It may have become something of a buzzword within the financial, technology, and investment sectors in recent years but blockchain has also proven that it has the potential to impact our lives in more ways than we could have ever previously imagined. If you have heard of the term before but are unaware of what it entails or even how it may impact the way in which you live and work on a daily basis, continue reading to find out everything you need to know as blockchain continues to infiltrate a growing number of global industries as a seemingly unstoppable pace.
1. It will streamline travel
If you are a keen traveler, you will be familiar with how stress-inducing the entire experience can be from start to finish with lost luggage, flight delays, and cancellations all common problems that today’s globe-trotters have more than likely been forced to contend with. This has, however, led to the welcome introduction of a number of travel companies that are making the most of blockchain technology to improve the current state of the travel industry by removing the potential for human error and safely and securely storing passenger data on a decentralized ledger. In the coming years, this is expected to expand to include removing the need for third-party or manual intervention during the process of booking both short and long-haul trips with disclosing sensitive data over the internet only increasing the chances of it being stolen or misused and blockchain technology ensuring your sensitive data is completely hidden from prying eyes.
2. It will improve healthcare for everyone
If you have ever wished that your medical information could be stored on a central database as opposed to on singular systems, blockchain may be the answer to your prayers. Within the next decade, for example, it has been predicted that medical information will edge towards being stored on a decentralized ledger with centralization only rendering it vulnerable to hackers and thieves and exposing it to further internal and external threats. Tapping into the wide-reaching benefits of blockchain is a natural next step for hospitals given the sheer expanse of medical information that they are expected to store on an ongoing basis and the ever-pressing need for a platform that is safe, secure, and, therefore, accessible by only those that have been given explicit authorization to do so.
3. It will revolutionize cybersecurity
If you are an experienced cryptocurrency trader or are well-versed in all things cryptocurrency, such as thehanging man pattern, you will understand the importance of cybersecurity in today’s increasingly digital world where data breaches and leaks are becoming a common problem. Whenever data is added to the blockchain, it is verified and encrypted using cutting-edge technology. This protects it from any unauthorized changes that may be made at a later date which, when compared to centralized servers, renders it relatively impenetrable when it comes to data loss, corruption and, perhaps most importantly, human error. It may be difficult to imagine a world without data breaches but if the world’s largest companies were to switch to the blockchain as opposed to a centralized server, the number of high-profile cyber attacks would significantly decline with more robust data storage and security systems needed to prevent widespread destruction.
4. It will lead to greater charitable transparency
If you have ever donated toa charity, you have probably assumed that your entire donation has been given to a worthy cause. It can, however, be impossible to tell what percentage of your money will actually be donated from the second you part with it with a number of charities and charity founders later accused of fraud and theft over the years. With blockchain technology, however, you can be reassured that your money goes exactly where you intended by being able to track your transaction from start to finish. This has led to the introduction of a number of cryptocurrency-based charities in recent years that are relying on blockchain for building trust through smart contracts and online reputation systems that allow donors to track their donations as they pass through a decentralized ledger. An example of this is the United Nations’ Food Programme where refugees can purchase food with cutting-edge eye-scanning technology as opposed to physical cash, vouchers, credit, or debit cards.
5. It will speed up the home ownership process
When you buy a house, you must complete a seemingly endless number of physical forms, documents, and records during face-to-face meetings with doing so through digital means still in its infancy and with no signs of speeding up any time soon. In the future, however, blockchain will speed up the home ownership process through the introduction of smart contracts so assets, such as real estate, can be tokenized and traded in the same way that cryptocurrencies can be traded across a cryptocurrency exchange.
Blockchain may be best known for its association with cryptocurrency, but it will also impact our lives in countless ways in the future by streamlining travel, improving healthcare for everyone, revolutionizing cybersecurity, leading to greater charitable transparency, and speeding up the home ownership process.