Heard people talking about how blockchain will affect your future, but don’t really understand how? Allow us to explain. A SIMPLE EXPLANATION OF HOW BLOCKCHAIN CAN AFFECT OUR FUTURE Blockchain’s fundamental attributes are decentralization, trust, traceability, transparency, security and immutability. These are qualities which are desirable in nearly every aspect of our lives and with every organization with which we interact. From a business perspective, blockchain technology is desirable because it can be harnessed to improve efficiencies, saving time and money.
How Blockchain Will Affect The Financial World
Bitcoin was the world’s first cryptocurrency, invented in 2009 as a world currency inspired by a lack of trust in governments and their fiat currencies. But it is the Ethereum blockchain, designed for its transactional capabilities, which is likely to trigger sweeping changes throughout the sector in areas such as:
- Lending and banking
- Insurance
- Investment management
- Trade finance
Blockchain’s trustless nature, its security and its efficiencies as well as its ability to automate processes through the execution of smart contracts will revolutionize the banking and finance sectors. Changes are already taking place and they will hasten the world into a very different looking future.
How Blockchain Will Affect The Enterprise World
While the financial world is leading the way, the vast expanses of the enterprise world stand to reap even greater rewards. There are three main use cases for blockchain technology in this domain.
Traceability – you will be able to ensure you are getting what you paid for by tracing the origins of products such as designer brands like clothes or perfume. Fakes will be found out.
Peer-to-peer trading – this could transform the logistics industry by giving producers, shipping and importers access to shared ledgers in real time, improving efficiencies and reducing costs.
Document sharing – will allow all stakeholders to track and secure time stamped documents such as bills of lading, letters of credit and certificates without fear of fraud or loss.
Other Industries To Be Revolutionized By Blockchain
There won’t be an industry on the planet that won’t be able to utilize the power and competitive advantages offered by blockchain technology. Some obvious examples and some that are already well and truly underway include:
Gaming – Cryptocurrencies are quickly becoming not just commonplace but trendy in the gaming industry. Gaming is more secure and affordable with third party platforms no longer needed. Players are being lured with welcome offers of tokens, exposing more people to the technology.
Real Estate – buying or selling a house has always been a lengthy and costly process, littered by middlemen taking their cut. Think real-time payment settlements, streamlined identity protocols for tenants and smoother leasing arrangements.
Health – no need to take your x-rays to a specialist or fill out personal details every time you see a new doctor. A speedy and secure sharing of decentralized private health records is the most obvious benefit. Drug authenticity and traceability also stands to deal the counterfeit drug trade a hammer blow.
Education – like healthcare, improved record keeping will enhance the overall experience for students. Some universities are already using Bitcoin and other cryptocurrencies for tuition payments and are incentivising students by rewarding them for completing certain tasks.
Travel – the complex itineraries that are part and parcel of the travel industry will be much simpler to construct, monitor and change in real time with blockchain technology. No more lost luggage! Some travel companies are already accepting cryptocurrencies for payment.
Advertising – improved data analytics will allow advertisers to better deliver to target audiences and with information in real time. This grows trust in the market. Data security will be improved and costs brought down with the need of third parties eliminated.
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