Blockchain Disrupting Every Single Sector
Posted By Oodles Technologies | 06-Dec-2016
Blockchain Technology had been known to add magic to the bitcoin transactions platform and it's certainly not limited to that only. It has benefitted several other industries and verticals very profoundly which includes Government, Banking, Land Acquisition and disputes, Music and so on. Before moving further and discussing which all industries are getting benefitted with the said technology, let’s break down upon the basic principles of this technology. Blockchain App Development has been on continuous rise since the inception of this technology.
What is Blockchain technology
To record every single event in a database is the basic principle behind developing blocks which contribute towards developing blockchains eventually. All these distinct events get recorded in a database and this databases only are called blockchains. Once an event gets recorded or we can say that once the data gets stored inside a blockchain, afterwards it cannot be changed or altered in any possible way or manner and that provides the trustability among people and organisations for its use.
Steve Wozniak, the Co-Founder of Apple has also joined a blockchain firm seeing the scope and profitability related to this technology.
Disruptions Blockchain is Creating among These Industries
Voting is one such industry which has been unedited and untouched in regard to upgradations in the technology department and its been the same for last several years with minimal advancements. The electronic voting machines used in the present era have been found prone to vulnerabilities many a times in the recent past. Blockchain, on the basis of its design only can replace the paper ballot system and provides for unparalleled security and authenticity in the results obtained through the use of it. It can certainly help to make election process quite transparent and fair.
A company namingly “Follow My Vote” based in Blacksburg, Virginia has already disrupted the voting industry by developing a voting platform based on Blockchain Technology. This platform restores your faith in the democratic process as the online voting platform is the most secure and transparent channel at present to conduct fair voting on the planet. Follow my Vote has partnered with BitShares who has got an expertise in developing blockchain platforms for business to make this platform's inception possible.
In the Finance space, Bitcoin till now had been the most important and relevant discovery based on the blockchain platform and has already changed the life of many who have performed bitcoin transactions for their businesses. This book namingly “The Age of Cryptocurrency: How Bitcoin and Digital Money Are Challenging the Global Economic Order by Paul Vigna and Michael J. Casey” precisely explains about the scope of Blockchain Technology in the distant future and the current age.
Cryptocurrencies such as Bitcoin are totally based on Blockchain Technology to be able to perform transactions digitally with a verifiable and secured ledger of transactions. This wonderful technology eliminates the role of middlemen and banks and allows people to take full control of their digital assets.
Music Industry too is currently looking to transform itself totally with the incorporation of Blockchain Technology. Peertracks, a company based on the crowdfunding model is making people buy equity in an artist or song. With this idea, you will be able to find out a Taylor Swift or a Celine Dion before they get famous. So, by this you will be able to buy Taylor Swift tokens in the beginning of her career and later on when she becomes famous or her song comes to number 1 on the charts, you can then reap the benefits with the increased value of your tokens.
For record-keeping related to ownership, Blockchain Technology could be very useful. A company namingly “Factom” is already helping businesses and governments to keep records secure and to manage the data in the most easy manner. This firm is providing services in keeping financial records, real estate records and citizen data safe and secure and at the same time available to you to scrutinize at any given time. These records cannot be counterfeited or manipulated because they are not stored in a centralized location and are spreaded over a distributed network.
5. FIGHTING COUNTERFEITS
Blockverify, a firm is supposedly bringing transparency to the Supply Chain Industry by allowing supply chain businesses to verify counterfeited products, diverted goods, stolen merchandise and fraud transactions. It is also based on the Blockchain Technology to create this innovative method to detect the anomalies involved.
Also Read : Blockchain Technology Applications To Make Money
Nowadays, Blockchain Development Services are offered by many organisations around the world with the increasing scope of the said platform with every passing day.