Over the past few years, Blockchain has emerged as a technology that is now discussed everywhere. From the tech corridors of Silicon Valley to the thriving tech capitals in multiple cities worldwide – Blockchain has become the talk of the town.
Everyone is excited about this modern technology, especially after a few staggering NFT sales surfaced on the internet.
However, many still don’t know what Blockchain is, yet they are eager to know what benefits has it hidden for the future.
To understand the advantages of this state-of-the-art technology, one first needs to know how it actually works. Only then the implementation and applications will start making more sense.
Why do we need Blockchain?
Today’s world has become a massive sphere that fuels uncertainty. Online scams are prevalent everywhere, trust has become scarce, and many don’t know the remedy to this peculiar problem at hand.
Regulators and law enforcement agencies are often left awestruck.
The world has been in the middle of a pandemic with no apparent way out of it other than social distancing. In times like these, there is nothing better to have than a transparent and secure system. A system that restricts unauthorized access and impedes modifications with unmistakable validity.
When one looks around for a solution among a plethora of technology buzzwords, Blockchain shines bright.
It offers everything we need to build sustainable, secure, and safe systems for a better future.
Understanding Blockchain
Blockchain is a decentralized technology; but what does this mean?
The Blockchain works on a simple principle – it is not owned by any company or institution – it is built in a particular distributed manner that allows the computers on the network to access the information stored in it with certain parameters safeguarding the virtual borders.
The information is stored in the form of groups called blocks which is a constantly expanding list or an array. It is indeed a revolutionary technology that is ready to power software systems around the globe. All the information or data that is verified is stored in the block in chronological order. Each block is linked with the previous one, forming a Blockchain.
The disruption in the technological realm, as we speak, has begun, and Blockchain has a key role in it.
What is Decentralization in Blockchain?
In centralized systems or procedures, an entity is usually in control of everything and holds the final authority. All the decisions made and pronouncements come from a position through a defined hierarchy. This can either be an individual, a team, an organization, an institution or otherwise.
Decentralization, however, transfers the control or authority to the system. It allows more freedom and autonomy to the lower ones in the hierarchy. This enables a more productive environment, fostering positive change.
Decentralization is an indispensable part of Blockchain and acts as one of its founding principles.
How Will Blockchain Revolutionize the Future? 8 Prominent Ways
Technology that disrupts in today’s age takes the lead, and Blockchain is one such technology that is here to stay and disrupt. Here are 8 top ways Blockchain will revolutionize the future.
1. Better Financial Services
Finances are subject to the most fraudulent activities worldwide. Blockchain has already begun to solve this underlying problem. A number of financial service providers and banks have started to shift to Blockchain technology to build safer and securer systems.
Cryptocurrency is no doubt a seamless way to perform transactions. However, adopting modern technologies and adapting as per the changing needs is the need of the hour. Blockchain is all set to revolutionize the payments and banking sector.
2. Safer Cyber Domain
With improving dependence on technology, the need for a more secure cyber domain has become imperative. In Blockchain, when all the data is duly verified, encrypted, and stored in the Blockchain, it cannot be modified or changed afterward.
The advanced cryptography techniques make it less prone to online hacking attempts and unauthorized access. On the contrary, centralized systems are exposed to outer world threats and are an easy target for hackers and cyber terrorists.
3. Optimized Government Processes
Governments around the globe have been at the receiving end when it comes to criticism on slow and dated procedures to run the machinery. Although many first-world countries have progressed towards the digital, majority of the states on earth still lack an efficient solution.
Corruption has haunted the world for decades and has been a hindrance in development. Implementing a Blockchain-based process will not only ensure transparency but will also guarantee legitimacy and improved outcomes.
4. Improved Healthcare Solutions
Healthcare has benefitted the most from technology. Masses around the world continue to reap technological advancements. However, a decentralized system with secure and easily accessible patient data or information could help transform the outlook.
Medical aid organizations, hospitals, and institutions worldwide can make the most Blockchain technology. From managing patient information to sharing it with authorized personnel to ameliorating the research work, a lot could be made convenient through this one leap.
5. Web Servers & Services
Centralized servers and services are in use in the majority of the locations in the world. The vulnerability of such systems has been repeatedly exposed over time. The threat level has seen a continuous surge, forcing businesses and organizations to take safer measures.
A decentralized system with specified nodes connecting to a computer reduces the risk of data loss or compromise. The database to API to frontend transition has certain loopholes and limitations, and Blockchain helps us overcome many of them.
6. Targeted Marketing Campaigns
The marketing industry has evolved over the last few years. The transition from conventional techniques to digital marketing has been fruitful but has brought along a few controversies. Major online platforms have been susceptible to collecting unauthorized data and using it for their gains.
Blockchain can help build a better ecosystem that encourages marketing methods with stringent policies and rigorous procedures. This is necessary to ensure the trust-gain of the consumer as well as for a safe and secure future.
7. Electronic Voting Mechanism
Electronic voting is not a novel thought. Various experiments have been done to improve the voting and election mechanism worldwide. But nowhere in the world has this been entirely successful, leaving doubts in the minds of lawmakers, government, and the masses.
Blockchain, however, can solve this problem by ensuring a secure voting process throughout. From the counting procedure to ensuring correct voting processes, the technology can help get rid of all the anomalies and vulnerabilities at once.
8. Efficient, Paperless Economies
From education to banking to healthcare and anywhere else – paperwork is everywhere and is the most consuming part. Managing all the paperwork and maintaining it takes a lot of time as well as needs more trees. This is why the world of the future cannot afford to have paper-based economies.
A few countries have already moved towards paperless transactions, paving the way for others to follow the path. Blockchain is essential and plays a crucial role in building an efficient and paperless economy, using the technology for the benefit of millions.
Takeaway
Many technologies are revolutionizing the way things work, and Blockchain is one of them. The term has gained immense popularity over the last few years, and mastering this technology of the future is the key to success.
There are numerous applications of Blockchain in a number of industries worldwide where it can be a silent player, helping the process function in a more efficient, effective, and robust manner.
However, the question remains. Is the world ready for a Blockchain future? Only time will tell.
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