How blockchain will change the future

A blockchain is a continuously growing list of digital records called ledger, added in packages called blocks which are linked together and secured using cryptography and are stored in a linear chain, hence the name block-chain.

Simply put, blockchain is a system for storing and verifying records. It has strong security that prevents unauthorised access and manipulations of records.

The security of blockchain comes from the fact to alter a data stored on a block will involve altering data on other blocks proceeding it which is impossible to do so without being seen by other participants on the network. Also the three key features of ledgers which are time-stamped recorded data. Transparency of transactions and the decentralisation of the ledger makes blockchain network to be tamper-proof.

The initial idea behind blockchain was to utilise it as a means of accounting for Bitcoin cryptocurrency and to serve as the transaction ledger of Bitcoin. It was soon realised that blockchain technology can hold promising solutions to human problems which may seem to have defied solutions.

Blockchain can be used to change the future in the following ways:

  • Banking and Payments: Banks are already looking to adopt blockchain technology as the technology of the future. Blockchain technology, money can be exchanged faster, more efficiently and securely.

  • Stock Exchange: It is hoped that blockchain can help to reduce the huge cost customers pay as commission to stock brokers, speed up transaction process settlements and optimize stock exchange through automation and decentralisation.

  • Cyber Security: Blockchain makes use of cryptography to verify and encrypt data. This technology is immune to hackers. Organizations are looking unto blockchain technology to protect data from unauthorised access, errors, corruption and loss of data in the nearest future.

  • Internet of Things (IoT): With increasing capabilities of IoT comes increasing security issues and challenges. Blockchain has the capabilities to tackle the increasing security issues arising with IoT by decentralising all data and information associated with IoT.

  • Government: Blockchain technology holds the promises of reducing bureaucracy in government, increase efficiency, transparency and security in government, count votes and verify the legitimacy of voters and verify welfare and unemployment benefits more easily.

  • Unify Communications: Communications can be made faster, safer and more reliable using blockchain technology. This is already happening in some industries who are beginning to utilise blockchain technology in emails, notifications and systems alerts.

  • Crowdfunding and Donations: blockchain technology can be used to create smart contracts and reputation systems that allows you to monitor exactly where money realised from donations and crowdfunding ends up. The United Nations World Food Programme is currently making use of this technology is distributing food and other relief aids to refugees by using iris scans in place of paper money, credit cards and vouchers.

  • Healthcare: Blockchain technology can be utilised in the healthcare sector to create a centralised and secure database to store and share medical records only with authorised Medical doctors and patients.

  • Rentals and Ride-sharing: blockchain technology can be utilised in ride-sharing and also allow for auto-payment of fuels, tolls, parking space and so much more.

  • Blockchain technology can also find applications in retail and supply chain management, forecasting, real estate, insurance, energy management, music streaming, etc.

Blockchain is a technology of the future as it holds the promises of changing all aspects of human life through the provision and utilisation of autonomous solutions.