In the past few years, there has been a huge debate on the future of the internet. With the growth of virtual worlds, social media has reached all corners of the world, making the internet an omnipresent medium for communication and business. With the rise of blockchain applications, the internet will surely transcend through a metamorphosis.
Although, only 0.71% of the global population uses blockchain technology, in recent years many industries and global banks have started adopting the technology. According to a market analysis report prepared by a global research firm, blockchain technology will generate $137.59 billion by 2030, with a compound annual growth rate of 67.54%. The number is expected to increase with the growth of blockchain applications.
Blockchain Application Will Revolutionize How The World Works
One of the basic problems that blockchain technology faced in its early years is the lack of knowledge and application. Even until a few years, the technology only gained popularity for its application in cryptocurrency. Gradually, various large businesses, banking sectors, cybersecurity, government, etc are building a blockchain database to store their information. With its challenge to the business sector management systems, the time will soon come when the technology will revolutionize the data storage and security systems.
Here are some of the top applications of blockchain technology that will change how the world works.
Suppose you send money to your friend through a conventional bank. The bank will charge $10 for $100. Therefore, the money that reaches your friend is $90. If this transaction is across the country, then the bank will charge even more. The entire process is not only expensive but time-taking as well. Moreover, the transaction is not even 100% secure.
However, when it comes to blockchain technology, it entries removes the third party and enable users to directly pay their friends or relatives with meager fees and great security. Since blockchain technology is a decentralized platform, there are no third parties or authority in-between transactions, making it easy, quick, and budget-friendly.
There are several cryptocurrency applications, that allow users to transfer crypto to friends or relatives. Moreover, the users can store the digital currency on their PC, smartphones, or other gadgets. With the help of cryptocurrency, you can not only change how the conventional banks work but also safely transfer money with high safety ad minimum fees.
Also Read: Crypto and Blockchain ETFs: A Synopsis
Cybersecurity is a growing concern in the rapidly evolving digital world. In 2017, Equifax declared its huge data breach that impacted 143 billion customers. However, blockchain technology will end such problems and keep your data secure against unauthorized tampering and hackers.
Since blockchain technology is a decentralized ledger system, it is best to use where security is of high concern. Any information provided to the system, the technology saves it in form of blocks using a cryptographic algorithm. Moreover, in case of any violent data attacks within the technology, you can identify them due to friendly connections as the data is impossible to tamper with.
Supply Chain Management
Suppose you place an order for food and after delivery, you find it worst in taste. The owner of the place from where you bought it can go back through his ledger system and find out where in the chain of supplies the order went wrong.
With the help of blockchain technology, one can track the farmer, producer, retailer, distributor, company, and purchaser. Blockchain technology authorizes validation of transactions, and permanent transparency dealt by numerous supply chain partners.
Every transaction is traceable and permanent, which makes it easier for the customer and the owner to view each record. The technology helps to try any kind of verification which helps to track the source of the item. In simple words, blockchain technology in supply chain management helps to look for the information you need and get the actual answers.
One of the basic problems in the healthcare industry today is data confidentiality. Since the data is present in centrally located files, anyone can access private information. Moreover, data storage in files makes it difficult to locate the files. This is why it is important to incorporate blockchain technology into the healthcare industry.
The technology not only eradicates the third intermediary party and central authority but also helps to access the right data. In blockchain technology, every block is connected in the form of chains and distributed across blockchain nodes which makes it difficult for hackers to crack the code. It is important to keep your healthcare data private rather than making it available to all.
Another important concern about the healthcare industry is to prevent the forge of medication, which can be controlled with the use of blockchain technology. The main problem is that it becomes difficult to differentiate real medicines from fake ones. The supply chain management protocol is used by the technology to solve healthcare industry issues. Blockchain technology helps to improve the security, privacy, and interoperability of medical records.
One of the best applications of blockchain technology is that it can put an end to voter fraud. In the conventional way of voting, the majority of the voters stand in line to send in mail votes or cast votes. The local authority then counts the votes. Since central authority is involved in these industries, the chances of crime and fraud increase.
The use of technology is the best choice to end corruption. People can anonymously vote online without any central authority involved. The technology will help the authorities to count votes with accurate numbers and that every voter ID can attribute only one vote. Moreover, once the vote is recorded in the ledger, it can never be erased or changed.
Other application of the technology includes the registration of digital assets where a secure and quick registry of assets like a home, property, or car can be done with a record of seal genuineness and taxes. All-around, blockchain helps to improve security and transparency in governmental bodies. Moreover, in 2020, Dubai, announced that it wants to rely entirely on blockchain technology for government activities.
The insurance sector, transportation industry, cloud storage, and real estate are some of the many applications of blockchain technology. The technology is ready to create a new shape for the way the world works. There are various blockchain development companies around the world that help to provide solutions in different sectors. Now that cryptocurrency has made the technology popular, it is important to adapt the database and deploy its true potential.