Blockchain technology is a disruptive technology that took the world by storm. When Satoshi Nakamoto launched the Bitcoin white paper in 2008, the pseudo name or group only had the intention of describing a payment system. Indeed, little did they know that he was unleashing a technology that would change the world for good. A decade later, the innovative technology is rewriting the tech history of the world.
Introducing Blockchain Technology
Blockchain technology is an open-source, decentralized and secure technology that uses the precept of cryptography to maintain records. Today, the technology is advancing at an exponential rate. Therefore, thousands of users around the world are using the technology in many different fields. From banking to raising capital, agriculture to supply chain management, artificial intelligence to voting processes. All of them are using the technology. So, in this article, we will explore how experts are using this technology to change our world.
Blockchain technology is making inroads on agriculture. Essentially, the implementation of blockchain in agriculture offers huge benefits to farmers, food retailers and customers. To bring that into context, farmers receive guaranteed payments, and customers are aware of the origin of the agricultural produce that they consume. Additionally, the retailers are sure of the legitimacy of their purchases.
With blockchain technology, there is no misrepresentation of products, while agricultural produce is less expensive. In fact, this is possible because the technology is capable of connecting consumers directly to producers (where it is applicable), thus eliminating middlemen. Companies like Skuchain, Filament and FarmShare are already doing an amazing job in this space. This is one way the blockchain is changing our world.
2. Supply Chain Management
In a similar vein, this extraordinary technology is changing our world by disrupting global supply chain management. In fact, effective logistics operations hinge on accessibility and transparency. Basically, in this ecosystem, a permissioned blockchain brings a lot to the table. Given that the blockchain is unalterable, transparent and secure, it inadvertently brings about positive change with the aid of these attributes. So, there will be an on-chain, real-time update of activities taking place within the supply chain.
Guess what, this eliminates the need for bureaucratic bottlenecks; rid the supply chain of frauds; and accelerates error identification. Computer giant IBM announced a partnership with Danish conglomerate Maersk to develop a digitized global trade based on blockchain technology.
3. Artificial intelligence
While Artificial Intelligence (A.I.) is increasingly making an indelible mark on our world, researchers are deploying the two innovations together. Indeed, the intersection of these tech innovations shows that it has enormous benefits. Let’s not try to pretend that A.I. hasn’t been useful before the emergence of blockchain technology. Truly, A.I. has been playing important roles in our lives before now. But due to the concerns, inherent risks and limitations that it brings, researchers are still hesitant about implementing A.I. as a standalone technology.
However, blockchain technology introduces a degree of security and trustworthiness, making the two tech innovations inseparable. According to a Bittpress report, A.I. algorithm-based decentralized marketplace SingularityNET is diversifying data sets with a view of deploying it in a robot called Sophia. When that is achieved, Sophia will provide intelligent answers to questions.
Historically, blockchain technology was specifically meant for the banking sector. By providing a digitized and secure platform for transactions, the blockchain is transforming the banking industry. Blockchain startup OmiseGo has done its bit to evolve an efficient banking industry by offering scalable and affordable services.
Similarly, blockchain startup Ripple specializes in rolling out products that enhance today’s banking operations. Essentially, Ripple’s tech-based products improve the services of payment providers, corporations and exchanges. By creating tailored products, many blockchain companies employ the disruptive technology to change the world.
5. Raising capital
Wondering how blockchain is changing the world through raising funds? Well, keep reading. In today’s business milieu, Initial Coin Offering (ICO) are at the order of the day. ICO transcends borders and regulatory constraints to connect startups to angel investors, creating unprecedented levels of trust and accessibility.
Consequently, this tokenized fundraiser offers a win-win situation to both parties. Additionally, this process has eliminated the need for startups to rely on traditional lenders, whose conditions are always strict coupled with unrealistic collateral, for startup capitals.
Another unique way that blockchain technology is changing the world is through cybersecurity. Indeed, the blockchain assists in data verification and encryption, therefore maintaining integrity and security. In addition, centralized data is vulnerable to hacks, data losses, human errors and corruption. However, the blockchain eliminates all these weaknesses because it offers a better data storage mechanism. In the past, companies like Verizon, Deloitte and Equifax became preys to hackers. To tackle it, blockchain technology secures data in the cloud, making it more robust and protected against such attacks. Switzerland-based software development firm Acronis has advanced research in this field.
7. Internet of Things (IoT)
Internet of Things in this context covers cars, buildings and doorbells that connect with sensors, software and networks. Well, there is a downside. The downside is that the devices operate from a central point, making unauthorized access to them pretty easy. This means that hackers can just have a field day, messing around with them whenever they take control of the central point.
But blockchain technology expert Kamil Przeorski says, it can decentralize the network, making illegal access impossible. IoT meets blockchain technology, is another way the latter is changing the world.
The blockchain can centralize and secure the private patient database in hospitals and health management facilities. Imagine having to centralize sensitive patient information, thus exposing it to cyberattacks. Again, the blockchain can centralize and secure databases.
Looking at what we have today, the as-is healthcare sector is vulnerable to a lot of failings. But blockchain technology can create a database, store important medical records and share it securely with authorized healthcare personnel. Market research firm Frost & Sullivan is conducting exhaustive research in this sector.
To be clear, there are countless ways in which blockchain technology is changing the world. While these areas appear noticeable, there are other applications that go unnoticed. In truth, blockchain proponents and researchers are giving their best possible effort to expand the application of the technology.
In just ten years, blockchain technology has already accomplished so much. Obviously, 2018 has witnessed the unprecedented launch of countless blockchain-based projects. This indicates that the coming years will be very interesting. The truth is, there is no way around it, blockchain technology is here to stay.
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