Bitcoin has always been in controversies and is even banned in a few countries. Though this very virtual currency has opened new doors for many, it has also raised many security concerns as well. But in the past few years, we also got introduced to another similar technology, which actually is not a currency, but a solution to those security issues. It is the Blockchain technology, known for its superior cybersecurity tendencies. While it is the most appropriate method to opt for the security of the virtual currency, it has also expanded to some other fields other than finances. With the expansion of Blockchain technology to other fields, it will bring a huge transformation in each of them, and here is how:
Blockchain is mainly used to deal with the data and finances that are kept online, and there are a lot of data related tasks that are carried out in a healthcare department, every day. Blockchain can manage a huge amount of data at the same time, and moreover, it does not allow modifications to that, putting an extra layer of security to it. So it becomes easier for the healthcare organizations to manage a large volume of patients’ records as well as share it with other doctors in a secure manner. Using Blockchain can also help in dealing with fake drug distribution, as once the data related to newly produced drugs is registered into a company’s Blockchain, there is no possibility that it can be modified. So whenever a case of fake drugs happens, it becomes easier to track down the producers of the same with Blockchain.
Other than that, frauds in clinical trials like modifying or hiding data, compromising the advances of the clinical trial can also be prevented through blockchain, as the data once stored in the Blockchain cannot be changed, such that the stored documents are always authentic.
Blockchain is mainly related to finances and digital money transactions, so how can the banking industry be untouched by this very technology. Though Bitcoin has always been the part of controversies, Blockchain is the one technology that most of the governments are in favor of, due to its security capabilities as well as the transparency in every transaction. According to a prediction made in 2015, Blockchain will be responsible for most of the transactions like collecting the taxes, etc. by the year 2025. But if we look at the stats, countries like the UK, HongKong, China, and Singapore have already maintained systems to carry out some of their financial tasks using Blockchain technology, like social taxation on the blockchain, electronic invoice trade and trade finance using blockchain. There are great possibilities for blockchain in asset registry, processing of corporate bonds, cross border remittance transactions, trade finance, retail lending, etc. And, this is not it. By looking at the potential of blockchain, various financial authorities around the world are researching to produce new use-cases for the nascent technology.
The emergence of edTech and LMSs have brought a revolutionary change in the education industry, and the next disrupt in the field is surely going to be through the blockchain technology. You might have heard of digital currencies, but in education, with blockchain, one can get their own digital certificates. These certificates will always be there as there are no ways of losing them. So a student can access his/her certificate just with a compatible device and an internet connection. With blockchain, the education can be accessible to worldwide students after authenticating the legitimacy of the courses, and at the end, they will get the same virtual certificates. This will make education affordable too. Similarly, blockchain will help the colleges and universities to manage tons of data efficiently, and keep it for forever, such that the data is authentic and always available.
While every other industry is facing data breach cases, the music industry has always been attacked by piracy. This way, there are billions of dollars of royalty that is still unpaid to the creators of the music. Piracy not only affects the right flow of money, but it also affects people’s wages and their jobs. With blockchain, we can expect a huge change in the scenario. Using a distributed ledger for the freshly created music can help timestamp the music and make it completely copyright protected. Since the data in the ledger cannot be altered, there will be a clear proof of the ownership of a person on certain music creation. This will not only help with fighting piracy but also will strengthen the music industry economically as the artists as well as other people related to the production will be paid fairly and on time. The smart contracts can also play a great role in building agreements when a creator sells the music to any other person or company. The emergence of blockchain in the music industry may also eliminate the role of third-party distributors.
From paper token to paper slips, and then, from paper slips to machine votes, we have come quite far to make the voting experience better and counting of votes even better. But despite taking all the security measures, we have been able to prevent the cases of fraud entirely. So, we are always ought to doubt the results. And, despite online voting is a convenient method, the governments are aware that voting electronically can be prone to hacks. Hence, none of them has still switched to this method of voting.
But with blockchain technology, the voting industry is going to evolve in a way that voting will be the most convenient, and there will be no questions about the security of each vote cast. Blockchain and cryptography go hand-in-hand, and there is no alteration allowed, so these will provide extra security to the votes. Since, no one can tamper with them at any stage, not after the votes have been cast and nor at the time the votes are being counted, so there will be no cases of fraud at all. The process of voting will also become more convenient as the voters would not have to go to a particular voting booth. Instead, they will be able to cast their votes directly from their computers or other handy devices connected to the internet.
Blockchain is even getting to business hiring and will be making hiring the people a most convenient process. The management will have access to all the documents of their potential candidates, and they do not have to connect with the previous recruiters of every candidate for the validation. Instead, they will just need to open the candidate’s bio, and every detail will be there. The candidates will have their I’ds verified, which will reduce frauds, and the recruiter can be relaxed about the real-time employee profiles. This way, the hiring party will save a lot of time, efforts, and will be able to choose the right candidate for their job profile. There will be faster recruitments, and the traditional CVs my face an expiration. The candidates will be able to handle their educational as well as professional details directly on the centralized resume databases. With smart contracts, the process of making agreements and forming employment contracts will also be paced up.
Blockchain has great potentials, and with time, we need to see how it transform the fields other than the discussed fields. Contact us today, if you are curious about blockchain as well as blockchain-based crypto exchange development services.