We live in a dynamic world, one that is constantly changing as a result of man’s ingenuity and advancements through technology. These changes are now accelerating exponentially since the dawn of the Fourth Industrial Revolution and the explosion of disruptive technologies – AI, VR, IoT, and of course Blockchain.
Of all the technologies recorded in recent times, blockchain technology seems to be changing the narrative for world industy, in ways that are worthy of exploration.
The Beauty of Blockchain Technology
Blockchain technology is a cryptographic technology that offers a transparent, trustless, publicly accessible ledger that allows us to securely transfer the ownership of units of value using public-key encryption and proof of work methods. In simple terms, it helps to register transactions on a digital ledger which can be validated by independent ‘actors’. The decentralized nature of blockchain technology makes it secure and free from autonomous control by any corporate organization or body. While the first implementation of blockchain technology is the Bitcoin network which came into limelight in 2009, the technology is being widely integrated into other industries to bolster authenticity.
Profiling Industries Blockchain Technology will Transform
As noted, blockchain technology is widely applied in a variety of industries ranging from finance to arts and from insurance to social media. The implementation of blockchain technology in an industry requires ingenuity which is redefining the tech space of today. Even though blockchain technology will permeate most industries in the near future, there are some that will see immediate and exponential benefits. A brief highlight of some of these sectors:
Finance
Some have been inclined to liken the displacement of traditional mail by electronic mail (email) to the potentials of blockchain-powered digital currencies to displace fiat currencies. At the early stages, most countries saw Bitcoin as a threat to institutional fiat currencies based on its anonymous nature. The narrative is however changing today as cryptocurrencies biggest opponent, China is now actively developing its own digital Yuan. It is only a matter of time before the entire monetary sector gets engulfed by the potentials of blockchain technology.
Health System
In recent years, active players in the health sector have been experimenting with the potentials of blockchain technology in the industry. The move has led to several thriving projects Coin MD, BurstIQ, and others. With these blockchain-inspired healthcare innovations, access to medical insurance can be guaranteed while also helping to secure patients’ health records.
Authentication and Timestamping
As the world moves from hardcopy paper documents to digital computer-stored versions, the need to timestamp essential documents is now more imperative than ever. While it is easy for anyone to alter a database or a document when they have access, the integration of blockchain technology will make it difficult for one single person to alter any given data. The SCRIV network is a Frontier for this technology and while their activities seem a bit obscured, for now, the future prospects are high with blockchain technology.
Mainstream and Social Media
The presence of blockchain technology in the media world is serving many positive turning points. The first is to verify the information and to reduce the spread of fake news and also to financially empower the main contributors to a media platform. These two functions will help verify independent information obtained digitally while eliminating profiteering oligarchs in the social media world. A perfect example is Hyperledger Fabric and the Steemit social media platform.
Further notes
Blockchain technology has already caused a paradigm shift in payment systems and financial transactions around the world. With cryptocurrencies, money transfers are now generally faster and less expensive when compared to fiat money transfers across borders. Insurance companies are using blockchain technology to verify damage claims, agricultural supply chains and ports are also developing ways to integrate blockchain technology. With this trend, the biggest beneficiaries may become overtaken by those that are hardly profiled.
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