What Is Blockchain Technology And How It Is Changing Various Fields?
Blockchain technology - as a term is usually related to the transparent, reliable, publicly accessible ledger allowing people to safely transfer the possession of units of value through public key encryption. With the secure working methodology, the implementation and usage of blockchain technology is reliable. It is known that this technology utilizes decentralized agreement to maintain the network. This suggests that it is not centrally controlled by a bank, government or corporation. The fact is when the network grows and turns decentralized, the security increases excellently. Alternatively, you can understand blockchain as an encrypted, distributed database capable to record data.
Since its inception, this technology has attained a lot of attention in a wide range of industries. For example, it is widely implemented in industries like e-commerce, finance, healthcare, travel, etc. The potential of this technology is so powerful that it has already influenced lots of major industries in the present market. However, there are still some fields that are devoid of its implementation and in need of the same. Let us first look at the features and benefits of blockchain technology, and then look at how it is influencing different fields:
One of the prominent features of the Blockchain technology is that its corresponding digital ledger is seamlessly accessible across many different computers. Also, it is not bound to be kept in a single place. With its fraud-resistant features, this technology holds the power to upgrade diverse business sectors and enhances the security of the processes. It is capable to make processes smarter and more transparent. Compared to the traditional business processes, this technology is found to be more efficient.
The network composed by blockchain technology is decentralized which means that it does not own any single governing authority or an individual taking care of the framework. As an alternative, a collection of nodes maintains the network in order to make it decentralized. Through decentralization, the users can now employ control on their possessions. They need not rely on any third party to upkeep their assets. The authentic nature of this technology makes it an exceptional type of system for different people. The hackers will find difficulty to crack it.
It is known that the decentralized nature of this technology generates a transparent profile of each participant. Each and every change on the blockchain is reflected and makes it stronger. Since everything is organized, there is no need for human dependence for calculation because this technology is extremely fault-tolerant. Therefore, the accidental failures of this system are actually not the usual output.
In the financial sector, the implementation of Blockchain technology allows the participants to directly interact and can do transactions online. There will be no interference of any third party. These types of transactions via Blockchain technology would not share any personal information about the participants. Consequently, it prepares a transaction record by encrypting the classifying information. One of the greatest appealing features is that it greatly decreases the odds of a data breach. It is quite easy to store anything beginning from crypto-currencies, significant documents, agreements or other important digital assets. There will be a direct control on them by the use of your private key.
What are the benefits of Blockchain technology?
- Boost in time effectiveness because of the real-time transactions
- It implements direct transactions to discard the overheads and associated intermediary costs
- Executes transparent processes along with an appropriate record creation and tracking
- Decrements in risks associated with frauds, cyber-crimes, and tampering
- Extremely secure because of the cryptographic as well as decentralized Blockchain protocols
How Blockchain technology is changing various fields?
Blockchain technology can be effectively used in many different industries for the benefits of users. The implementation is intended to change the existing working mechanism prevalent in the particular field. Take a look at the below sections highlighting the same:
Impact of Blockchain technology in the financial sector:
In the financial services sector, this technology has already been executed in a variety of ways. The implementation streamlines the whole working process linked with asset management and payments by presenting an automated trade life-cycle. Through this life-cycle, every participant would gain access to similar data about a transaction. The same eliminates the requirement for mediators or brokers. Moreover, it guarantees transparency and effectual management of transactional data.
Blockchain technology in Healthcare:
In the healthcare sector, Blockchain increases the security, privacy, and interoperability of healthcare data. This technology facilitates the secure sharing of healthcare data across different entities involved in the procedure. The healthcare record will be stored in distributed databases by encryption.
Blockchain technology in Travel and Hospitality:
The application of this technology in travel and hospitality can facilitate flawless and secure operations. It can be implemented in processes involving money transactions, storing essential documents, reservations and handling loyalty, rewards and travel insurance.
Which fields require the implementation of Blockchain technology?
There are many fields yet to implement Blockchain technology. Once this technology gets implemented, they will be able to operate flawlessly and securely. For example, elections demand authentication of voters’ identity, safe record holding to track votes, and reliable tallies to judge the winner. The blockchain tools have the capacity to work as a basic infrastructure for casting, following, and counting votes. In this way, in the future, there will be an elimination of the need for recounts by staying away from voter fraud. Deploying blockchain technology in the education sector could simplify verification procedures. Thus, there will be a reduction in fraudulent claims of unfair educational credits.
Radio and podcasting sector also needs this technology to be more secure for the content creators. The PodMiners is the solution for this sector and it also works as an online media platform. This platform empowers consumers, facilitating content creators and commercial entities as well. Basically, it is a blockchain-based platform for those who wish to live stream their podcast or show and earn through it.
The lack of awareness and insufficient knowledge of the Blockchain concept and its working prove to be the key challenges for its deployment in different industries. With all its benefits and features, the complete working of different industries will be streamlined. You can certainly try PodMiners platform which is a blockchain based platform.