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How Blockchain Technology Will Change the World?

How blockchain technology
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How Blockchain Technology Will Change the World?

You must have heard the term Blockchain Technology but do you know what it exactly is? There is a lot more to Blockchain Technology than what meets the eye. So, let’s explore what itt is and how it can change the world for the better.  

Blockchain technology has revolutionised how digital information is stored and accessed. In today’s world, where the digital landscape is trying hard to secure itself against hacking, unauthorised access and forced alterations, Blockchain Technology goes a long way in building a safe and secure digital system. It enables the creation of a “digital ledger” where transactional records are stored securely, with no scope for external tampering. Any information stored in a Blockchain can be accessed only using the owner’s digital signature, making all the data hack-proof. Using blockchain technology, anything of value can be tracked and traded, cutting down on associated costs. It includes both tangible assets like houses or cash intangible items like patents, copyrights, etc. 

What started in the 1980s as a mode for the digital transfer of money has today spread its wings and left its mark on diverse sectors, including government, healthcare and the financial industry. So, let’s look at how Blockchain Technology is evolving and how it can potentially change the world. 

Banking and Finance

Blockchain Technology is largely influencing the banking sector beyond cryptocurrency, which has altered the financial landscape. Not only does it facilitate monetary transactions, it can also help –

  • Cut down back-end costs
  • Reduce labour hours
  • Enhance transaction speed
  • Promote banking security

Through the introduction of Blockchain Technology, financial transactions will no longer require third-party authorisation. It eliminates the role of middlemen in the stock exchange process and ensures the smooth flow of the entire process. Blockchain Technology can decentralise the entire banking system and make way for seamless transactions. Today, more and more banks worldwide are adopting Blockchain Technology, which can potentially bring forth a new era of banking. 

Also, Blockchain technology has brought forth a decentralised and secure way to conduct transactions. While a limited population is still engaging with it, this number is said to steadily rise in the near future.

Cybersecurity

In Blockchain, all information is stored using advanced cryptography, and an identity verification system in Blockchain prevents unauthorised access and alterations. Cyber threats are what limit the growth of the digital world. Whenever a digital transaction is hacked, one grows sceptical towards the viability of such transactions. But Blockchain’s verified and encrypted database eliminates such risks to a great extent and secures digital transactions and any stored information against hacking. 

Furthermore, centralised systems are prone to data loss, human error and hacking. However, Blockchain Technology allows the creation of decentralised systems without third-party involvement, thus taking all associated risks out of the picture. Blockchain technology will give a more trustworthy turn to digital transactions and make way for secure, transparent, and tamper-resistant transactions. 

Supply Chain Management

Planning, controlling and executing the flow of goods, services, and information is no easy task, and it is prone to several obstructions due to mismanagement, fraud, etc. Inventory management in Blockchain can streamline the entire supply chain management process and make way for an error-proof and tamper-proof system. 

  • With Blockchain, you can create an unchangeable and transparent ledger that stores all information regarding the flow of goods within the supply chain. From the initial manufacturing to the eventual sale, tracking the journey of a product will become a lot easier. If you need any information, you can easily access it and put it to the desired use. 
  • When there is an immutable record of the entire product journey, you can quickly determine the authenticity of products and prevent the possibility of any associated fraud. 
  • The traditional supply chain management process is quite complex – it involves lots and lots of paperwork, verification and intermediaries. But inventory management in Blockchain simplifies it by creating a shared, real-time database where all information is stored. 
Healthcare

If employed well, Blockchain technology can do away with the irregularities in the healthcare system and make way for a more efficient way of storing and securing patient information. 

  • As any information stored within the Blockchain’s decentralised and distributed ledger cannot be altered retroactively, you can quickly and safely keep all patient records. The identity verification system in Blockchain will ensure patients have more control over their medical profiles and sensitive health information, deciding who has access and who doesn’t. 
  • Within the healthcare sector, the lack of interoperability is a crucial concern. Exchanging patient information for immediate treatment/emergency purposes often involves a lengthy and tiresome process, inconveniencing the doctors and the patients. Blockchain allows the creation of a unified and standardised platform where all patient records can be safely stored and accessed. 

If the healthcare system adopts Blockchain Technology, it will simplify how information is handled and stored within this system. 

Voting System

When it comes to voting systems, tampering becomes an issue of grave concern. If the entire process is tampered with, it can impact the future of a whole nation. While efforts are being made at all levels to create a more transparent voting system, Blockchain Technology can potentially help secure and enhance the integrity of elections. 

  • As Blockchain enables the creation of an immutable record, a vote, once registered, cannot be changed. 
  • Blockchain consulting brings in a lot of transparency as any authorised personnel could easily access the ledger and audit the votes. 
  • Unlike traditional voting systems, which can be hacked, Blockchain technology is immune to hacking. Even if one single point is compromised, it won’t compromise the entire system’s integrity. 

While adopting Blockchain Technology to streamline the voting process seems a bit far-fetched, it can potentially change the world for the better. 

Real Estate

When it comes to property transactions, there are several complications and scope for discrepancies, and Blockchain has the potential to address and tackle them all. 

  • As any real estate sale includes many numbers and facts in terms of payments, mortgages, sale value, etc, efficiently and correctly storing all information becomes a hassle. But Blockchain’s unified ledger ensures the quick and easy storage of all such information. 
  • As all information regarding the property is stored on Blockchain and cannot be altered, tracking any property’s history of ownership becomes much easier. This also allows for title management and verification. 
  • Blockchain technology enables the creation of self-executing contracts, which are automatically executed when all conditions of the sale are met. This takes away the need for intermediaries and helps cut unnecessary costs. 
  • Blockchain technology can limit the possibility of false property listings and bring down all associated property frauds, thus making the property market more efficient and secure.
Conclusion

Blockchain technology can change the world in these potential ways, but the list goes on. For instance, Blockchain architecture in Android or mobile app development in Blockchain can secure mobile devices against several security risks. But the truth is, Blockchain technology is still a reasonably new advancement, and the extent to which it can influence the world and trigger certain developments remains a mystery. But we can say that it is a technology that can change the world for the better if used correctly. At Verticle Global Tech, we offer services in Blockchain consulting and specialise in consultation services that help businesses improve their practices. So, if you wish to know more, connect with us today. 

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