Bitcoin and cryptocurrency are the terms that fall on your ears most frequently. Many people are still confused with these terms only and now a new term Blockchain, adding a feather in the confusing cap. I was in the similar dilemma as well but not anymore. Let me help you to clear your confusions as well. Cryptocurrency is the virtual currency and bitcoin is one of its types. The technology on which this virtual currency works on is blockchain. Simple isn’t it? So, basically, blockchain is a public ledger which has a full-fledged record of each and every digital transaction despite the location. This technology can be a game changer for many industries like banking, payment, mobile app development and much more.
The blockchain is doing nothing much but making these industries safe, opaque, and better. Give it 5 more years and there won’t be any industry that’s not using this tech. Even in the current era, there are industries that have already started accepting and integrating blockchain. Let’s have a look at those industries and how they are benefited or constrained with blockchain tech.
Industries That Are Integrating Blockchain Technology
Network and IOT
All those articles showing the current and the upcoming trends include IOT (Internet of things), so how this trend can miss out on another biggest trend. A concept named ADEPT is being worked upon by IBM and Samsung making use of Blockchain tech. ADEPT (Autonomous Decentralized Peer-to-peer Telemetry) is basically a decentralized network for all the IOT devices. The need of the central hub to handle communication between devices will be eradicated. Automatic communication, bug fixing, software updates, and energy usage will be done without a central control system.
We just discussed above, blockchain is a public ledger which evokes the threat of cyber security even more. Well, it’s the opposite actually, the data is verified and encrypted by making use of advanced cryptography. With blockchain tech, the cyber security is made efficient and prompt even more than the legal systems. Human intermediaries are entirely eliminated chucking off the issues of corruption, hacking or human errors.
Banking and Payment
The sizzling talks of the tech town are that blockchain is to be integrated into the banking and payment massively. Well, quite true. Blockchain in banking will open new gates for money transfer. All those parts of the world that are dispaired from getting traditional banking will be availed with financial services. Funds can be transferred easily and instantly across the borders with bitcoin. By the end of this year, almost 15% of the banks will be integrating blockchain tech.
Messing with the election votes and out bursting with a fake result is not uncommon news right? With blockchain disrupting the voting industry, this won’t be happening anymore. This tech assures voter registration, identification and vote counting. Votes are licit and not forged, proper counting and votes are not altered or discarded. Developing a publicly visible voting system will make the elections democratic.
Healthcare is also an industry that always craves for a secure platform for data storage and data sharing. Lots of instances have been witnessed for data hacks in the healthcare industry. Not anymore with the integration of blockchain tech as it will now offer a secure platform for storing medical records and sharing it with other professionals. Tierion and Gem are players that are on board to integrate this tech with current healthcare industry.
Paper-based records are pretty old school and unreliable. Real estate is one of the most forged markets with prevailing market issues like errors in maintaining public records, frauds, coercion, undue influence, and misrepresentation. Blockchain will pair up with this industry and assist to gear up the transaction process with improved efficiency and cost-effective benefits. Mobile app development companies will integrate this tech and aid in maintaining records of buy, sell, mortgage, lien, lease and transfer of property in a secure and reliable manner.