10 INDUSTRIES DISRUPTED BY BLOCKCHAIN TECHNOLOGY
Aug 03, 2017 Posted / 1706 Views
The blockchain technology is a distributed database with a unique digital backbone which makes it very distinct. This technology represents a new innovation and a combination of old methods presented in a new way, it is quite different in the fact that there is no need for a trusted party or a medium for digital transfers.This technology is made of three types of technologies which are private key cryptography, P2P network,program (BLOCKCHAIN protocol).It is constantly growing with completed blocks adding up in linear order in the blockchain. This technology.Many researchers believe that some major industries can suffer a setback due the usage of this technology since it does not involve any kind of supervision.the various industries to be effected by the BITCOIN technology are:
These systems are famous for there extremely slow speed and corrupt methods. Including BLOCKCHAIN technology into such systems would make them more transparent as well as increase the accuracy, hence this would improve such systems. As for example Dubai is planning to include BLOCKCHAIN technology in all its government transactions by 2020.
BLOCKCHAIN technology is much more safe and robust as compared with the other systems since it removes human interference and hence can reduce cases of hacking up to a great extent,this makes the cyber systems more secure since the data is verified by advance technologies and nothing comes in between the transactions.
Recently a BLOCKCHAIN enabled solution known as LENDERBOT was released which helps in sharing and exchanging of valuable items.here blockchain acts as a third party in the transaction involved. for example companies like Windu have come up with such solutions that ensures people safe and easy sharing of value based assests.Aternity is also such an exapmle which is building new trends in the BLOCKCHAIN technology.
Voting is a very important act wherein the majority population cast their votes in favor of a good candidate but most of the elections these days are corrupt and unfair means are used by the corrupt officials. Now BLOCKCHAIN can disrupt this and provide a way to avoid unfair means and frauds at the time of counting of votes.they can act as an invisible medium for casting,tracking, counting of votes.just like a digital transaction votes can be transacted and at the end the candidates can verify it themselves for the sake of being sure.So online voting system if adopted would prove to be a great boon for the country.
Music is a medicine for those who get lost in its melody. many musicians all over the world are trying to use this technology to directly share their music with the distributors or fans without a intermediate medium. There are many upcoming projects like Peer tracks, UJO music etc that are trying to develop a hassle free method to directly interact with the fans without going through a record label.
This is a big innovation in the way people travel,startups like LA'zoozs have come up with their own currency like bitcoin. This app helps in tracking the location and people earn coins thorugh this, they excahnge coins with others travelling the same roads or routes.
The use of bitcoin in transactions all over the world has proved to be legendary in the present day, connecting people over borders and making it easier to pay money with very little fees has reduced the middle man costs up to great extent. banks like BARCLAYS or SWISS BANK are trying to adopt the blockchain technology which would help them increase their economy up to nearly 20%.
Many a times important data has been hacked from hospitals due to lack of security, BLOCKCHAIN here can play a very major role in proving a safer medium to store data and distribute it only if necessary.startups like GEM network have come up with their own network which provides better diagnosis and effective treatments.another example is Tierion which is also a healthcare network.
Most of the online sites icludes a secondary medium between the buyers and the sellers. BLOCKCHAIN can eliminate this and can be used for the direct contact of buyers with the customers. transactions are done through BLOCKCHAIN utilities which proves to be more secure and easier.
Stock markets have been since ages a medium for investors and buisness men to invest and earn money.bitcoin is coming up as the new age currency that can be shared among the investors in the stock trading markets more efficiently as they can have secure transactions which help to reduce cases of money laundering.
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
Hottest Blockchain Newsletter
For updates and exclusive offers, enter your e-mail below.