The rush amongst the entrepreneurs to invest in Bitcoin in the past few years has sparked a heated debate in many circles. The skeptics feel that the bubble will burst and every investor will soon start looking for other ventures. However, observant people realize that this is a definitive moment in the world. The technology behind it, blockchain, is likely to transform many industries because of the sense of transparency involved.
Fraud is avoided since a decentralized platform with minimal supervision is utilized. This article prepares you for the changes that take place in the coming year.
Defining blockchain technology
What is blockchain technology? Well, this is a public ledger with a capacity to record and verify a lot of digital transactions. It is available globally. The need for a trusted third party is eliminated and instead, the transactions are open. Today, the technology is majorly used in the exchange of cryptocurrencies such as Bitcoin. There is a chance that it will have more impact across sectors in the future. Some of the industries that will be impacted in the near future are:
Financial institutions store assets with coveted value, thus they must guarantee high levels of security for clients. Blockchain serves the same purpose. Its tamper-proof ledger is an added advantage. Banks are already investing in blockchain startups in the bid to reduce costs and achieve accuracy in transactions. They meet the cost to make an app to encourage investors to create innovative solutions for the sector.
Breakthroughs have been made in the international payment procedures. The exorbitant interest rates and third party fee are increasingly being eliminated, while the power to make transactions is placed in the consumers hands. You can be assured that almost all banks in the world will embrace the technology in the coming year.
Thousands of people in the world complain about election irregularities in their countries. To solve the problem, blockchain technology will be tried and tested in the coming year. A transparent election requires authentication of voters’ identity and proper tracking of votes. The chances of foul play will be limited as votes are captured as transactions. Follow My Vote is one of the startups that have demonstrated that this is achievable.
Many consumers are concerned about the presence of GMO agricultural products in the stores. They are associated with the numerous health conditions including diabetes, obesity, and cancer. While some of the business people label foods as organic, there are many cases where this has been proved wrong. Blockchain is going to solve the problem by tracking non-GMO and gluten-free foods in the stores. The transfer of food staples will be authenticated using this technology. It removes all fear and suspicions in consumer’s minds.
4. International supply chain management
Shipping goods internationally necessitates the involvement of many middlemen. A lot of contracts must be signed to ensure that the parties are made liable in case on fraud and other issues. The payment process takes long as parties evaluate the contracts and their implications. This has discouraged many business people from venturing into international trade. With the development of apps using the blockchain technology, it will be possible to minimize the use of third parties in the future. The costs will be lower for these reasons. Further, the transactions will be more secure and accurate.
5. Cloud storage
The rapid evolution of technology has made it possible for people and companies to store a lot of information on the cloud. This eliminates loss of data and environment-harming practice of using paperwork. However, there are many cases where systems are hacked and information used for fraudulent purposes. Blockchain projects are creating a secure storage system. A decentralized cloud network is developed, where information is disseminated across many computer networks. The users can rent spaces for information storage.
In summary, blockchain technology will create a revolution in many sectors. The power to handle transactions and access critical information is placed in the hands of the consumers. The much-needed transparency and accuracy is achieved effortlessly. This has encouraged many experts to venture into blockchain app development services. Given this, you can be sure that the world will be transformed significantly.