Blockchain technology deals primarily with digital assets. Which are coded onto a digital ledger. All data on a Blockchain is immutable and protected from manipulation and theft. The technology increases turnaround times and eliminates human error and third parties effectively.
Undoubtedly the technology will change our lives, and how we go about doing everyday things. Banking, renting, voting, buying, everything can be changed.
So, let’s jump into then shall we and take a look at how and where Blockchain will influence can reach.
Impacting Financial Services.
Traditional banking procedures can be extremely annoying, take a lot of time, and be pretty expensive. In person banking service or over the phone is mind numbingly painstaking. Users find that handling their finances with the help of Blockchain technology is more transparent, effective, and cheaper than going to a regular bank. You can send Ethereum to anyone in the world. Paying pennies for it too, practically.
Asset Management: Classical asset management is expensive and can also be risky. Additionally, third parties are always involved in the process. Such as brokers, agencies, custodians, etc. These third parties also keep their own records. Which they can manipulate and alter. However, with Blockchain technology that’s impossible. Human error and tampering is literally eliminated.
Insurance Processes: Going through an insurance company to satisfy a claim can be a royal pain in the ass. On the opposite spectrum, insurance providers need to watch for fraud, manipulation and lost info. So, there’s a ton of room for making a mistake. The risks are large. However, the total encryption that comes with Blockchain technology can impact that.
International Payments: As stated before, Ethereum can be sent to someone on the other side of the planet using the Blockchain. Additionally, the digital ledger never sleeps or goes down. Whereas banks do close and do have days off.
All of our properties be it cars, houses, computers, phones, are all in some way linked with technology. Via barcodes or registrations and what not. Well, these registrations can be stored on the Blockchain, as well as all other pertinent information. Digital access codes could be used by people to gain access to properties that they buy on the Blockchain.
Properties and physical assets can be easily managed with smart contracts on the Ethereum Blockchain. Which of course decreases the risks of fraud, fees, and third-party involvement.
Blockchain tech will make digital access keys a common thing. We already have them, right on our phones. Each time you type in your phone password you are working with cryptography. That’s exactly what Blockchain technology is, cryptography for protecting property.
Blockchain technology provides maximum security to the internet of things (IoT). Security experts have to constantly worry about keeping information safe and protecting it from manipulation.
But, Blockchain technology allows communities to build maximum trust and transparency. Ensuring that data is coming from where it needs to and gets to where it’s going without hiccups.
Less obvious use cases.
As in all cases, the Blockchain ledger provides security to this Internet of things. With billions of devices linked together, cybersecurity experts worry how to make sure this distributed information stays secure.
Let’s take a look at how the technology upholds security.
Smart Appliances: Essentially, a smart appliance is just a simple device that is connected to a network. Think of smoke detectors that alert sprinklers. Or applications that alert you when your meal is ready. Blockchains can encrypt all of the data provided by smart apps and allow it to be transferred reliably.
Supply Chains: Commonly utilize sensors to monitor the location of goods and items in motion. Over 80% of supply chain businesses and transporters will begin using sensor technology within three years. Blockchain technology allows these chains to store, protect, transfer, and manage all of this information. Making it accessible to anyone.
Smart contract use.
Smart contracts are self-executing contracts that function on an “If”-“Then” logic. They can replace certain intermediaries completely. Not only this, but they ensure that smart contract participants are aware of all of the preprogrammed details of the contract.
Smart contracts can be applied to a plethora of different situations. Like voting, funding agreements, and even law.
Healthcare: All modern-day health records can easily be stored on the Blockchain. Surgery information, insurance coverage, compliances, testing’s, and even supplies can be managed with smart contracts and implemented into Blockchains.
Intellectual property: Writers, musicians, and artists can benefit greatly from smart contracts and Blockchain tech. Currently, these guys need to traverse record labels, galleries and publishing houses to introduce the world to their work. But, with Blockchain tech, they will soon be able to add digital prints to their work and distributed it on the web. Protecting themselves from piracy, saving money on middlemen, and retaining full control of their work.
Voting: The recent United States election between Donald Trump and Hillary Clinton raised a preposterous amount of security concerns. People were shouting that Russia influenced the outcome. Votes weren’t counted properly, etc. Well, if votes were cast on the Blockchain, they could not be manipulated. Since they would be fully encrypted and publicly available. Thus, no concerns regarding the authenticity of the election would even come up.
Blockchain technology and citizens.
Identity theft is a big issue nowadays, as well as fake documentation. Thankfully, the Blockchain provides a remedy for that too. It can encrypt your identity completely. Providing protection from spammers, scammers, schemes, and theft.
Digital Passports: Imagine passports being integrated with the Blockchain? It’s simple really, just a picture of yourself, linked to a public and private key. Your identity is now secured forever and cannot be altered or stolen. You will always be you.
Other Documents: Such as marriage certificates, tax information, birth, and death certificates can be integrated with the Blockchain. Personal information records would become more reliable than they have ever been.
The possibilities with Blockchain technology are unbelievable. However, for everything to work, network or node operators must be motivated to uphold the digital ledger. Additionally, governments need to become more open to Blockchain technology and adapt it for use in the public services sector.