Biggest Blockchain-Based Technologies
Most people hear the term “Blockchain” and think of Bitcoin. The majority of cryptocurrencies run on Blockchain technology, and in recent times, the term has become a buzzword in mainstream media.
What Is Blockchain?
Blockchain is such a popular term – but what exactly is it, and how does it impact our world? Investopedia defines blockchain as “a digitized and decentralized public ledger of all cryptocurrency transactions.” It’s a public record of encrypted financial transactions that are connected but not affiliated with any central bank.
Every new transaction is called a block, and each chain of blocks (i.e., the transaction history) forms in descending chronological order. What makes blockchain so attractive is that neither a block nor the chain can be changed. Every computer connected to a specific blockchain sees the same information.
In Financial Services, Blockchain has had a colossal impact, specifically in Fintech startups, banking, and investments.
Blockchain Across Industries
Elections
Whenever there is an election year in the United States, there are always claims of fraudulent votes hitting news channels like CNN. One company is aiming to change this with blockchain.
Follow My Vote is building an online voting platform with secure Blockchain-based technology. The public currently uses voting systems monitored by a single organization with full access to the system. Full access, in turn, makes the system more vulnerable to hackers.
With Follow My Vote’s platform, votes entered on the system, cannot be changed. The very nature of Blockchain technology includes a public record of each entry block, which locks after each transaction goes through. Also, anyone and everyone can access this information, improving transparency at the polls.
Space Exploration
Wouldn’t it be great if people could develop a non-governmental, publicly available space program
That is the thinking behind Space Cooperative’s initiative. The company’s goal is to bring together the brightest minds in engineering, aeronautics, and science, creating a community of space exploration enthusiasts. Using smart contracts, which operate on the blockchain, Space Cooperative confidently sets agreements for fundraising under the specified terms for all involved.
Food Safety
Too much can occur en-route from the farm to the dining room table. How exactly are grocery stores able to know the exact point of liability during times of a food scare?
Walmart is working together with IBM to have this question answered. The retail giant uses Blockchain technology to gather multiple sources of data and put it into one centralized system. This centralized data gives Walmart, and its distributors and growers access to detailed information on food products.
In the event of a product recall, Walmart can detect the source of the problem within minutes.
Healthcare
A huge problem within the healthcare industry is the inefficiency of claims. Sometimes patients misplace claim forms and insurance companies, frustratingly, contend that they never received them. This only results in unnecessary delays.
Gem solves these challenges with its platform, built on the Ethereum Blockchain. Their system allows a patient’s healthcare records to be accessible to all relevant parties—physicians, providers, and the patients themselves. This access level makes sure that real-time data is secure, fast, and, most importantly, accurate.
Entertainment
Musicians seem to have it all. They have fame, fortune, fast cars, beautiful clothes, and adoring fans – but do they really “have it all”? All the money that musicians make from albums and concerts does not all go to them. They are a brand and a business unto themselves, and many components make up that business.
The cash made from royalties goes to labels, lawyers, advertising agencies, managers, video production companies, and the artists themselves. Just look at Lady Gaga, who admits she was left bankrupt after spending millions on crazy outfits for her Monster’s Ball tour. Artists take a small cut of revenue from the music sold on digital platforms like iTunes and Spotify, but it’s often a meager amount.
Even Taylor Swift, a darling of American pop music and culture took a stand against iTunes for their harsh practices against musicians.
Blockchain technology could change this. UjoMusic has a platform that allows artists to publish and license their music on an Ethereum-based Blockchain. It cuts out the middleman and gives them control over distribution with a simple platform. Ujo allows fans to buy music straight from the artist through a transparent payment system.
Beyond Cryptocurrency
It seems like blockchain technology can improve many industries in creative, new ways. With endless possibilities, however, comes increased risk, meaning blockchain may prove to be the tech industry’s next world-altering challenge.
If you’re interested in technology, cybersecurity, and what the future holds for our tech-dependent society, read more of our cybersecurity blogs.
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