Many things that were unachievable a few years back are now possible. And that’s all thanks to the rapidly growing blockchain technology. With blockchain technology, we now have the solution to high fees, net fraud, double spending, and retrieval of lost data, among others and one may wonder how this blockchain technology works.
Currently, several industries are using blockchain technology to gain security, transparency, and traceability benefits. And looking at the incredible potential that blockchain holds, many industries will be revolutionised soon.
In this article, we will discuss ways blockchain technology is changing businesses – the banking industry, supply chain management, healthcare, cybersecurity and governance.
Blockchain and The Banking Industry
The banking system is laden with high transfer fees, and many find it normal. Unfortunately, this process is expensive and time-consuming. Sending money to other countries can be challenging because of the exchange rates and additional hidden costs.
However, with blockchain technology, you can overcome all of these difficulties. Blockchain eliminates the middleman through the use of the Peer-to-Peer connection. Cryptocurrencies such as Bitcoin and Ethereum eradicate the need for a third party to perform transactions.
Blockchain and The Supply Chain Management
Another sector that is set to change, thanks to blockchain technology is the supply chain industry. Due to the lack of transparency, the supply chain sector often faces many challenges, such as service redundancy and lack of reliability.
Tracking can be done using blockchain technology by using traceability protocols throughout the supply chain. More importantly, blockchain gives the supply chain the ability to verify and audit transactions by multiple supply chain partners. Each transaction is recorded into a block, and the ledger is stored in a decentralized system that’s impenetrable.
Blockchain and Healthcare
In the healthcare system, patients connect to a hospital which then obtains their medical data immediately. Unfortunately, this system is flawed. That’s because the data can be compromised since it’s stored in physical memory devices. With blockchain technology, there’s no central authority in charge of the patient’s data. The information is decentralized and distributed between several computers, or in other words, nodes. That makes it hard for hackers to access the information.
Blockchain and Cybersecurity
The earliest versions of cyber attacks had a significant impact on the public. Several companies have developed effective ways to deal with unauthorized access and tampering. Blockchain technology quickly identifies malicious attacks due to the P2P connection and the fact that blockchain data cannot be altered. Every data stored in blockchain technology is encrypted and secured using the cryptographic algorithm.
Blockchain Technology in Government
We live in a society where the government is also vulnerable to malpractices such as rigged votes. This challenge came with the traditional voting systems. Additionally, voters have to wait for a long hour in a queue to cast their votes which can be time-consuming.
Through blockchain technology, voters can cast their votes without necessarily disclosing their identity. More importantly, votes are counted with high accuracy. That’s because the officials can identify that one vote is connected to one identity. The information is then added to the public ledger, and the data will never be erased.
Take Away Message
As you can see, blockchain technology is already changing the different industries in our society. Without a doubt, this tech has even more potential, and we are barely scratching the surface. As much as blockchain and cryptocurrencies face a lot of criticism due to their high volatility nature and anonymity, it’s impossible to ignore their worth.