Blockchain is a very powerful and reliable technology that is here to stay. The word blockchain is associated with many applications and the major one is cryptocurrency. here we will talk about the Industries using Blockchain but before we get into that lets get into a little intro about blockchain.
Blockchain, a word that is yet unknown to the non technical people. If you have to explain blockchain to someone you do have to affiliate the word with cryptocurrencies or bitcoin for them to understand and even then they don’t understand what the technology is behind it and what power does this digital monster blockchain possesses. Majority of the people thinks that the word blockchain and cryptocurrencies are synonyms when in reality there is much more to the technology then just a payment method. Blockchain is the underlying technology because of which these cryptocurrencies are possible.
In 1960’s the initial launch and purpose of the internet was to send a message from one computer to another. It was done using the ARPANET in 1969 and since then we have utilized that internet and made it into the multipurpose necessity that we know and use today. Exactly like that blockchain initial purpose was to trade crypto but now developers and people are utilizing the power of this decentralized technology and realizing its impact on the world.
The blockchain technology started with cryptocurrencies and changed the whole banking system. Everyone in the world knows bitcoin now because of the power of the blockchain and now after this they will know about the Industries using Blockchain.
The main problem with the current world wide web is its centralization and control by one central authority. Blockchain mainly tackles this drawback of the normal internet. The main features that makes blockchain better than the traditional system are.
- Faster transfer speed
- Data integrity
Industries using Blockchain:
We have seen the power of blockchain in changing the money of the world into digital currencies, Lets discuss the power of blockchain and the Industries using Blockchain.
After the breakthrough of the decentralized digital currency and its acceptance by the people, blockchain technology now holds the power to change the 4000 years old banking system. blockchain now provides a reliable, secure, transparent and tamper proof platform for transaction that does not require a centralized authority to manage it. Banking is one of the Industries using Blockchain to totally transform itself.
- OmiseGo – is a blockchain start-up aiming to provide affordable, scalable and secure banking to the world’s two billion unbanked population.
- Ripple – is a blockchain start-up aiming to provide a decentralized payment infrastructure for the world’s banks, payment providers, exchanges and corporations.
Blockchain will improve the agriculture by providing transparency to understand, identify and record the life cycle of every product from its production to its journey and purchase. Farmers, consumers and retailers can all benefit from it. As consumers can buy the exact price they were intended for by checking its price due to the transparency. The retailers could buy the original products and the farmer would get their fair payments. Blockchain will make sure that every step of the product’s life cycle is immutably recorded. Agriculture is one of the Industries using Blockchain to totally transform itself.
3. Artificial Intelligence:
Artificial intelligence and blockchain are at the cutting edge of technology. Even after so much advancement in the AI field, their actual potential is just getting realized. Since we know that the more accurate the data sets, the more accurate results your AI learning will give you. So what if you give your AI a tamper proof immutable data source?
Having these things in mind, the trust, security and integrity of the blockchain will give an infinite effectiveness in the AI learning mechanism. The more accurate the data will be the more better results will the AI produce.
AIDoctor is a Blockchain based AI that proactively monitors, diagnoses and predicts a patient’s condition. The effectiveness of the AI doctor is entirely enabled by its access to highly accurate, unalterable medical data recorded in real-time on a tamper-proof blockchain. AI is one of the Industries using Blockchain to totally transform itself.
4. Digital ID:
A statistical study in the United States show that globally over 1 billion people cannot provide any documentation for their proof of existence. This arises many challenges from them. A blockchain Identification of the people and residence will put the on an immutable ledger and they can always and forever be existing to the state and government digitally as well.
Microsoft and Accenture presented a digital identification system based on the blockchain protocol to remedy this issue. Estonia has issued e-residency cards based on Blockchain technology and India is also trying to deploy their Adhar cards using blockchain technology.
5. Decentralized Computing:
For most of our day our laptops, computers, Mobile devices etc. are sitting idle in our homes and packets. On the other hand the day to day rise in the need for the computing resources is a rising issue.
So how can we make a more use of all the resources that are going to waste on everyone’s laptops and personal devices? Blockchain the distributed ledger can be used to provide a platform from where you can rent and borrow computing resources and get paid for your idle computing power as well and in doing so makes the worlds most powerful super computer. The decentralized computing is one of the Industries using Blockchain to totally transform itself.
6. Crowdfunding and Charities:
Donating food, money and utilities is a very noble cause but have you ever wondered that what percentage of the things that you donate actually goes to the people who it is initially intended for. With blockchain you can keep track of every penny that you have donated and see to which person or charity organization it was received. Blockchain has a very through and clear tracking system due to its transparency and its immutability. Many charities are starting to create trust using a public ledger that shows where is your money going. Crowdfunding is one of the Industries using Blockchain to totally transform itself.
Blockchain technology has many benefits and application in the healthcare industry. As discussed in the AI section an AI doctor that has been created can get its accurate data from a blockchain. Apart from those Blockchain technology can be used to end the fake drugs industry by shifting the whole medicine supply chain on to the blockchain ledger and making it transparent and immutable. The authenticity of every single box and every single tablet can be checked and then purchased. A change like this can clean and purify the whole world and a lot of poor family and 3rd world countries can benefit from this. Health is one of the Industries using Blockchain to totally transform itself.
8. Voting Systems:
The scandal that accompanied the 2016 US Elections put fears in everyone’s hearts about the defected voting system. The current voting system is very vulnerable to people making changes in it. Since Blockchain is immutable so the voters can be free from the fear of their votes getting changed after the cast and also due to its transparency people can at all times see their votes and other votes and a fair election system can take place.
If you want to read more about how the voting system works read the blog here.
9. Supply Chain:
The lack of transparency and accessibility in the infrastructure of current supply chain is the root cause of misplacement, damage and delay in shipments, and corruption. Whereas blockchain’s unalterable nature could provide transparency to it, with real-time updates on the ledgers, which eliminates. IBM supports this technology and backs it by making partnership with Maerks to create “Degitised global trade” using blockchain. Supply chain is one of the Industries using Blockchain to totally transform itself.
If you want to read more about how the supply chain system in blockchain works read the complete blog here.
10. Advertising and marketing:
Juniper Research anticipates advertisers loses millions of dollars each year in online and mobile devices advertisement to “click fraud”. Blockchain technology can dramatically reduce this fraud.Principles of blockchain, which were historically developed to prevent fraud in banking, can be applied to programmatic media buying. Amir Jan Malik, Digital Marketing expert at Accenture Interactive explains. Advertising is one of the industries totally transformed using Blockchain.
“By using the system to monitor and govern budget spend, advertisers can track investment from the initial transfer of the media budget to the final publication of creative with the media owner, reducing the risk of overcharging and under performance.”
Education is another industry that is using blockchain with much enthusiasm. e.g. There are projects for storing educational records and certificates in blockchain an in immutable way. Two important projects for this usage are Blockcerts and OpenCerts.
Blockchain technology is changing the world one block at a time and with its increased demand, every second people are finding ways of bringing every technology into the blockchain world. Soon you will see all the industries using blockchain to transform themselves.
Over the next 10 years all the above mentioned industries totally transformed using Blockchain and many more will benefit from the blockchain technology. Blockchain is truly the new decentralized internet or if i might say “The New Internet”.
If you want to get involved in any of the following industry and want your application developed professionally. Our Blockchain development company would be more than happy to guide you and build it for you.