Incredible Mag

6 Ways Blockchain Technology Will Impact the World

<p class&equals;"p1"><span class&equals;"s1">Sure&comma; we have all heard of cryptocurrency and know about Bitcoin but there is so much more to blockchain than these virtual currencies&period; The technology is literally going to change the way we shop&comma; pay&comma; vote&comma; travel and so much more&period; <&sol;span><&sol;p>&NewLine;<p class&equals;"p1"><span class&equals;"s1">Before we get into what it can do&comma; let’s quickly define the technology&period; To keep it fairly simple&comma; blockchain is a decentralized secure ledger of transactions&period; No middleman is required to verify information or transactions on the public distributed platform&period; Bitcoin&comma; Ethereum and other cryptocurrencies are perfect applications but it has the ability for a far wider range of beneficial solutions&period;<&sol;span><&sol;p>&NewLine;<p><span class&equals;"s1"><b>1&period; Banking and Finance<&sol;b><&sol;span><&sol;p>&NewLine;<p class&equals;"p1"><span class&equals;"s1">Blockchain has the potential to make transaction faster&comma; less expensive and more secure&period; The same applies to investments&comma; transfers and most other aspects of banking&period; It could potentially eliminate the need for banks altogether unless they devise ways to work with the technology&comma; not against it&period; <&sol;span><&sol;p>&NewLine;<p class&equals;"p1"><strong><span class&equals;"s1">2&period; Healthcare<&sol;span><&sol;strong><&sol;p>&NewLine;<p class&equals;"p1"><span class&equals;"s1">The same data can also be used&comma; confidentially&comma; for research as well as disease prevention and control&period;<&sol;span><&sol;p>&NewLine;<p class&equals;"p1"><span class&equals;"s1"><b>3&period; Government<&sol;b><&sol;span><&sol;p>&NewLine;<p class&equals;"p1"><span class&equals;"s1">As blockchain can create a secure&comma; permanent record&comma; it is ideal for government applications such as identification documents&comma; passports&comma; birth and death certificates&comma; marriage certificates&comma; driver’s licenses&comma; firearm licenses&comma; and professional licenses such us implementation engineer solutions certifications&period;<&sol;span><&sol;p>&NewLine;<p class&equals;"p1"><span class&equals;"s1"><b>4&period; Copyright&comma; Intellectual Property and Asset Ownership and Transfer<&sol;b><&sol;span><&sol;p>&NewLine;<p class&equals;"p1"><span class&equals;"s1">Any asset can be tokenized and recorded on the blockchain&period; A painting or rare antique&comma; for example&comma; can have a secure record that cannot be altered&period; The same can apply to non-tangible assets such as music&period; This will allow artists to protect the rights to their work as well as market their own material and collect royalties&period; <&sol;span><&sol;p>&NewLine;<p class&equals;"p1"><span class&equals;"s1"><b>5&period; Cybersecurity<&sol;b><&sol;span><&sol;p>&NewLine;<p class&equals;"p1"><span class&equals;"s1">As the world becomes increasingly digital&comma; cybersecurity has become a major issue&period; Prevention and damage currently costs companies&comma; individuals and businesses billions of dollars annually&period;<&sol;span><&sol;p>&NewLine;<p class&equals;"p1"><span class&equals;"s1"> Existing servers are vulnerable to hacking&comma; corruption and human error&period; We have seen epic examples of data breaches in recent years that hurt many companies badly&period; Blockchain offers a much safer and more secure alternative for data storage&period;<&sol;span><&sol;p>&NewLine;<p class&equals;"p1"><span class&equals;"s1"><b>6&period; The Sharing Economy<&sol;b><&sol;span><&sol;p>&NewLine;<p class&equals;"p1"><span class&equals;"s1">This sector of the market is booming and blockchain can give it more control and security&period; Ride-sharing&comma; for example&comma; could use blockchain to ensure toll fees&comma; parking and fuel are safely recorder and correctly charged for&period; Same applies to home and object sharing&period; With blockachain&comma; the transactions will not only rely on mutual trust but also on the connected system of security&period; <&sol;span><&sol;p>&NewLine;<p class&equals;"p1">&NewLine;

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