transactional information simultaneously. This phenomenon reduces the level of efficiency. In “blockchain scaling”, the system recognizes the most efficient connected computers across the board and distributes the due task only among them. Thus accelerating the efficiency and security of the system.
We know that the internet of things, recruitment, healthcare, and banking system are already benefiting from blockchain technology. So in the near future, imagine a world without the middlemen. Below are 5 prominent industries that will be impacted enormously by blockchain’s next wave.
Logistics: Blockchain technology will transform logistics and shipping entirely. The public ledger will add more transparency and accountability. It will integrate the whole industry at a deeper level. Of course, it will cut out the middlemen and a new level of trust will be built within. Staff working within the pharmaceuticals domain are the source of many internal product-related breaches often. Through Blockchain technology they can be tracked and held accountable. Blockchain enables us to verify publicly each interaction across the board, it is encrypted and transparent and thus increases the level of accountability and regulations. Whenever required regulators can be involved in smart contracts on the blockchain platform.
Manufacturing: In contemporary times millions of things are being manufactured, it becomes near impossible to pinpoint and recall a product. Blockchain enables us to track each item specifically that was produced. This phenomenon can help in controlling quality and tracking products more efficiently.
Government: During elections, it’s common to hear about voting frauds, even in presence of electronic ballot. Blockchain will store the identity on a public ledger, and info will be encrypted to protect. Through blockchain technology, each polling station will be integrated with the mainstream network and shared with all participants. Thus will remove any chances of voting duplications, Plus any other sort of fraud and chances of discrimination too.
This will allow for public checks and balances in the voting process at each polling place remotely and in real-time. Blockchain will also help in processing benefits, streamlining social security and also Medicare. This will add an extra layer of accountability and will help process payments at a lower cost.
Charity: When it comes to funds raising for the charities, most of the people are just not sure that the money will land in the right hand. So out of this uncertainty, most of the people even don’t contribute. By using blockchain individual donations can be tracked and it can be ensured that the money ends up in the right hands. Through visible wallets, the payment mechanism will be completely transparent. When funds go through the hands of charities, they have their administrative expenses. Through Blockchain, the money will directly get transferred into the individual account.
Realtors: Real estate transactions are intricate and often teams of attorneys are involved in each step of the way to ensure accuracy. Systems like escrows are used to secure funds and transfers are made when parties settle the required conditions. In the blockchain, all smart contracts will be alternate of escrows, in this way third party expense will be removed entirely. Blockchain will help in title transfers and even signature services. It will decentralize the whole process and remove the traditional methods of commission making too.
There is a whole new dimension of the workforce that’s being created as blockchain miners, who dig, verify and timestamp the accuracy of every single block. There are also budding software development companies that are empowering data minors and blockchain developers on their platform through innovative outsourcing services. These services are especially for those ventures that are starving in terms of funding and have bare minimum finances to invest initially in blockchain technology. But they know the enormous scope and practical applications. So the outsourcing sector is about to witness a new boom.
In recent research, it was concluded that the computing capacity is doubling every three and half months, and the advent of artificial intelligence, drones, robotics, cryptocurrencies, AR/VR, quantum computing and machine learning capabilities will exponentially catapult this progressive path of blockchain adaptation too. In nutshell, it will transform businesses as the internet did in the era of the ’90s. Early adopters of blockchain technology will surely be at an advantageous position and will gain immense benefits.