Technology Innovations – Redefining the Future and Strategic Value of the Blockchain Market

Blockchain technology may not be as popular as the various cryptocurrencies it powers, but its application and implications in the future are expected to be extremely wide. After the pandemic, the world and society as a whole changed rapidly, and with it the concept of wealth, work and entertainment. You might find it hard to believe, but blockchain technology has the potential to change the way we pay for goods and services, conduct our business, and manage our health, finances, and more. Here’s how blockchain could change the world around us in the future.

Digital IDs for life

Imagine being able to store and authenticate all your credentials, from ID cards, degrees and certificates to driver’s licenses and more. on a single digital platform accessible everywhere and as safe as a house. This is what is achievable through the use of blockchain. Being a decentralized technology, the blockchain allows the development of durable and tamper-proof databases, which make it possible to secure and store important documents. It is possible that students, graduates and citizens of the future can access authentic certificates and documents from anywhere with just a few clicks using their smartphones and verify them instantly without any procedures.

Smart contracts will cut costs and cut out middlemen

Before we get into the why and how, let’s first understand what smart contracts really are. They are basically programs stored on a blockchain that run when predetermined conditions are met. They are most often used for the execution of tamper-proof agreements where all parties involved are immediately notified of the outcome, saving time and removing the need for the intervention of an intermediary. This is why smart contracts are expected to be crucial for business operations in the future. Not only will they increase the speed and accuracy of business processes, but they will also lead to substantial cost savings.

Buy vehicles without money

Although you cannot currently buy a car with cryptocurrency, it could become a reality in the near future. at the top.

Better supply chain tracking

Using blockchain, companies can improve transparency and traceability throughout their supply chain, as well as reduce administrative costs. DLT technology can allow organizations to record price, date, location, quality, certification and other relevant information for more efficient management. This information can then be used to access real-time data and improve visibility.

Blockchain in banking and finance

The importance of blockchain and DLT (distributed ledger technology) in the financial space is not lost on anyone. In fact, in February 2020, the Reserve Bank of India published an article titled “Distributed Ledger Technology, Blockchain and Central Banks” which spoke extensively about the technology and explained its use and importance in the banking and finance sector of India. India. Improving transparency, simplifying operations, enabling faster settlements and a better customer experience are just a few of the ways blockchain can transform financial institutions.

Blockchain in the energy sector

Although blockchain is most commonly seen in the context of financial services, its applications are well suited to the networked infrastructure of the energy industry. This can help eliminate the need for expensive intermediaries and enable an unprecedented level of transparency, coordination, and information sharing across the entire energy spectrum. From enabling peer-to-peer electricity trading using smart contracts to efficiently managing renewable energy certificates and electric vehicle charging applications, the use of blockchain in the field of energy is unprecedented.

Blockchain in the healthcare industry

Since healthcare deals with confidential data and often requires quick access to patient information, blockchain and DLT technology can help healthcare providers quickly exchange data with each other, which can reduce redundancy and speed up diagnosis. It offers both access, security, scalability and data privacy. Blockchain technology can be further used to bring transparency throughout the supply chain, ensuring the authenticity of medical products and building customer confidence.

Simplified digital voting

Promoting the use of blockchain technology in voting can make the whole electoral process much easier for the public and the government. In the current setup, people have to physically go to polling stations to vote, but what if the whole voting process could be done from home using a smartphone. This is what can be achieved with the use of blockchain. It can enable remote identity verification and tamper-proof voting, completely eliminating the need for physical ballots.

Blockchain and Internet of Things (IoT)

Nowadays, our lives are surrounded by IoT devices such as digital voice assistants, smart devices, etc. These sensor-based gadgets help us accomplish daily tasks and make our lives easier. However, being connected to each other over the Internet also makes them vulnerable to cyberattacks, which can lead to the loss of sensitive user data and its misuse. Therefore, data encryption using blockchain and DLT technology should be promoted as it can help mitigate these issues by making it virtually impossible for cybercriminals to tamper with existing data records.



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Disclaimer

The opinions expressed above are those of the author.



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