How will blockchain technology disrupt the future?
Blockchain technology is currently known for being the magic behind Bitcoin. It is undeniably an ingenious invention that has evolved into the backbone of digital information where data is distributed through independent nodes on a digital ledger.
The success of Blockchain is based on its ability to work independently. Its ability to securely make transactions and create a permanent record makes it one of the most important inventions in the last ten years.
Initially, Blockchain technology was being used primarily for cryptocurrencies, and everything related to them, such as crypto exchanges, Bitcoin casinos and so on. Today, however, some of the industries have already started to use blockchain technology for their business systems. It is advantageous over the traditional money wire transfer because it is time efficient, cost effective, and has enhanced security.
Some of the applications that are set to benefit from blockchain disruptions include the following.
It’s been done already! Although under the veil of controversy, Sierra Leone held its poll successfully on 7th March 2018 using an integrated Blockchain system, and it was super successful. The use of Blockchain in voting allows the public to inspect election data by themselves, by creating a transparent yet secure voting system.
The monopoly that cloud storage companies have over users will soon be broken. The Blockchain is set to offer people an opportunity to securely backup their data without having to use the much overrated cloud storage companies. This will significantly reduce the costs to store data.
Since the release of Ethereum in 2013, a new buzz of intelligent contracts begun to develop. This form of decentralized platforms runs precisely as it has been programmed, without any downtime interruptions or fraud activities from third parties. These smart contracts are set to automatically update once a deal has been completed successfully. As a result, it will help businesses to run multiple actions and transactions at one go.
These are but a few applications of Blockchain systems. Some of the other examples of industries that have employed Blockchain in their systems include healthcare, crowdfunding, car dealerships, cybersecurity, finance, and real estate, among many others.
Want to know more about Blockchain disruption? Check out this infographic for more information.