Blockchain will be having a massive impact on our future, from banking, secure communications to healthcare as well as ride sharing. Society now a days is filled with uncertainty and with valid reason. To make sure that the purchase is really legit, one would need a system with a strong security where the records will be stored and the facts will be verified by numerous witnesses so that one cannot cheat.
Such system is widely known as Blockchain. No individual or organization owns it. Rather, the data is stored across a system of several personal computers so that there is no concept of middle-man. It is de-centralized and widely distributed so that no one person can take it down or corrupt it. However, anyone can use the system and help in running it, as the data is protected via cryptography. It is essentially an ever-growing list of transactions that are verified, recorded and linked in synchronous order. Blockchain will definitely have a lot of applications and impacts in the near future. Following are some of the sectors on which Blockchain is having a massive impact:
• Cybersecurity: Every data is verified and encrypted in Blockchain via advanced cryptography, making it resistant to unauthorized access. Centralized servers can be very prone to data loss, corruption, errors and hackings. Using a blockchain system would allow data storage in the cloud to be more robust and protected against attacks.
• Internet of Things: The Internet of Things (IoT) now a days includes cars, buildings, doorbells and even refrigerators or cities! That are embedded with software, network, actuators and sensors. However, as these devices operate from a central location, hackers can gain access to any device if they get the centralized system hacked. Blockchain has the potential to address these critical security issues as it decentralizes all of the information and data. This is increasingly more important as IoT capabilities increase.
• Banking and Payments: Blockchain not only allow anyone to exchange money faster, more efficiently and more securely like bitcoin, but several banks are already working on adopting blockchain technology to improve their transactions.
• Government: With Blockchain, reduction of bureaucracy is possible along with the increase in security, efficiency and transparency. Welfare and unemployment benefits could also be verified easily and distributed. Votes could be counted and verified during elections..
• Rentals and Ride-sharing: Multiple rental businesses and ride sharing businesses make use of blockchain technology in order to manage the flow of huge amount of data generated from the distance, travel time, number of days stayed, route, etc. factors of both rentals and ride sharing. Each customer has different amount to pay and managing such huge amount of data on a centralized network is risky. Hence blockchain can be used in such cases to store the data into decentralized networks and help in easy maintenance and security.
• Healthcare: The centralization of sensitive information and data makes it immensely vulnerable. With all of the private patient data that the hospital collects, a secure platform is necessary. With the introduction of blockchain, hospitals and other healthcare organizations can create a centralized and secure database, store medical records and share them strictly with authorized doctors and patients.
While blockchain is still relatively new and many experiments will fail before they succeed, the possibilities for innovation are endless. Along with the eight points listed, it will affect retail, energy management, online music, supply chain management, forecasting, consulting, real estate, insurance and much more. Blockchain is a latest edition to the IT industry and is having a lot of potential for the future applications. Hence a certification in the blockchain technology can be extremely beneficial for anyone willing to pursue a career in the IT industry.