Blockchain technology has contributed a lot in Bitcoin’s success. However, this radical technology has so much potential that it can be used in a number of other industries.
Blockchain is a distributed record book technology that controls cryptocurrencies such as Ethereum and Bitcoin. It is a new way of transferring and recording data that’s safe, auditable, transparent, and is invulnerable to failure or interruption. Data that is encoded to the blockchain cannot be altered or erased from the database whatever happens. Therefore, the blockchain technology consists of valid history records.
Blockchain is obviously simple yet unfathomable. A lot of entrepreneurs are already starting to utilize this system in their business. A famous example of this is Steve Wozniak, Apple’s co-founder, who already joined a firm who specializes in the blockchain technology.
These are some of the biggest industries in which the blockchain technology has already taken by storm:
- Payments and Banking
The first thing that will come to your mind when you hear the word “blockchain” is money. This impression can be traced back to Bitcoin as this cryptocurrency is the first to use the system successfully. It serves and gives access to millions of people across the globe when it comes to financial matters including countries which find it difficult to access the bank. Bitcoin allows anybody to send money instantly with low charges across the world. As a result, many banks have already utilized the system to make their operations more convenient and faster.
- Electronic Security
It is not new to the public that blockchain technology is done through the use of programs where data is stored and added. This said, blockchain applications are still amateur and have experienced being hacked several times. However, compared to full-developed security systems of other programs, blockchain remains to offer much more.
The most important area in the society which will surely be influenced by blockchain is the voting system. The US 2016 election wasn’t the first circumstance where particular candidates or parties were suspected of manipulating the results. Blockchain technology can be a more convenient and secure way for voting. It will cover the registration, verification of one’s identity, and counting votes electronically.
Dubai has already planned to put all their government data or documents on the system by the year of 2020. With blockchain technology, there will be an increased surveillance over the operations of the government. On the upper hand, the government can become more transparent and more efficient. The downside of it is that confidential information especially those which are necessarily hidden to protect the state can no longer be kept secret.
Peertracks has created an awesome application where one can use their skills in finding music and earn money in supporting musicians. The idea of Peertracks is buying equity in a song or an artist. For example, you decided to buy Taylor Swift tokens in Peertracks. By purchasing tokens of Taylor Swift, you would have a chance to support her in the early times of her career and reap the perks when she hits number one. This will give you increased value of your tokens.
Some have been predicting that the blockchain is such advanced technology that many companies, even the likes of Amazon.com, will be using it in the future as a means to conduct their core businesses. Does this mean that the “blockchain-of-things” may be preferred soon over the “internet-of-things”? Lets us know your comments below…