From banking and secure communications to healthcare and shared travel, the blockchain will have a huge impact on our future. Of course, to understand how blockchains change the world, you first need to understand how it works.
Blockchain: Simplification
A blockchain is essentially an ever-growing list of transactions (listed in blocks) that are validated, permanently recorded, and linked in time. For most users, the beauty of the blockchain is unknown. Just as most of us are ignorant about how 4G technology works or how silicon processes CPUs, we still use our smartphones every day. Likewise, the blockchain will be the perfect "backstage" for many changing technologies and will influence the way we educate, manage, consume, manage and communicate.
How blockchain will change the world
Banking and Payments: Blockchains not only allow individuals to exchange currencies faster, more efficiently, and more securely, they also enable many banks to start using blockchain technology to optimize their trading processes.
Network Security: All data is verified and encrypted in the blockchain using advanced encryption technology to protect against unauthorized changes and hacking. Centralized servers can be vulnerable to data loss, corruption, human error, and hacking. The use of a decentralized, distributed blockchain system can make stored cloud data more robust and resistant to attacks.
The Internet of Things: Today, the Internet of Things (IoT) includes cars, buildings, doorbells, and even refrigerators that are embedded with software, network connectivity, and sensors. However, because these devices are running in a central location that handles communications, hackers can invade the car you are driving or invade your home. According to bitcoin and Ethereum functional expert Kamil Przeorski, blockchain has the potential to address these important security issues because it decentralizes all information and data.
Integrated communications: Blockchains enable faster, safer, and more reliable automated communications. Automation or digital communications based on pre-established algorithms have begun to take shape in certain industries. Examples of this include emails, system alerts, and call alerts. Matt Peterson, co-founder of Jive Communications, an early adopter and miner of Bitcoin, said: "The blockchain can change the competitive environment and allow more freedom to authorize two-way communication and transactions in an automated environment and produce immutability. The communications record."
Government: Through blockchain, we can reduce bureaucracy and increase security, efficiency and transparency. Benefits and unemployment benefits can also be more easily verified and distributed. Ballots can be counted and verified for legitimacy.
Crowdfunding and donations to charities: The blockchain can help ensure your money reaches the right place. Bitcoin-based charities have established public trust in it through smart contracts and online reputation systems, and allow donors to view the location of their donations through a safe and transparent ledger. WFP is currently implementing blockchain technology, allowing refugees to purchase food by using an iris scan on behalf of substitute vouchers, cash or credit cards.
Healthcare: With the advent of the blockchain, hospitals and other healthcare organizations can create a centralized and secure database, store medical records, and strictly share these data with authorized doctors and patients.
Rental and Rideshare: Uber and Airbnb may seem like decentralized networks, but platform owners have complete control of the network and naturally charge for the service. Blockchains can create decentralized point-to-point shared travel applications and allow owners to automatically pay for parking fees, tolls, and fuel.
Although blockchain is still relatively new technology, and many experiments fail before success, the possibilities for innovation are endless. Not only is the above eight points, it will also affect retail, energy management, online music, supply chain management, forecasting, consulting, real estate, insurance, and more. In the future, distributed autonomous solutions will play a huge role in our personal lives and business. Let's wait and see! (Bianews compilation)
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