Can Blockchain Technology Affect The Countries Across the Globe!
After its origin back in early 2009, blockchain technology has come a great way.
In the start, blockchain was designed as an economic experiment, providing birth to the first version of this technology, also identified as blockchain v1.0. At that point, this new tech’s focus relied singly on currency, ensuring that transactions are made anonymously and securely, without any third-party involvement.
This experiment proved to be a victory, and so blockchain continuously developed for the coming years. Smart Contracts arrived, and then blockchain apps became a thing, and now more and more businesses embrace this technology due to its reliability and difficulty of hacking.
Therefore, with those being said, blockchain technology is gradually commencing to obtain more presence in our day-to-day lives, and here’s how it has the potential to transform the world.
Today’s healthcare system has a weakness that can develop into a significant problem. Every information of every patient is stored in a centralized database. So by being centralized, it is likely to hack it, placing private data at risk.
Blockchain can be very beneficial in this spectrum as its decentralization and high emphasis on encryption makes it pretty much impracticable to hack.
Internet of Things
Iot bestows the same vulnerability as the healthcare system. IoT is pretty much everywhere encompassing us, from doorbells to cars and even buildings.
Security is a top preference in both of these cases, and repeatedly, blockchain technology serves as an up-and-coming solution to this issue.
This technology can produce extensive reforms to the banking system, as well as making payments much more accessible. The transaction times get much quicker. It makes the whole process much more secure, as well.
Various banks have already commenced adopting this technology so that we might see a whole blockchain-based banking system soon.
As we’ve stated before, a centralized system can be exposed to hackers. Not only that, they can also suffer from information loss or simple human mistakes. Blockchain absolutely appears to bring a lot of promise to the safety side of things, and with good reason.
More and more companies are beginning to embrace this technology due to its absolute convenience. It appears to make everything properly. After all, developed transaction times and impregnable security are essential factors when it comes to massive significant corporations.
This new type of technology delivers a lot of promise to the world. It has the potential to resolve various problems that we deal with right now. It’s already beginning to be achieved in many domains. Nevertheless, it might take longer than we expect. After all, executing this to real life is still an experiment at this point.