How Blockchain Is Powering Our Future
Posted By : Anmol Kalra | 26-Oct-2021
The future of various industries is bright, and blockchain technology drives it.
Blockchain technology is already transforming the financial industry through disruptive applications, but the financial sector is only the tip of the iceberg. The blockchain’s actual scope is in its ability to change the way you do things every day – like traveling, voting, or even going to the doctor.
The Future of Blockchain
Let's have a glimpse into the potential of blockchain technology beyond the world of investment and finance.
But why is blockchain the future technology? The answer is simple, Data.
Blockchain does not allow any modification in data.
The growing list of documents or records is called blocks, and each block contains the hash or address of the previous block, which has transactional or timestamp data information.
The blockchain is a decentralized, open, distributed, and digital ledger used to record transactions across the systems without any data modification.
Different types of blockchains are
- Public Blockchain
- Private Blockchain
- Consortium Blockchain.
A public blockchain has no access restrictions. Anyone can send the transaction to it and validate it using the internet. Bitcoin, one of the prominent crypto, is a public blockchain.
The private blockchain requires permission to join once the network administrator provides the accessor invite. This blockchain is considered for companies interested in this technology and wants to use it without providing their data to the public network.
A consortium blockchain is referred to as the semi-decentralized blockchain. It is also permission, but several companies use the same network and access the dedicated node.
While the blockchain is primarily associated with the financial industry and cryptocurrencies, the real potential of blockchain technology is much broader.
Innovative startups are finding approaches to leverage blockchain technology to give facelifts to nearly every industry, changing conventional practices to make way for new, disruptive business models.
Limitless Potential Of Blockchain.
The design of the blockchain technology makes it perfect for situations requiring:
Each and every block is visible to every member of the network, ensuring trust between parties.
Most of the transactions are virtually tamper-proof in the blockchain. This is because each participant on the network or chain checks each block for consistency. That means trying to hack the blockchain network would be like trying to sneak through a single door guarded by a thousand dogs.
It allows secure collaboration between parties sharing any transaction because a blockchain has no borders. As a result of these dominant traits, the blockchain has limitless potential in its different applications.
Future Of Blockchain Uses
Here are some of the examples of future blockchain uses.
The blockchain is extensively used in business and government projects to increase transparency between parties and streamline bureaucracy. Almost all the transactions are tamper-proof and open to the public eye, and allow everything from national elections and rental agreements to be made equitable and fair.
Blockchain has the potential to improve medical efficiency. By allowing patient records to be safely shared between healthcare providers, doctors can integrate all this information to improve their diagnosis and develop more comprehensive treatment plans for individual patients.
With the massive amount of patient data collated on the Internet, blockchain technology can help advance more complex medical research, potentially curing diseases or providing insights for more effective treatments.
With the help of blockchain and biometric technology, identity theft may also become a thing of the past. All your personally identifiable information-even your passport, education records, and driver's license-can be stored securely on the blockchain. Since your data is associated with your unique biometric technology and cannot be forged, the information will not be fraudulent.
These are just some examples –the blockchain will impact nearly every facet of our lives, allowing service providers to collaborate to give you unique, personalized service when you need it.
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