Blockchain technology is poised to dramatically impact and completely transform every industry, including financial and legal services, agriculture, healthcare, marketing, and more. Famed because of the most prevalent example of blockchain technology – Bitcoin, the underlying technology is finding applicability across a wide variety of use cases.
In the age of the Internet, blockchain is bringing back trust in everything that happens online. With every passing day, the Internet is influencing us in more and more ways and we are finding novel ways to perform even more core functions online.
The working of the government, economies, societies, banking, shopping – everything is done through the internet. It is safe to assume that most of us share a lot of information about our lives and our personalities online. With blockchain, the information is no longer controlled by powerful forces with everyone being a passive recipient. Blockchain is being regarded as the second generation of internet that enables the exchange of true, peer-to-peer value.
Blockchain can be thought of as the historical fabric underneath that records everything that happens—every digital transaction, exchange of value, goods and services, or private data—exactly as it occurs.
Once the information is accessed, the chain stitches the data into encrypted blocks that can never be modified or lost or scattered across the worldwide network of distributed computers.
How the Blockchain Works?
The blockchain is essentially an un-hackable immutable distributed database, where trust is established through mass collaboration and clever code rather than through a powerful institution that does the authentication and the settlement.
When any transaction occurs on the internet, block stores information and data including date, time, amount, type, participants in the transaction, etc. Every block has unique code, which ensures that no information can be changed. When a number of transactions occur, the blocks for each transaction get linked together in chains. The transaction that occurs must get verified in order to be recorded.
Users can opt to connect their computers with the blockchain network. Each computer in the blockchain network has its own copy of the blockchain. This means that if there are thousands or even millions of copies of the same blockchain, each copy is identical and spreads the information across a network of computers.
This spread of information makes it impossible to tamper or manipulate the information. Each of the stored copy of information is identical. With blockchain, there isn’t a single, definitive account of events that can be manipulated. Instead, a hacker would need to manipulate every copy of the blockchain on the network. This technology is better known as the distributed ledger.
Blockchain technology is causing disruptions in every industry as the world is waking up to its potential. The following five blockchain integrations are most likely to change the way the world functions.
FinTech stands for “financial technologies,” and is typically used by banks and other financial institutions to provide more efficient transaction options to businesses and consumers.
Blockchain technology serves as an extremely trustworthy and secure foundation for the banking platforms that facilitates funds transfer. At the same time, blockchain can also be used by fundraising departments and crowdfunding platforms to revive and track donations. Fintech also goes a long way in making it possible for consumers to use their mobile devices to pay for goods and services without facing any security risks.
- Education Records
It is not just the finance industry that stands to gain and be revolutionized by the blockchain technology.
Blockchain is creating a reliable system that centralizes the education activity records and manages data from multiple educational institutions. This makes it possible to record and reference educational data and digital transcripts.
Such a system is great as it allows teachers as well as students to access relevant data while maintaining privacy at the same time. For educational institutes and potential employees, it provides an excellent avenue to verify applicant credentials through a transparent and trustworthy platform.
In fact, with the advent of AI, educational institutes can also utilize this data to provide suggested improvements to their curriculums and procedures.
- Food Inventory Tracking
With people becoming extremely conscious of how they source their food, blockchain technology can immensely benefit the food industry by enabling inventory tracking. Foodborne illness outbreaks have necessitated the need to question the road taken by the produce, meat, and other foods before they made their way to the supermarkets and eventually our dinner tables.
Blockchain would allow food suppliers to maintain records of the food’s journey from farm to the table – a journey that may include multiple stops and transfers. Any of these stops could be the point of breakdown in the food safety process.
- Internet of Things
Internet of Things (IoT) is a process through which conventional devices become smart and autonomous. This technology is transforming and optimizing manual processes to take them at par with the developments in the digital era, obtaining volumes of data that provides immense knowledge. This knowledge is facilitating the development of smart applications such as the improvement of the management and the quality of life of citizens through the digitization of services in the cities.
Blockchain has emerged as a key technology that will transform the way in which information is shared by people. Blockchain can enrich the IoT by providing a trusted sharing service, where information is reliable and can be traceable. The sources from where data has been procured can be identified at any time and data remains immutable over time, increasing its security. In the cases where the IoT information should be securely shared between many participants this integration would represent a key revolution.
By building trust in distributed environments without the need for authorities is the one technological advance that the IoT industry had been looking for to become better at serving people and fulfilling its vision of creating a totally connected world.
Blockchain has revolutionized the trustworthiness of information. Its potential can be leveraged to provide trustworthiness in IoT data through a distributed service trusted by all its participants. Blockchain will ensure the data remains immutable. If all participants have the data and they have the means to verify that the data have not been tampered with since the first definition, trustworthiness can be achieved.
One of the main industries to get positively impacted through blockchain is the advertising industry. A blockchain marketing company can enable ad buying and selling without the mediator. No intermediaries benefit by employing these techniques and platforms.
A blockchain marketing company can effectively solve transparencies and trust issues that usually crop up in the advertising industry. This is done through fraud prevention and increased transparency in the ad supply chain.
A blockchain marketing agency can leverage technology integrated with the right tools to help find and flag sites with click discrepancy and bot infiltration. Consequently, the blockchain marketing agency will guide the ad budget to the right sites with genuine clicks.
In addition to these benefits, blockchain can even target the right audience by driving an ad campaign according to the customer journey. The data generated through advertising using blockchain can be safely stored, which is another plus for this industry.
However, in order to attract the right kind of clientele, the blockchain marketing company will have to employ a cryptocurrency content writer who has sufficient knowledge of the field and can educate people on what exactly blockchain is and how they stand to benefit from it.
Given the fact that it is a rather new technology and not many people are aware of it, let alone know about its benefits, hiring an efficient and skilled blockchain content writer should be the priority of any new blockchain marketing agency. The blockchain content writer will be able to educate people and present the benefits of using this technology in the advertising sector in a manner that can strike a chord with the potential customers.
This article barely scratches the surface of the potential of blockchain technology. It won’t be long before innovators in other industries too wake up to the immense benefits of blockchain technology and discover new and unique ways to tap into potential that is yet to be imagined.