We all know about the blockchain and how cool and promising it is. It's democratic, clear, decentralized, efficient and most importantly secure. However, have you ever thought of how blockchain technology will change our lives? In what aspects could it be implemented? Here's some of the aspects of our lives that the blockchain will transform within the next 5-20 years, as companies and businesses will be forced to either shift to the blockchain or persih. In other words, they will be forced to either follow the trend or die off.
Banking System and Payment Procesors:
Alot of people say that the blockchain is going to achieve for banking and payments what the internet achieved for the media. Unlike traditional, inefficient banking system, the blockchain technology can be employed to provide payment access to millions of people around the world. Rememeber, not everybody in the world is as lucky as us to have banks surrounding them. In this case, the blockchain allowes these people, and us, to send money even across borderes, in seconds, and for very low fees. The British based bank, Barclays, already started working on employing the blockchain to make their network more efficient and secure.
Cloud Storage:
We all can make out that data on centralized physical servers are highly prone to data loss, hacking and human mistakes. In this case, using blockchain technology will allow this sector to be more secure and resistant to any type of attacks, as everything would be decentralized and a file like an image, for example, would be split into hundreds if not thousands of pieces, and stored using people's computing power around the world.
Charitable Organizations:
There's many problems associated with charity. For example, many people say that donations made through centralized corporations are corrupt, as the hosts and the companies responsible for the advertisment and delivery of the funds take a large percentage of the charity designated money, leaving so little for the poor and in-need to benefit. However, the blockchain will allow us to eliminate corruption, as they will decentralize the charity process and will allow us to track the money to ensure that it made it to the right hands.
Music Production:
The blcokchain technology can be used to create smart-contracts between musicians and their followers, which leads to musicians getting paid directly by their fans instead of having music production companies or hosts take up large fees for the process.
Voting:
Nowadays, there's so many accusations of third parties rigging election results. Lucky for us, blockchain technology can be used to make voters register and get verified, and most importantly count their vote properly. In this case, the blockchain can help ensure that only legitimate votes are counted, and no votes are changed, added or removed.