How Blockchain Technology Will Change Lives

June 24, 2020 RAWAT 0 Comments


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. 

 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. 

0 comments: