How is Blockchain Technology Changing the World for the Better?
“Every inventor strives to reinvent the existing invention”
Looks Insane, Right?
But it is the truth all inventions are not really inventions instead all of them are the replication of existing sources. Then what is an invention? The invention is something you find new on the earth. Inventions and discoveries are greatly varied, especially when it comes to technology. Every invention of new technology boosts up the economy of the country and makes a great impact around the world. Pleasingly, here comes one of the latest and prominent inventions, in fact, a boon for the today’s business and society Blockchain. While the hot subjects about the blockchain technology wander around, this is the high time to know all about blockchain and how blockchain will change the world in a few years from now.
What is Blockchain Technology?
Security is everything, whether you are dealing with data, information or fund transactions, security seems to get preference. With the importance of security, blockchain comes as a secure platform for transferring fund and data. Blockchain stores data as a series of blocks. It comes as a great alternative to a traditional database, which s owned by companies that have access to the data.
When people lose trust in companies and traditional sharing, they choose blockchain for its potential applications. Interesting uses of blockchain inspires people to give a try on it. Read on to know how blockchain developing the world for the better.
1. Record Keeping
As a decentralized platform, with blockchain, there is no chance of becoming tampered by fraudulence. Keeping records safe is one of the traits of using blockchain technology. Medical records, fitness tracking and education records are highly sensitive, which need to be secured.
Medical records: While exchanging patient’s records and digital storage, medical records have been facing an abundance of hurdles. Like, record accessibility, maintaining privacy and assuring functionality of the shared information are the visible obstacles in today’s digital record management. But in just five years from now, blockchain will change everything. With a single decentralized blockchain, any authorized individual can access anytime anywhere.
Fitness Tracking: While considering the fitness tracking, blockchain stores fitness data of volunteer participants in a blockchain database to gather the real-time health data. MintHealth, a new blockchain-based platform offers token incentives, which can be used to pay for healthcare related expenses.
2. Raising Capital
With the ICO framework, the barriers to raising capital have been eliminated. With the help of traditional lenders, businesses had been handling complex and bureaucratic processes. However, the results are painfully slow and related to harsh repayments terms.
The ICO enables the business to crowdfund their projects from scratch. Additionally, founders can be allowed to easily present their vision to the online community with little costs. In this blockchain developing world, the use of ICO helps quicker and more seamless process of raising capital and lowers the barriers.
3. Supply Chain Management
Transparency and accessibility are the two major things determine the success of the supply chain management. Unfortunately, the current supply chain industry lacks both of them. Damaged, misplaced and delayed shipments break the transparency, which leads to corruption.
The blockchain is faster and decentralized so there is no chance of being tampered and altered. Here the importance of blockchain stands higher. Blockchain eliminates paperwork, fraudulence, and enables the faster identification of errors and issues. With the increasing scalability, improved transparency and enhanced security there is no doubts that blockchain will change the world.
4. Artificial Intelligence
AI is the biggest revolutionary in this century. AI has been used for almost industries, from agriculture, manufacturing, transport to the medical industry. By that, AI rapidly has to become a part of daily lives. Despite the massive merits of AI, there are some shortfalls also equally held in this regard. While the system and hardware are being monitored by AI, the potential errors such as loss of human life are unavoidable.
Here is the importance of blockchain development companies is rising. A trustworthy and security of blockchain increase the effectiveness of AI and provide accurate data, models and actions. Smart and faster actions by smart contracts ensure AI to perform certain actions and avoid the likelihood of catastrophe.
With zero doubts, blockchain will rule the future. With the rapidly growing blockchain usage, it will become an immense demand for both development and commercialization. After ten years from now, blockchain will leave a mark in all the industries with consistent inventories and revolutionaries.