The world of blockchain is growing faster than you think. From its inception in 2008, it has slowly become the staple of innovation. Now, blockchain technology is being used in solving critical problems and is all bound to change our future.
Blockchain technology is based on a decentralized ledger where two or more parties can interact with each other without any centralized authority. This means that transactions can happen in a peer-to-peer platform with tons of use-cases including banking, voting and so on. If you are new to the blockchain technology, we recommend you check out my blockchain infographic article on my website.
In the article, we will be exploring how it will impact our future and daily lives.
Why Blockchain Technology Will Change The Future
Blockchain is everywhere. It is the most talked about topic in 2017. So, how is it going to impact our future? Well, it's going to impact the different aspects of our system including how we store value, the government, banks, healthcare and so on. This impact is substantial enough to be acknowledged.
Government
The governments are extremely fond of the blockchain. It can help them improve their overall systems and mitigate a lot of manual work. Even though governments don’t use completely decentralized systems, they are using federated or hybrid blockchain to power different government activities. One such activity is the identification. By using blockchain, they can provide a tamper-proof solution that can work across any channel. Governments are also keen on using it on voting, foreign fund transfers, and so on.
Banks
Banks, just like the government, may not like bitcoin but are using blockchain to improve their system. With blockchain, banks are enabling end-users to take advantage of all the features that blockchain has to offer. Many governments in association with banks are also releasing their own digital currency that can help facilitate the medium of exchange. By enabling blockchain, the trust between partners will improve drastically. Also, banks can now do real-time transactions and help both normal users and businesses.
Healthcare
Healthcare will also see a huge change in the future. With blockchain, healthcare problems such as lack of data protection, insurance fraud, no proper patient management system, and so on. Blockchain can solve all of these problems and further improve patient’s experience by streamlining the services to them.
Blockchain technology can also end the frauds related to drug and insurance companies. Drug traceability will end the circulation of counterfeit drugs. Insurance claims will also be improved as most of it will be automated and streamlined with no involvement from the middle man.
Conclusion
We discussed three important aspects of our surrounding that will be influenced by blockchain. Of Course, blockchain has more widespread implications for the future. Almost every sector is currently being influenced by blockchain, and most of them are in a transition phase. So, what do you think about the impact of blockchain technology on our daily life and the future? Comment below and let us know.
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