One of the most undeniably ingenious invention to distribute the digital information. Blockchain technology has created the backbone of a new type of internet. An incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value. Originally, Blockchain devised for the cryptocurrency like Bitcoin and Ethereum. The technology has the ability to make transactions decentralize, transparent, efficient and secure.
Here are five Industries that Blockchain will disrupt in future:
Banking and Finance
What the internet did to media, blockchain will do the same to banking. With blockchain, billions of people can have access to financial services around the world. Anyone can send money instantly across borders with relatively low fees. The UK based Barclays and Swiss bank UBS are experimenting with blockchain to make their operations efficient, faster and secure.
IOT and Networking
IBM and Samsung are working on a new concept called Autonomous Decentralized Peer-to-Peer Telemetry (ADEPT) using blockchain to create a decentralized network of IoT devices which would be able to communicate each other directly without the need of central hub. Devices can update software, manage bugs and optimize power usage.
Voting process would be more secure with Blockchain. The technology can be used for electronic vote counting and eliminate recounts by ensuring that only legitimate votes are counted. Startups like Follow my Vote and Democracy Earth are creating blockchain based online voting systems to disrupt democracy.
The data of blockchain is converted into the hash which is less prone to hack. Data is encrypted using advanced cryptography and is verified. The current architecture of internet has proven to hack. Blockchain technology will ensure that data should come from the correct source and nothing is blocked in the interim.
Supply chain management
The best part of blockchain is that it is secure and monitor transparent transaction. It reduces human mistakes and time delays. From manufacture to sale, transactions can be documented in a permanent decentralized record.
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Sidhant Dua, From ITvoir News Desk