15/10/2018
How Blockchain will Impact the Future
What is the fuss around Blockchain?
Conceived on the notion of building a highly secure gateway to store, track, update, and access data. Blockchain was first implemented to create the cryptocurrency known as Bitcoin. A revolutionary concept that is set to change the way we transact our financials.
Blockchain contains a chain of digital blocks that contains information, each block carries data, a cryptographic hash of the current block and a cryptographic hash of the previous block.
A hash is more like a digital signature that validates security credentials, even if one block is tampered the whole chains will render itself inaccessible in the peer to peer network.
If there is an update on a single block it triggers the update on the entire chain of blocks, Thus creating a “Digital Ledger” that is stored on a distributed channel.
Blockchain has now evolved into an emerging technology with global spending set to rise above $9.2 billion in 2021.
Blockchain applications are set to disrupt multiple industries and sectors.
Let us take a look at some advantages that blockchain can bring :
Tighter Security:
According to sources, cybercrime damages may reach up to $6 trillion by 2021.
In an era of automated data transactions, machines perform functions with minimal human interference communicating and extracting data from random sources. These sources can be vulnerable to cyber threats and espionage than can endanger security and lives in the process.
Imagine if smart cities were under a cyber attack or you smart car or bank information gets hacked by some anonymous source. These circumstances could lead to significant losses and open a debate of switching back to fossilized traditional methods than risking it all on technology.
Blockchain with its multiple levels of encryptions and decentralized storage could serve as the ideal riposte to transact data across wide channels – delivering unprecedented levels of secure communication.
Ubitquity is a start-up that leverages blockchain technology to secure real estate record keeping – making sure that there is no property dispute as the records are secure and cannot be tampered with.
Better Transparency:
Building trust is a critical part of any organization.
Using a peer-to-peer network, blockchain data transactions can be easily traced from sender to receiver with no third party interference. Any change can be seen by the user with access.
Integrating blockchain into banking transactions, charitable transactions, voting systems, real estate, government agencies and many more sectors that are lack transparency and is prone to corruption.
There is a perception that funds donated to NGO's are widely misused or do not reach those whom its meant for. With blockchain, funders can easily track their transaction through a decentralized medium straight towards the individual in need.
Cost saving:
Tired of paying exorbitant services charges?
Blockchain might just be the ideal remedy. Imagine if a service similar to Uber ran on a peer-to-peer network where every transaction including fare is done between driven to passengers directly without connecting to the Uber network – Making sure that there is no service cost paid to Uber would get cut for both driver and customer.
Touted as the 'Uberkiller', this novel idea that revolves around fair share has already been implemented in the US.
Transactions in Blockchain do not use decentralized agencies to transact data. Service charges are part of most functions that we subscribe, with blockchain the middle-man become irrelevant – allowing us to make significant savings.
Greater Efficiency:
Traditional banking transactions take several days and follow several parameters to send and receive funds.
Using Bitcoin technology can break the mold, funds can now be transferred instantly and can be initiated at a 24/7 timeframe.
Blockchain can handle up to 7000 transactions per second, making it not only a faster alternative but also a scalable solution.
Government institutions can also benefit from integrating Blockchain technology into their processes, making access to file logs faster and more secure.
The Dubai Government is aiming to transfer its data onto the Blockchain by 2020.
Conclusion:
Being a disruptive technology, experts in deciphering blockchain solutions are still rare.
Most companies are still finding ways to explore and navigate through this new technology.
Recent studies indicate that work based on Blockchain is now one of the most lucrative jobs in the US – making blockchain a robust career path at the moment.
Blockchain is still in its infancy, yet on the cusp of expanding and disrupting most fields and industries in the coming years.
Do share your insights on how blockchain can benefit us.
