Ever since Bitcoin surged above the $1000 mark in 2017, the world has taken notice to the field of cryptocurrency and its underlying mechanisms. Today, even as Bitcoin and a dozen other cryptocurrencies are enjoying varying levels of growth in the market, their underlying technology - The Blockchain ledger- is gaining more prominence as a technology of the future.
Blockchain dominates the conversation in several technology circles as a concept that can transform leading industries, thanks to its incorruptible way of storing smart contracts and programming their execution.
Here are some of the sectors that can be transformed by this robust technology:
Governance has always been a sector that has been bogged down with bureaucratic red tape. Blockchain will ease this sector and make it easy to enforce regulations and maintain interaction with the citizens.
Power and Energy Sector
Tracking power usage accurately and decentralizing the power network with peer-to-peer energy trading systems is a great way of ensuring that the power is efficiently generated and utilized. Also, strong tamper-proof tracking mechanisms can help identify and deter power siphoning.
Handling and analysis of large volumes of patient data can be simplified along with the steps to prevent any misuse of data. This can be achieved with the use of encrypted files and digital signatures. Real-time data capture and analysis can also be handled.
The automobile industry is progressing towards connected cars which will be tethered to the internet. Having a secure identity for the car will be easy as the blockchain will maintain the cars’ unique ID and other valuable information which cannot be tampered with.
Transportation and Logistics
From payment information to shipment information, all critical information related to logistics can be easily sent from one location to another without any compromise in security.
Real estate will see major developments with blockchain as it will allow tagging individual properties to their owners and maintain a database that cannot be hacked. Also, the transfer of property from user to the next can be recorded in a smart contract that will remain etched until eternity without any risk.
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