The blockchain is an undeniably ingenious invention – the brainchild of a person known by the pseudonym, Satoshi Nakamoto, one of the most promising new technologies for the future.
The technology at the heart of bitcoin and other virtual currencies, blockchain is an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way. Bitcoin isn’t regulated by a central authority. Instead, its users dictate and validate transactions when one person pays another for goods or services, eliminating the need for a third party to process or store payments. The completed transaction is publicly recorded into blocks and eventually into the blockchain, where it’s verified and relayed by other Bitcoin users.
With blockchain, we can imagine a world in which contracts are embedded in digital code and stored in transparent, shared databases, where they are protected from deletion, tampering, and revision.
Blockchain is capable of destroying many industries in the next 10 years.
These would be 5 of the most important industries that blockchain is starting to mess with :
Banking and payments
Some of us say the blockchain will be the end of the banks, as was the Internet for the media. Blockchain technology can be used to provide access to financial services for millions of people, can be used even by people living in areas where there is no access to classic banks. With the help of this technology, people can send money anywhere around the world in real time without much administration fees. Banks will also slowly begin to adopt this innovative technology to succeed in securing their future, to have more efficient and secure services. They constantly starting to invest in this product and from year to year there are more and more banks adopting the blockchain industry.
Insurance is a means of protection from financial loss. A person or entity who buys insurance is known as an insured or policyholder. The insurance transaction involves the insured assuming a guaranteed and known relatively small loss in the form of payment to the insurer in exchange for the insurer’s promise to compensate the insured in the event of a covered loss. The global insurance market is based on trust management. Blockchain is a new way of managing trust. It can be used to check a lot of data in insurance contracts. Oracles can be used to integrate real world data with blockchain smart contracts. This technology is very useful for any type of insurance that relies on real world data.
Energy management is the use of technology to improve the energy performance of an organisation. Energy management is the process of monitoring, controlling, and conserving energy in a building or organization, is the key to saving energy in your organization. Has been a highly centralised industry for a long time. Energy producers and users cannot buy it directly from each other and have to go to the public grids or trusted intermediary.
The government, a group that exercises sovereign authority over a nation, are generally responsible for making and enforcing laws, managing currency, and protecting the populace, also set tax rates. However government system are often slow and prone to corruption. If governments decide to use blockchain’s basic systems, they can help reduce bureaucracy, increase security and efficiency and transparency of governmental operations.
Healthcare, the improvement of the diagnosis and treatment of the disease, is delivered by health professionals to the population and is another big industry that relies on so many legacy systems and is prone to destruction. One of the big challenge that hospital is subjected is to have a secure platform to store and share on very important and sensitive data, because always can be multiple victims due to attacks and poor infrastructure. Blockchain system allows to the hospitals to store medical records and share them with authorized doctors or patients, this will improve data security and even can improve accuracy and diagnoses.
It is clear there are many other industries that slowly blockchain will destroy or at least will inconvenience them , so even if this revolutionary technology, this new world, seems to be uncertain, but promises a lot.