Blockchain technology continues to grow in a fast and wide-reaching way. When this technology was first introduced to the world, most of us thought it would be limited to cryptocurrencies. We didn’t see how it would fit into any of our existing systems.
But the brains behind blockchain technology and thousands others who saw the potential of the technology went hard to work and identified additional uses for this new technology. Today, many industries have adopted blockchain technology as it’s proven to be more secure, efficient, and reliablethan traditional legacy software and incorruptible.
What it is
Blockchain technology is a type of digital ledger system that is used to record valuable information, be it personal data or transactions. The greatest advantage that blockchain technology has over traditional software is that once data is written, it cannot be altered. This makes it the most secure computing technology in existence, with major players in industries like banking and insurance now beginning to adopt this technology owing to the enhanced security it gives.
Another advantage is that, as the data is recorded, it’s duplicated across millions of shared networks. Anyone would be able to access bits of the information across the network but they would not be able to trace it to one central location. This means it’s hard for anyone to corrupt the information.
Industries where Blockchain will Overtake Current Encryption Systems
Industries won’t embrace blockchain technology all at once. Some industries have a greater need for the technology than others. It is in these industries that we’re seeing the groundwork being laid for the adoption of blockchain technology. Here are some of them:
One of the industries that will greatly benefit from blockchain technology is cyber security. Developers are currently working on developing blockchain applications that make it secure to transact and pass information across the internet.
When such a system becomes successful, it will be difficult to hack into as tracing the individual parcels of information about a single person is impossible. It would bring to an end cybercrimes, including malware attacks distributed through the internet and financial fraud.
Banking & financial sector
The financial sector is one of the industries with the highest cases of fraud. The challenge of keeping customer information secure will be solved easily and efficiently using blockchain technology.
In addition, adopting blockchain technology would mean faster transactions. Cross border transactions would also be instant and far cheaper than they are today.
People who have no access to banking systems will be able to access financial services using blockchain technology.
Internet of Things
Although the Internet of Things is still only in the initial stages of development, it will operate largely on the blockchain technology when it is finally widely adopted around the world. The Blockchain ledger system would be the best technology to connect all computerized items and devices without the risk of third-party interference.
Instead of relying on traditional cloud storage, which uses centralized servers to store data, data storage companies would be able to securely store data in the decentralized blockchain system.
With little bits of information stored across millions of blocks, it would be impossible for anyone to hack into the system. The risk of data loss and data theft would be greatly reduced if not completely eliminated.
Governments will be able to store all public-interest information on the blockchain, where it will be readily accessible by the public. It will improve transparency in government operations, increase data safety, and enhance efficiency.
A lot of the bureaucracy involved in government operations in some countries will also be done away with. Instead of documents and data being shifted from ministry to ministry and department to department, it will be uploaded on the blockchain, where interested parties will be able to view the documents.
Combined, the global healthcare industry handles millions of databases, information that is constantly at risk of hacking, destruction or loss. Using blockchain technology would provide a more secure storage system for patient data, drugs records and other important medical data.
Loss of patient data can have serious consequences for the affected patients. Blockchain technology would ensure this no longer happens. Again, with this new technology, medical records would be easily accessible. This can increase speed and accuracy of diagnosis. For patients battling serious ailments where every minute counts in saving their lives, this can increase the patient’s likelihood of survival.
Use of blockchain technology in the retail market will connect buyers and sellers directly. The importance of stores as middlemen in manufacturer-end user dealings would diminish. This would mean lower prices on items and, possibly, faster delivery of goods.
Supply chain management
Using blockchain technology in supply chain management will reduce risk of human error, boost efficiency and minimize delays between different points of the chain. It will be easy to monitor movement of goods across points. It will also be easy to trace goods from source to end user.
Electoral voting systems
Current electoral systems heavily rely on human input to compile final results. Most countries only use a part – electronic system of voting, meaning the human element can play a role in determining outcomes. Where electronic systems of voting are used, there have been claims of rigging and vote interference.
By using blockchain technology to store election data, from voter details to votes cast, it would be near impossible to interfere with election outcomes.
These are only a few industries where blockchain technology has potential to thrive. As benefits of the technology become obvious, many more industries will join in. Given that nearly every business in the world today deals with or handles data, it is safe to say that every industry would benefit from blockchain technology.
But we’ll just have to watch and see who the early adopters are. Then see how the rest of the world reacts to the development.
Blockchain technology will certainly change the way we do many things. It will introduce new products, and it will dislodge and replace many more.