It’s hailed as one of the most promising technological innovations of the 21st century so far, but it isn’t without its issues. The blockchain is also known as ‘distributed ledger technology’. It is what underpins Bitcoin and also platforms such as Ethereum.
WHAT IS BLOCKCHAIN
According to Satoshi Nakamoto, Blockchain has evolved to much greater extent, even bigger than our boundary of imagination and let the public questions what is Blockchain? What are its benefits? What is the use of it? Really the talk would be interesting. So, let’s proceed our journey digging out the information about Blockchain.
There are a large number of data distributed over the internet, each one providing a great piece of knowledge to the user. With millions and trillions of data, the level of their misuse reaches to yet another level by the hackers. So, the development of this Blockchain technology paves way for the creation of a new type of internet that has the data in a much more advanced and secure manner. Initially developed for Bitcoin, it has expanded its reach for the safety of other confidential data.
The today’s scenario of sharing the data is a bit complicated where no two users are allowed to take over a single time but with Google Docs, the two parties are easily accessible to the same data over the same period of time. Blockchain works on the same procedure where a single entity can be withdrawn by a single user.
What the network connectivity of Blockchain, is entirely different from the today’s Internet network. Each node is the administrator of the Blockchain and each one has the chance of winning the Bitcoins.
Banking and Money Lenders
There are a few industry professionals who argue that Blockchain will have the same effect on the finance sector that the coming of the internet had on other media outlets, and it’s easy to see why.
Blockchain will be able to give billions of people all over the world access to financial outlets and services that they might not have had otherwise – even in underdeveloped countries on the continent of Africa, where there may not be any other access to traditional methods of banking.
Bitcoin already makes for easy monetary transactions across borders and unlike other money transfer services, with relatively inexpensive fees.
Some world-renowned banking chains are already working on adapting these technologies to enhance their own businesses and many smaller money lenders are turning to blockchain startups.
It’s believed that by the end of 2017 as many as 15% of all banking institutions will be investing in blockchain technology in some way, therefore it’s predicted that as these sweeping changes take effect, there will be a wider chance for disruption.
The transport sector might well be disrupted by Blockchain on two different levels. The first of these is the incoming development of eWallets for in cars and other forms of transportation.Companies such as UBS, ZF and Innogy are in the middle of planning and implementing an in-car eWallet that will give car owners of the future the opportunity to automatically pay for services such as highway tolls and parking – and even things like electricity top-ups, that will make use of the car’s Blockchain wallet.
The second way transport services are likely to be disrupted by blockchain will be due to the increase in a number of travelers using ride-sharing services.These sorts of ventures will continue to grow in popularity due to the increase in demand for the growing/sharing economy. If a Rideshare service is based on Blockchain technology it decentralizes the need for other service providers, because car users and owners can agree and arrange their own terms and conditions of their individual ride share via Blockchain based contracts.
It’s believed that over the coming decade or so voters might be able to opt to vote for their preferred candidates in national and local elections via a blockchain service. As Blockchain has a fairly unique and traceable audit trail it would be easier to be able to identify voters and also target electoral fraud in a much simpler way. In future elections, votes could be taken using this method. This would mean that voter fraud may end up virtually impossible and ensure there is no question of any kind of electoral foul play from either voter or candidate.
Music Streaming Services
It’s not always great for the artists but it’s a fact of life that music streaming is outstripping the physical act of purchasing hard copies of music nowadays. However, it’s little known that musicians and bands can lose just shy of 90% of the earnings from their music because of this type of technology – and also illegal downloads. Blockchain will make it a keener prospect for artists to actually earn from their art without having to go through management or a record label. Some musicians are starting up their own streaming platforms using this kind of technology. Imogen Heap is putting into play one of the first – a service called MYCELIA.
Real Estate and Property
One of the most soul-destroying elements of house buying is perhaps the sheer amount of paperwork and legal fees, not to mention dealing with agents. However, some real estate companies are now looking to invest in Blockchain to help them manage their house move without any need for third parties or ridiculously high fees. Blockchain will mean that anyone will be able to keep control of their fees, deeds and land titles without fear of them being lost or stolen.
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The healthcare industry will make major gains from using Blockchain tech, but not without some bumps in the road first. One of the major problems these services face is how to share and store data without loss, or fraud. Cyber attacks are becoming increasingly common nowadays as the tech systems they have in place at the moment are easy to hack and attack.
Blockchain technology introduction will mean a little disruption at first, but following on from this the use of it’s distributed ledger control technology will mean data can be stored and shared safely with healthcare professionals and patients, allowing for less chance of fraud or loss of data.
Cloud Storage Solutions
Cloud storage is fast becoming the norm for many industries. However, there is a certain amount of reliance on third-party companies like Google to help larger companies store their business data.
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By working together and combining these third parties and Blockchain it will no longer be the case. Some Blockchain startups will, for a small fee, allow their users to share any unused storage space with other users. What this will create is a crowdsourced cloud storage that will be less at risk of hacking and cyber attacks and also the loss of data.
The blockchain is going to revolutionize the entire industry approach to forecasting, alongside analysis, consulting and research. There are online platforms like Augur which are trying to create prediction markets for the entire world which are increasingly decentralized in their approach. Technologies like this can be used to affect any kind of betting market, whether it’s for sports, stocks and shares and even elections without any fear of rigging.
The Internet of Things
Huge conglomerates like Samsung and IBM are focussing on using blockchain technology. They’ve created a platform called ADEPT. Its aim is to create a network of the Internet of Things devices, that will operate almost in the same way a public ledger would. There would then be little need for a central or third-party location to handle any communications, as the devices would be able to talk to each other directly to manage software issues and deal with any bugs or glitches.
Blockchain will be used in the insurance industry as a way of managing the trust. It will be able to recognize and identify different types of data in insurance contracts from identity to other personal details.
Blockchain smart contracts will be used alongside so-called oracles to integrate data. It’s useful for an insurance company that is increasingly relying on real-world data, such as for crop insurance.