5 Sectors That Will Change Forever With Blockchain
Blockchain, the technology that was initially used in 2008 to power Bitcoin, is now being used for everything- from copyright protection to sexual consent. A blockchain is a continuously growing list of records, called blocks, which are linked and secured using cryptography.
As cryptocurrencies are encrypted, processing any transactions means solving complicated math problems. People who solve these equations are rewarded with cryptocurrency in a process called “mining.” If you own any cryptocurrency, what you really have is the private key (basically just a long password) to its address on the blockchain.
Blockchain can be used for multiple applications like tracking ownership or the provenance of documents. Here are top 5 sectors that blockchain is going to disrupt forever.
Banking and Payments
Some say that the blockchain will do to banking what the internet did to media. It can be used to give access to financial services to billions of people around the world. Many banks like Barclays are also working on adopting blockchain technology to make their business operations faster, more efficient and secure.
Cloud storage is a service model in which data is maintained, managed, backed up remotely and made available to users over a network. However, data on a centralized server is inherently vulnerable to hacking. Using blockchain technology allows cloud storage to be more secure and robust against attacks.
Since governments have to keep a repository of records of every individual, it might become a hassle to keep a physical record. The blockchain usage gives an innovative solution to the problem. The government can encode the data in a digital ledger, preventing the information from being changed.
Probably one of the most important areas of society that the blockchain will disrupt is voting. Blockchain technology can be used for voter registration and identity verification, and electronic vote counting to ensure that only legitimate votes are counted, and no votes are changed or removed.
Internet of Things (IoT)
The Internet of things (IoT) is the network of physical devices, vehicles, home appliances, and other items embedded with electronics, software, sensors, actuators, and network connectivity which enables these objects to connect and exchange data. Through blockchain, the devices would be able to communicate to each other directly to update software, manage bugs, and monitor energy usage.