5 Ways Blockchain will Transform the World
From faster, more secure financial transactions to improved medical service, blockchain is changing the future.
What is Blockchain?
Blockhain is a type of data record-keeping technology that offers the capacity to revolutionize a wide range of fields.
By changing the way we access, verify and transact with each other, this technology can be applied to anything from public governance, financial transactions, digital security, international law and economics.
The process consists of storing and distributing digital information in data-blocks along a data-chain – which is either a public, private or hybrid database.
It is based on a method of decentralized data storage that can be instantly – and if designed to be so publicly – verifiable to all its users.
Why is all this considered groundbreaking ? Because blockchains can essentially establish accuracy, honesty, verifiability and consistency between millions of strangers. This is especially important when considering the broader context of how the proliferation of digital information has brought serious concerns with what can be considered credible information in the digital realm.
In this article, we’ll explore 5 ways in which blockchain technology will change the world.
1. Financial transactions and services
Blockchain is only a decade old and first became widely known in relation to Bitcoin, the world’s first decentralized cryptocurrency. Conventional money wiring across national borders can often be complex, time-consuming and expensive. Blockchain technology can be used to streamline all kinds of financial transactions at a reduced cost and timeframe by getting rid of intermediaries like banks. With blockchain, for super low fees compared with traditional banking services, money can be transferred directly and securely. Blockchain-based currencies are also incredibly – some would say impossibly – hard to counterfeit.
2. Transparency Everywhere
A whole new level of transparency can be achieved in all types of business or governance operations through the use of blockchains. By default, with each data-block connected to the blockchain, any manipulation of individual blocks would simultaneously change all other blocks and alert all parties involved. For example, recording property rights by using blockchain would ensure that owners can trust that their title deeds are both credible and permanent. You can imagine this technology as a public record fortress – nearly impossible to hack – and guarded by everyone.
3. Smart Contracts
Powered by blockchain technology, smart contracts can facilitate simple collaboration between two parties according to agreed-upon conditions. They are basically computer codes built into the blockchain and able to verify or negotiate a contract agreement. Once pre-agreed conditions are met, the terms of the agreement are carried out automatically and at less cost – without the need of third-party mediators. From project management to supply chains and logistics, companies can utilize blockchain to establish more efficient connections with their suppliers and employees.
4. Cheaper Healthcare
It is common for doctors who are not aware of your full medical history to waste time and money on various tests you might not need, as well as to not provide the best treatment possible. Transferring medical records between different healthcare providers can be a slow process because of incompatibilities between the providers’ systems. When we attach individual records to a blockchain system, we can radically improve the credibility, accuracy and availability of individual medical histories. This means that it’s possible to own your medical data within a permanent and accessible record, and only reveal this data to accredited medical specialists of your choice.
5. Efficient Taxation
The trust, security and transparency enabled by blockchain technology can do wonders for tax collection and compliance. Allowing multiple parties to verify every step of the process, blockchain technologies can radically improve the efficiency of tax-collection, as well as reduce its costs. Governments around the world could deploy blockchain technologies to set up smart tax systems for both companies and citizens.
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