5 ways blockchain technology impacts us

There is an alternate world taking shape as you read this blog. A virtual world. And no, it is not part of some alien invasion conspiracy theory. It is the evolution of Blockchain—the brainchild of Satoshi Nakamoto. It is fascinating to watch the growth graph of blockchain technology. The first time anyone heard about blockchain, it was synonymous with the use of the cryptocurrency, Bitcoin and subsequently, Ether by Ethereum. It was introduced to the world as the technology that made the concept of cryptocurrency possible. Soon it made its way into the Oxford dictionary as well. However, it is only in the last couple of years that the tech community including crypto-nerds, tech giants, blockchain developers, governments and other organizations started realizing the scope of using blockchain technology so much so that the Oxford dictionary had to update its definition.

First, one must understand what blockchain is and what is its potential. This go-to technology allows the distribution of information digitally but at the same time ensures that it is not duplicated or copied. Basically, blockchain establishes the transparent storage of data for any particular company or community. While there are a lot of such bodies which have incorporated blockchain into their field, there are plenty others where blockchain still has untapped potential. Except for cryptocurrency, we are not really aware of all the other fields of operation. In this article, we will explore the different ways in which blockchains are being used or will be used in the near future around us:

For a better understanding on the workings of a blockchain, read The Arithmetic Behind Blockchain

1. Digital currency & stock markets

Necessity is the mother of all inventions, holds true for the creation of Bitcoin or ‘digital gold’. The idea was born out of the need to do away with transaction fees, payment validation and easing up cross-border transactions. It allows you to transfer money to someone anywhere in the world and not worry about it being stolen, or paying excessive transaction fees, or wait weeks for it to be transferred. Cryptocurrency has undeniably been a success with the cryptocurrency market amounting to $112 billion.

Similarly, introduction of blockchain in the stock markets is a revolutionary concept. If you or your company is part of the stock markets, you are aware of how cumbersome the process of trading can be. Rolling out blockchain technology in the stock markets is set to reduce the money and efforts needed to complete the regulatory and operational mechanisms. It eases paperwork, speeds up the process of security transfer, sidesteps brokers, reduces costs and automates post-trading operations.

2. Smart contracts    

Coca-Cola is one of the pioneer companies who have embraced blockchain technology to develop a workmen registry that helps them authenticate, assist or enforce a contract between the employers and employee bolstering employee rights.

Smart contracts are nothing but legally enforceable contracts that are digitised. The algorithms ensure that the terms of a contract are met to enable an unbiased completion or transfer as laid out in the contract. Conditional contracts are automated, simplifying the process and making it more efficient. Increasing number of businesses are adopting smart contracts because of the transparency and neutrality that they bring to the table at the same time being cost effective.

Apart from aiding worker rights, they are useful in ensuring compliances by companies, facilitating audits, enabling real-estate or auto transfers, keeping a tab on and enforcing copyrights, wills and inheritance, too.

3. Data— storage, security & back-up

Data is invaluable, whether it is pertaining to an individual or a company. So you will agree that data sharing, storage and security are the major issues we face today. The problem of data storage had been solved with the introduction of Cloud. Unfortunately, it is hackable making you or your company vulnerable. Blockchain, however, is the solution. Once you add something to it, it stays there whether encrypted or otherwise. It is immutable and non-hackable.

Additionally, digital ids can also be protected in a blockchain because these identities are uniquely created and added by an individual and cannot be altered or stolen. A company created a system using blockchain that protects the health records of one million Estonian citizens.

4. Tracking supply chains

Blockchain aims to remove paper-trails making business not only cost-effective but also making it possible to track the supply chain. In case of any discrepancy, the supply trail can be tracked to pinpoint the source of error because of the immutability of blockchain. Several food chains including Walmart, and automobile manufacturers have adopted this technology. Furthermore, it facilitates accountability. With the opioid epidemic in the US, blockchain makes it possible to keep a track of the drugs manufactured, its circulation and purchase by only those who have valid prescriptions.

Blockchain enables not just the business but also consumers to view the quality measures followed for a particular product that they have purchased. Now you will be able to tell whether the bottle of wine you had for dinner was in fact an original or counterfeit.

 

For more information, do read Role of Blockchain in Supply Chain Management

5. Digital voting

Denmark’s Liberal Alliance was one of the first institutions to incorporate blockchain technology for voting. Being transparent and unalterable, digital voting ensures upholding the sanctity of voting while at the same time maintaining anonymity.

Also read : Exploring Blockchain Applications Across Industries

These are only a few of the instances where blockchain technology is being implemented. Restricting them to this blog is unfair because the space where this technology can be used are astronomical. Blockchain is no doubt, the future. With its promise of process efficiency, cost effectiveness and reliability, governments and businesses alike are scrambling to incorporate blockchain holistically. It is time that you or your business become a part of this technology.

We, at Oodles Technologies, are here to help ease your way into the future. To know more about private blockchain solutions or to hire blockchain experts, feel free to comment below or shoot us an email and we will get right back to you. Furthermore, if you need to know more about and implement the futuristic technologies that can help you become a successful business, do visit our website.