What is The Blockchain?
Blockchain has been the buzzword for some time now. However, most people tend to relate and equate is with merely Bitcoin or other cryptocurrencies. In essence, blockchain is simply a decentralized ledger technology that enables to record and transfer data in a safe and transparent way. What makes blockchain a unique technology, is its inherent ability to promote transparency and democracy via decentralized and secure systems. The technology has already made its way across various industries and we are likely to see more and more industries and sectors integrating blockchain technology into their systems and processes.
Now, let’s take a quick look into some of the industries that are most likely to get impacted from blockchain.
1. Financial and Banking Industry
Well, if you haven’t heard it earlier, the rise of Fintech has already transformed the traditional banking processes for good. As of today, banks and other financial institutions are increasingly moving towards blockchain technology for transparent and secure procedures as well as to make the entire process smooth and open for billions of people across the world. The overall impact of blockchain on the banking industry is not going to be any low compared to the impact of the internet over the media industry.
2. Cyber Security
Perhaps the biggest threat in this digital age is the cybersecurity threat. The decentralization of blockchain effectively address the cyber theft concerns for businesses as the data is stored across the network and is encrypted using advanced cryptography. This essentially makes blockchain a hack-proof technology with minimum cybersecurity risks.
Having said that, the technology is still in its initial stages and we have seen certain cyber-attacks on blockchain systems. However, with the maturation of the technology, more robust application will come-along to negate any breaching attempt into the system.
3. Supply Chain Management
Blockchain technology can store transactional history in a permanent, encrypted and decentralized ledger that can be monitored securely. This enable easy and time effective documentation of transactions by minimizing the human errors. The technology also give businesses an easy, transparent and efficient method to record and trace cost and labor across all levels of supply chain.
The research, analysis and forecasting are yet some of the other industries that will be greatly impacted by blockchain technology. We are already looking at some of the leading tech companies taking initiatives to decentralize the prediction markets and offer an efficient global forecast system. In future, these global decentralize systems can be used to apply and place bets across all sectors from sports to stock markets in a transparent and decentralize way.
5. Internet of Things
The leading tech giant Samsung and IBM are already well into their research phases to develop a new concept named ADEPT. The new environment is meant to create a transparent, secure and public ledger of IoT devices that will simple deny any need of centralize authority for communication. With this new concept, the devices will be able to coordinate and communicate directly to each other.