There are no signs of Blockchain technology slowing down. In fact, the number of B2B cross-border payments on the blockchain will soar to almost 1.8B by 2025, compared to 122M in 2020 according to CB insights.
So, what exactly is The Blockchain?
According to IBM, blockchain is a shared, immutable ledger that facilitates the process of recording transactions and tracking assets in a business network. In simpler terms, blockchain is a system that records transactions of cryptocurrency that exists across a network of computer systems.
Blockchain helps verify legitimate transactions and makes tracking of transactions easy. It is an extremely secure system that helps reduce compliance costs and speeds up data transfer processing.
Cryptocurrencies, like Bitcoin and Ethereum, are forms of currency that are distributed using blockchain technology. This technology has the ability to make the transfer of currency transparent, efficient, and secure. It’s already beginning to change the way organizations conduct business, as many companies are finding blockchain technology better than current measures for completing day-to-day business.
Experts are predicting blockchain will disrupt many industries in the coming 5 to 10 years.
Before we dive into what industries will be impacted by blockchain technology, let’s talk about the benefits.
Blockchain is so secure that when a transaction is recorded, it cannot be modified. The transaction is done instantly and the ledger is updated automatically.
Since it is a decentralized system, there are no middle-man fees.
And lastly, the authenticity of the transaction is verified and confirmed by participants. This means that blockchain technology will make transactions safer and faster, helping businesses in various industries process transactions more efficiently.
Here are a few of the industries blockchain is already disrupting:
1. Banking
Before blockchain, traditional banking methods had transfer fees which were both time-consuming and expensive for consumers. Sending money overseas was also difficult as consumers had to deal with exchange rates and even hidden costs.
Blockchain technology allows for instant, borderless payments across the globe, without all the hidden fees. It also eliminates the need for a middleman to perform transactions, making the process of banking less time-consuming, with all transactions recorded in a public ledger that is globally accessible to all users.
Why would anyone want to pay fees and fear unsafe transactions when blockchain technology can complete the transaction for free, rapidly, and securely?
2. Healthcare
Before blockchain technology existed, the risk of data corruption in the healthcare industry was high due to the information being stored in a physical memory system. Anyone can have access to this very private information because it is all contained in centrally located files. When searching for a patient’s information, it can take hours for that person to locate the right file, offering opportunities for data breaches, theft, or losses. That’s why blockchain technology in this industry is so important.
Thanks to blockchain technology, the need for central authority is eliminated, allowing the healthcare industry instant access to data. Each block of data is connected to another block that is distributed across the blockchain. This makes it extremely difficult for a hacker to corrupt data, making blockchain technology the ideal system for the healthcare industry.
3. Government
The current voting process relies on most voters standing in line to cast votes or send in votes by mail. These votes are then counted by a local authority. Online voting is another option; however, concerns of fraud may arise. Due to the margin for error and concerns of perceived discrepancy, this makes blockchain the next best alternative.
Blockchain technology will increase security as it is next to impossible to hack this type of technology. Using blockchain, officials can count votes with 100% accuracy, knowing that each vote can be counted for. And, once a vote is added to a ledger, it cannot be changed or erased.
So where does the future lie with blockchain technology?
Blockchain technology is only going to continue to grow in the government, finance, and healthcare industries, among others. Allowing our society to exchange information more efficiently, makes it less costly and more secure.
Whether you’re a newbie to blockchain technology or an experienced blockchain developer, be sure to check out our website where you can learn more about the latest in tech.
