Smart contracts, distributed ledger, and cryptocurrencies
are a few terms that you might have heard of lately. These terms have emerged
as the innovation in blockchain technology has continued. Blockchain technology
presents opportunities that promise to change the way people live.
According to Statista, worldwide spending on blockchain is expected to increase to 15.9 billion by 2023 from 1.5 billion in 2018. Clearly, the blockhain industry is growing at a break-neck speed.
For instance, in the 2018 midterm election, the U. S state of Virginia conducted blockchain-based voting for residents of West Virginia. The new system shows promise as a mobile voting solution. Using the new system, polls can be conducted for remote residents like army personnel.
In 2016, Gartner predicted that blockchain
technology would reach a state of the plateau in 5 to 10 years. Following the
year, several global corporations have adopted the technology and came up with
forward-looking inventions and developed their private network for commercial
use. Walmart, Shell, IBM, and AXA are a few companies that have already done
so, other corporations are following suit.
According to Statista, worldwide spending on blockchain is expected to increase to 15.9 billion by 2023 from 1.5 billion in 2018. Clearly, the blockhain industry is growing at a break-neck speed.
Revolutionary use-cases of blockchain
technology
1. International Money Transfer
Perhaps, the best
use-case of blockchain technology so far and also one of the key ways in which
it is changing people's lives. With the existing infrastructure, it is
impossible to send money internationally without a third-party. Typically, a
bank takes cash, deposits it, and transfers it to a partner bank overseas. The
partner bank, in turn, makes the cash available for the recipient. This
requires both cash and takes time. Blockchain overrides both.
With a wide network of distributed computers and no
central authority, blockchain transactions are verified without the need for
any third-party oversight. Blockchain companies like Ripple have are already
seeing good success after implementation of this functionality. In the next 10
years or so, banks incorporate this technology and reduce overhead costs
associated with international remittance.
2. Digital Rights Management
Copyrights are often violated, especially after
widespread use of the internet. It’s not uncommon to see copyright being used,
especially movies, music, and TV shows, without explicit permission from the
copyright holder. The entertainment industry has taken strong actions, however,
none are impactful. Services like Spotify have made progress in this direction,
but they aren’t fully effective. A small percentage of profit makes it back to
music artists.
Blockchain presents an opportunity to create a secure and
incorruptible platform where artists can publish their work. Using smart
contracts, artists can receive their payment without an intermediary. The
complete system can be automated, ensuring complete proceeds go to the artist.
Blockchain in a way provides a way to trade digital property and ensure nobody
defaults on the arrangement.
3. Voting
For more than a decade, voting on EVMs (Electronic
Voting Machines) has been debated. Several cases of rigged EVMs have been
reported in the past.However, those reports fell on deaf years. Rigged EVMs
take away the whole purpose of voting. Blockchain-powered online voting
overcomes these challenges and maintains the fundamental purpose of democracy.
Many countries have run pilot voting tests.
For instance, in the 2018 midterm election, the U. S state of Virginia conducted blockchain-based voting for residents of West Virginia. The new system shows promise as a mobile voting solution. Using the new system, polls can be conducted for remote residents like army personnel.
Similarly, Sierra Leone, in 2018, conducted voting on a
blockchain-based platform and built the foundation for a decentralized voting
system, safe from the rigging. Previous online voting attempts were mired in
controversies due to rigging. The emergence of blockchain-based voting
platforms is a promise for fair elections in the future, as blockchain makes it
impossible for even advanced hackers to successfully breach the system.
4. Medical Data Sharing
Due to the highly sensitive nature of medical data,
it can’t be shared on a private network. Blockchain technology, however, makes
sharing and accessibility of medical data anywhere in the world easy for
doctors. Many blockchain firms have developed a network in healthcare industry
for easy distribution of medical data. In case of emergency, availability of
medical data can be a matter of life and death.
Future
These are a few ways in which blockchain technology will change lives in the future. Even though people will hugely benefit from adoption of blockchain in finance, other areas might take more time to reap benefits of the technology. Many more use-cases of the technology are coming up as innovation continues.
Future
These are a few ways in which blockchain technology will change lives in the future. Even though people will hugely benefit from adoption of blockchain in finance, other areas might take more time to reap benefits of the technology. Many more use-cases of the technology are coming up as innovation continues.
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