Sunday, 27th November 2022
<To guardian.ng
Search
Breaking News:
News  

7 ways blockchain is revolutionizing our daily lives

Change is the only constant in the universe, and cryptocurrencies are the flag bearer of this truth on Earth today.

blockchain

Change is the only constant in the universe, and cryptocurrencies are the flag bearer of this truth on Earth today. But what made this instrument evolve as the most prominent FinTech instrument worldwide?

The answer is blockchain.

Blockchain is a decentralized network that provides transparency and security with an ultra-fast speed of electronic communication that helped the crypto ecosystem to thrive. While there is much buzz about the future of this technology, let us discover which domains will get revolutionized by this cutting-edge technology.

Blockchain Technology and its impact on our day-to-day lives

#1. Social Media:

Unlike traditional social media sites, blockchain-based social platforms are decentralized. This type of platform is not controlled by a central authority, hence there is no case of censorship. This doesn’t mean there is no regulation. These platforms give the users the most control, privacy, and security, yet they are moderated regularly. DTube, All.me, Sapien, and SocialX are examples of social media platforms based on blockchain. These applications, by default, leverage the blockchain’s distributed ledger concept to enable private monetary transactions.

#2. Digital Records:

Fundamentally, blockchain provides a massive digital ledger that records all electronic transactions. Recently, enthusiasts have discovered a different function for this feature. This ledger structure can also keep important and sensitive records like health records, birth & death certificate, legal & financial papers, and property deeds safe and secure. Using strong encryption these documents can get safely stored and protected from theft, alteration, or potential abuse.

#3. Healthcare:

HIPAA compliant healthcare is critical to ensure patients’ privacy. With blockchain, a developing more efficient patient care system becomes more manageable and less expensive. Using blockchain enables protection against genomic data theft and transparent medical supply and pharma tracking, where real-time processing of insurance is another added advantage worth mentioning.

#4. Intellectual Property:

Blockchain tools are great instruments for authentication of provenance. They can get used to effective registration, tracking, and managing digital rights. Blockchain’s network can effectively establish proof of ownership, while also detecting counterfeit products and retrieving stolen goods. Moreover, it can be evidence of first use in trade and enforce Intellectual Property rights through smart contracts.

#5. Tourism and Travel:

Various startups worldwide are taking steps to disrupt the travel and hospitality industry by leveraging blockchain technology. In reality, travel booking can be error-prone, but with a decentralized network storing travelers, information becomes error-free and straightforward to process. Moreover, blockchain solutions eliminate any middleman in booking transactions, which makes companies more efficient and self-sufficient. It reduces the cost of travel and secures travelers from the vulnerability of cyber identity theft present in traditional software.

#6. Digital Identity:

Regaining control of one’s digital life seems so overwhelming in the modern era. But with blockchain, this process can be streamlined where no third-party including government agencies will be legally able to control how the identity of an individual is used in cyberspace. In the future, self-sovereign people are striving to use the cutting-edge encryption of blockchain to protect their unique identities across digital platforms. This doesn’t only give them convenience but also reinforces the right to privacy. Furthermore, enterprises also profit from the technology to avert data breaches through secure channels where autonomy is an influential element for profit.

#7. Administration:

Fraud in the voting system can get eliminated using blockchain technology. Ballot machines manufactured using various standard systems have proven to be unreliable time and again, as malicious hackers can hack them effortlessly. Leveraging blockchain’s power, the political preferences, and the identity of citizens can be obscured from public view. It also has mechanisms to prevent duplicate voting using fraudulent IDs. The blockchain ecosystem, if used effectively, can be an asset to the democratic system and empower the administration where corrupt politicians won’t stand a chance of fabrication.

The Future Ahead

Every new technology comes with its advantages and drawbacks. While blockchain promises a large-scale global development in the future, it is not quite free from the potential abuse. When some authorities and enterprises worldwide are embracing the latest solutions provided by the blockchain, some are skeptical about its future. As global citizens, we should realize the potential of this technology and leverage its ability to create a better world while minimizing any misuse whatsoever.