Blockchain technology gained popularity with the introduction of Bitcoin. As a result of that, a lot of people have this misconception about blockchain; that it functions only as a distributed ledger for cryptocurrencies. News flash, blockchain can do way more than that. Blockchain is a technology that has the potential to be an innovation as mind-blowing as the internet. This article aims to provide projections of the future of blockchain.
Understanding the Blockchain Technology
Blockchain is a decentralized, distributed database that stores information in blocks that are linked to one another once it is filled up. This technology maintains identical copies of information across all nodes in the network. By doing that, it validates and secures information.
Reiterating, blockchain does not exist solely for cryptocurrencies. Other records such as records of medical transactions, business transactions, management activities, to name a few can be kept on a blockchain. It is ideal because it provides information with speed, accuracy, and transparency.
The Future of Blockchain Technology
Blockchain has the power to save the world. Okay, maybe that’s a stretch. However, we’ll be providing several ways we see blockchain revolutionizing the world in the future.
- Smoother and faster transactions. Without having to worry about or compromise security, blockchain technology allows for swift transactions, both locally and internationally. This technology offers an easier, faster, and cheaper alternative to the traditional methods. It has been predicted that this technology will experience a boost in its popularity among financial professionals. If blockchain technology is properly implemented in the finance sector, it will enable transactions to be carried out from any location and at any time, without the interruption of factors like banking hours.
- Introduction to digital identity. One of blockchain's top features is security. Our identities are prone to attacks, but with digital identity it is safer as a unique set of number can be generated for every single person on the network. The National Institute of Standards and Technology (NIST) has begun investigation and research on how blockchain can help provide digital identities.
- Election processes. Blockchain technology could be used to enhance free and fair elections, as people’s votes would be recorded immediately to the ledger and would be immutable. Voting through blockchain would be so much easier. People won’t have to cast their votes physically; they would be able to do that using their phones. Some countries, such as Russia have started to implement this.
- • Improve the health sector. Healthcare is a very important aspect of society and should be steadily improved on, which is something blockchain can do. Blockchain technology can revolutionize the health sector; from secure keeping, and transfer of medical records, to effectively regulating the supply chain of drugs to aiding medical practitioners in carrying out their duties swiftly, to reducing the circulation of fake drugs thanks to its immutability feature.
Blockchain is here to stay, and the possibilities available to make life a lot easier using blockchain are endless. Once, blockchain is fully understood and implemented, it is going to revolutionize several sectors in society.