Contact us anytime to know more — Abhishek P., Founder & CFO CISIN
A blockchain is essentially a ledger of different records collated and collected into a given network utilizing the high-secure method, cryptography, and distributed over different decentralized locations.
It is certainly a secure way to easily record, verify and even transfer assets in real-time, without utilizing brokers, banks or any other third party.
The most special thing about blockchain is that data recorded on it is permanent, unalterable and easily verifiable by all.
It means data secured utilizing this technology remains forever, and it can be easily viewed by anyone, in the case of public blockchains. Also, no one can alter the entire data without an informed consensus from a wide majority of the participants of the network.
These features make this technology best-suited for using as a transaction ledger for different decentralized cryptocurrencies like Bitcoin or Ether.
In reality, these cryptocurrencies are merely one sector where this technology is applied. It does have a lot of potentials to do, and in the last few years, this technology is making new inroads into different global sectors.
The latest blockchain-based products are often launched, and traditional systems are getting revamped as well as remodeled using this particular technology. A blockchain development company now has multiple avenues for blockchain development.
In the coming future, we will see blockchain being used in various aspects of our lives and transforming it. Here are a plethora of ways blockchain is going to improve our lives in 2020 and beyond.
1. Improving Governance
Even though the entire crypto community might actually despise the government coming anywhere near they decentralized systems, governments will certainly play a crucial role in this space.
One of the key aspects of governance is giving out identities. They include birth certificates, driver’s licenses, passports, etc.
All of these forms of personal identification are provided by the government. Blockchain can offer a relatively less “tamper-proof” system, which will be a huge development.
Also, it will be difficult for any other online form of personal identification from getting tampered or manipulated. Only blockchain identity per person with each modern person having one, can gain access to all of the services offered.
2. Transforming Banking
Another controversial issue that blockchain addresses are the government’s influence on the entire medium of exchange.
That is our money through banks. Also, the financial institutions which are tasked with complete monitoring of the value of the money, anyone can impact it by arbitrarily reacting or even overreacting to changes in the money valuation, which can cause the financial crisis.
Maybe even Artificial Intelligence can come into the foray and take control of the financial institution. However, the banking sector is the most uncertain at this particular moment. It is debated whether every country will have its own digital currency which is monitored as well as controlled by different central banks or will there be few cryptocurrencies utilized by people as legal tender? Or will there be a global currency but who will be in charge of it?
The most prominent problem with current cryptocurrencies is that they are certainly unfairly distributed right at the time of creation.
So, if we need to introduce global currencies to be utilized by everyone, then few people owning a significant portion isn’t actually a good start. However, blockchain will certainly provide people to trade products using cryptocurrencies. In 2020, we will witness more mobile application development with blockchain technology to create mobile apps to allow these transactions.
3. Revamping Healthcare
This technology will certainly have a very profound and far-reaching effect on the healthcare industry. It is quite imaginable that in the upcoming years, we will all have digital medical records that will be stored on the blockchain.
Also, having the ability to grant access to these records to the hospitals, medical practitioners and insurers will need that information. Even catering the requirements of information to every requester, so that the necessary information is shared only.
There might be a general template for doctors, hospitals or insurer which is more likely. Access to this information available readily through a mobile app or a certain system at the hospital or medical institution, can easily allow life-saving measures as there won’t be any delay.
Along with this, the anonymized data or metadata can easily be aggregated and utilized for medical research on a large scale. It can lead to life-saving medicines as well as procedures.
4. Empowering the Internet of Things (IoT)
IoT or Internet of Things is essentially a network of devices that are embedded with sensors that easily allow them to interact and make it possible to readily integrate a computer-based system into the entire physical work and improve the efficiency of humans.
IoT is considered to be among the next big thing in the technology sector. Now, the blockchain is coming to IoT as because of this technology, development by any IoT app development company that would have taken years to happen maybe within imminent reach.
As per a recent release made by IBM, the blockchain technology will assist the IoT industry in building trust between various network participants as well as the devices, reducing costs and speeding up transactions in the entire network.
Also, the IoT holds great potential to easily improve different facets of human lives such as healthcare, agriculture, security, transportation, mass production etc. The blockchain will certainly make it quite possible for the IoT devices to easily exchange their data in real-time and also settle payments smoothly and seamlessly.
All of these can easily be done through smart contracts and without any involvement of the third party. It will just need device-device interaction.
5. Revolutionizing the Energy Sector
This technology has the necessary potential actually to make energy a tradable asset. There are quite a few energy startups which are under process of providing traditional energy consumers with a platform to become distributors.
A peer-to-peer energy trading network will essentially be established, and renewable energy sources such as solar panels will be added to the grid, and then the users who generate excess energy can easily sell it to those who require it. But, the grids will be only location-specific and only the people in the same region or neighbourhoods will be able to trade energy among themselves easily.
Startups can hire custom software development company to develop such a platform and to use this, and they can break the stranglehold of the big corporation which seek to monopolize this trillion-dollar energy market completely.
It will even create an additional source of income for many people and will certainly be beneficial to the environment as it will cut down the energy wastage and make the earth even much greener.
6. Enhancing Artificial Intelligence
Over the years, Artificial Intelligence has grown by a significant margin. However, some problems and issues like the black-box problem, still persist.
Given how alike both blockchain and Artificial Intelligence are, at least in terms of efficiency, it isn’t essentially surprising that blockchain technology may even hold the keys to unlock and solve major AI dilemmas. It is due to the actual fact that they process millions of variables in a simultaneous fashion. Humans have consistently struggled to deeply understand few decisions which are made by AI algorithms because of this.
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How can Blockchain help?
Blockchain technology certainly makes it quite possible to easily track the entire data, making it much more trustworthy and allow blockchain app development services to replicate the decision-making process of machines.
Along with this, by means of leveraging the highly-secured data sharing the feature of blockchain, algorithms can be given additional training data which will improve older models and make newer as well as more evolved models quite possible.
7. Improving Agriculture
When it comes to food safety, it pertains to agriculture. Also, provided the short shelf-life of different agricultural products, it is quite essential to have an efficient system in order to track the food items and ensuring they are sent to their destination quickly and also in good condition.
Along with this, however, blockchain can easily improve the agricultural sectors in various other ways.
In the case of large-scale farming, it can be utilized to track the status of the various crops, that ensure the farmers never to lose any parts of their own harvest.
Along with this, it can easily be utilized to create farm records that show adherence to governmental regulations. It can certainly be a strong basis for the IoT, and their combination through apps developed by any IoT app development company can allow the farmers to use sensors to easily monitor as well as track the health and growth status of their livestock too.
8. Cultivating Improved Education
Similar to the health industry, this technology can be utilized to easily track as well as verify the historical records and accomplishments of the user at different educational institutes, from the college to university degrees, to certificates which can either be standardized or simply be globally recognized.
These blockchain applications will work on the central factor which is required that is being able to easily identify as well as distinguish whether you are the actual individual that you say you actually are and that there is a role of government to play with some form of regulations or judicial parameters of someone who can access your entire information and under what particular circumstances, along with the identification of the individuals.
9. Allowing Seamless Businesses
Blockchain’s application in businesses can be found everywhere. The ones who will survive will be the businesses that are offering real value to the customers, which is things like blockchain infrastructure that is required to materialize different services.
Blockchain platforms provide a certain form of utility like decentralized cloud storage, computing power, and supply chain.
It offers special advantages to cloud computing services too.
It also offers other types of application which lends itself well to the entire advantage of the blockchain technology, which is fast, cheap, decentralized, reliable and peer to peer.
10. Improvising Advertising and Marketing
This technology is quite useful in product and service marketing as well as public relations since it boosts credibility and reliability.
For instance, it assists PR firms to easily determine whether the mentioned or clicks they receive on social media are of bots or human beings. Companies that receive genuine engagement with humans or customers are better positioned to overall improve their customer loyalty as well as offer improved and better products and services.
Companies that don’t use this technology in their own marketing efforts may have certain statistics that aren’t valid enough.
This technology also allows the companies to confirm the overall originality of their press releases as well as media advisories and even social media posts.
It even assists companies to publish content which is coherent across all of their social media platforms. Also, having a digital ledger which contains unreleased content may even improve content management. Mobile apps can be developed to improve content management through mobile application development of apps based on blockchain technology.
Using this, companies can easily track all of the changes which are made to their own records along with the people who make them too.
11. Enhanced Cybersecurity
Since blockchain was essentially developed to offer safe transactions, it isn’t any surprise that it is currently the leading technology that is driving the security at present.
Blockchain applications essentially make clients much less hesitant about having their entire personal information stored. It is because they are the only ones who are able to change the data. And since no one want’s to have his or her own personal data stolen, blockchain technology is a pretty safe bet.
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Blockchain applications were even developed to improve the actual user authentication as well as limit access to the various key control systems.
In this regard, cybersecurity which is built on this technology assists to reduce the overall occurrence of hacking attempts or security breaches. By keeping the data decentralized, no single location actually holds all of the confidential records of the entire organization, and hence hackers can’t get their hands on such information altogether.
Decentralized data is certainly important if a company is a target of DDoS or Distributed Denial of Service attacks.
Such attacks occur when the hackers are trying to increase the traffic to a particular website until it can’t keep up with requests any longer and then crashes. These types of attacks are certainly quite difficult to prevent as the DNS or Domain Name System, or the DNS is actually only partially decentralized at the most.
Blockchain technology can easily facilitate the complete and entire decentralization of the DNS such that data is less likely to get stolen, deleted or corrupted.
12. Streamlined Financial Operations
This technology is having a huge impact on global finance. Cross-border payments are quite complex when it comes to the banking infrastructure of today.
However, the user of a shared digital ledger to easily record and even verify transactions can simplify the entire process. Also, additional benefits consist of faster processing speeds as well as lower transaction fees.
A blockchain is also an effective tool for both identity verification as well as management. This technology actually decreases the overall occurrence of money laundering as well as other criminal financial activities.
With more secure digital relationships developed between financial institutions, the transactions may easily be executed and also settled without any requirement for corresponding financial institutes or banks.
Conclusion
Blockchain technology is certainly revolutionizing different sectors all across the globe. It allows the digital identity management of the people, which makes the role of the government quite easy and makes the governance streamlined.
With no control of money by a single entity and distributed structure, the blockchain industry is going to transform the banking industry. It will also change financial institutes and reduce the number of financial crimes such as money laundering.
When it comes down to the healthcare industry, blockchain will allow the doctors, medical practitioners, and hospitals to access all of the health records of the patients with ease which will improve the health services provided to them.
Also, the metadata will be quite helpful in finding life-saving medicines and procedures. With the energy sector being revolutionized by startups which are implementing blockchain technology to make energy an asset, people will be able to sell or distribute the energy they generate through renewable sources like solar panels.
Blockchain technology will also improve the adoption of IoT as data can be easily shared among the devices as well as humans with more reliability and trust. It will help in improving agricultural practices, reduce wastage of agro-products and help in keeping track of the health and growth of the livestock.
Similarly, blockchain app development services can develop more apps for the education sector for better access to digital records of individuals.
It will improve marketing efforts and increase their efficiency too. Blockchain will play a key role in cybersecurity and help in reducing hacking efforts and malicious attacks and prevent loss of data as it will be stored in a decentralized fashion.
Blockchain technology is going to improve our lives as we move to 2020 and beyond.
