It is the right time for the companies to invest and start working on blockchain technology. It is going to be the next big thing in the next couple of years. Of late, the technology is being implemented in many sectors making the job much easier and secure.
In general, we associate the term ‘blockchain technology’ with cryptocurrencies, primarily bitcoin. But, the scope of the blockchain technology is fast and beyond its implementation in the fintech world. In other words, the technology is equally treated as important in the cases of digital contract or smart contracts.
The adoption of technologies is in full swing so there is a huge demand for blockchain-based applications. Many companies have realized the potential utilization of the technology covering its implementation in all most of the sectors.
The impact of the blockchain technology is high on the fintech world and it will have high impact o the other sectors too.
What is the Blockchain Technology?
“A blockchain, originally blockchain, is a growing list of records, called blocks, which are linked using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data,” according to Wikipedia.
The blockchain technology is cryptographically secure and immutable. The chain blocks comprise data of value and there will not be central supervision to process. According to the Harvard Business Review, blockchain is a foundational technology, which has the potential to create new foundations for our economic and social systems. The technology could also bring revolutionary changes in the Information & Technology (IT) sector.
Major IT companies have been working trying to implement the technology in order to provide services and products having great security features. The technology could also bring a remarkable change in the Software product development. IT companies have been working on various innovative projects using the technology to make their product and services more secure.
Blockchain Technology in different Industries & sectors:
Blockchain in the food and beverage industry:
The blockchain technology will bring revolutionary changes in the food industry. According to a report, the implementation of blockchain technologies in the food industry will bring revolutionary changes in the industry. One in 10 people around the world become ill due to foodborne diseases, and approximately 420,000 of them die.
The supply network of food industries is vast and the technology will help to make it safer and secure. If any contaminated food entering the market, using the application, the official could know the source. As the information will not be stored in one system – distributed ledger will keep the records at various destinations which can’t be tempered.
Blockchain technology in Cybersecurity
Cybercrime is considered as the biggest threat to the society. The magnitude of the impact would be high as the number of online users is rising rapidly. In this digital age, most of the people are doing online transactions and may be a victim of cybercrimes at any point in time. Having a secure network which could protect the personal data is the need of the hour. Blockchain could be the answer to this, the technology will help to secure all the online activities including banking activities.
Cybercrime costs the global economy $400 billion annually. According to a research report, 65% of the data breaches were because of weak, default, or stolen passwords. The blockchain technology could be the answer to this, the technology will be useful in making the online transactions and activities more secure.
Digital Voting – Could be a reality
The blockchain technology would make the voting system more secure and tamper proof. It will make the voting process more transparent and people can count on this technology. The countries have been following the traditional paper voting or Electronic Voting Machines (EVMs) for the elections.
The implementation of blockchain technologies will be a breakthrough in a democratic society. In technology adopting in the electoral process will make it more secure and save a lot of time. The concept of digital voting would be a reality in the near future.
Land Registry using Blockchain
The blockchain technology will be useful in making our land record more secure. Land registration and following up with the documentation is a tedious thing. The governments, as well as the landlords, find it hard to manage the land records and the legal heir. The implementation of the technology in the land registration and management will make the process much secure and transparent. Since the technology will be tamperproof, once the documents are uploaded, it will remain the same for many decades and any changes in the records could be recorded by authentic parties and government officials.
The blockchain technology can also be implemented in many more sectors than just the fintech world. The implementation will be bringing a magnificent change in the society.
You may also like to read our previous articles: