Sure, we have all heard of cryptocurrency and know about Bitcoin but there is so much more to blockchain than these virtual currencies. The technology is literally going to change the way we shop, pay, vote, travel and so much more.
Before we get into what it can do, let’s quickly define the technology. To keep it fairly simple, blockchain is a decentralized secure ledger of transactions. No middleman is required to verify information or transactions on the public distributed platform. Bitcoin, Ethereum and other cryptocurrencies are perfect applications but it has the ability for a far wider range of beneficial solutions.
1. Banking and Finance
Blockchain has the potential to make transaction faster, less expensive and more secure. The same applies to investments, transfers and most other aspects of banking. It could potentially eliminate the need for banks altogether unless they devise ways to work with the technology, not against it.
2. Healthcare
The same data can also be used, confidentially, for research as well as disease prevention and control.
3. Government
As blockchain can create a secure, permanent record, it is ideal for government applications such as identification documents, passports, birth and death certificates, marriage certificates, driver’s licenses, firearm licenses, and professional licenses such us implementation engineer solutions certifications.
4. Copyright, Intellectual Property and Asset Ownership and Transfer
Any asset can be tokenized and recorded on the blockchain. A painting or rare antique, for example, can have a secure record that cannot be altered. The same can apply to non-tangible assets such as music. This will allow artists to protect the rights to their work as well as market their own material and collect royalties.
5. Cybersecurity
As the world becomes increasingly digital, cybersecurity has become a major issue. Prevention and damage currently costs companies, individuals and businesses billions of dollars annually.
Existing servers are vulnerable to hacking, corruption and human error. We have seen epic examples of data breaches in recent years that hurt many companies badly. Blockchain offers a much safer and more secure alternative for data storage.
6. The Sharing Economy
This sector of the market is booming and blockchain can give it more control and security. Ride-sharing, for example, could use blockchain to ensure toll fees, parking and fuel are safely recorder and correctly charged for. Same applies to home and object sharing. With blockachain, the transactions will not only rely on mutual trust but also on the connected system of security.
