One thing those that haven’t keyed in into blockchain technology is asking is whether blockchain is truly a disruptive technology. Known for being the technology behind Bitcoin, there are several industries that are being revolutionized by this disruptive technology. We will break down this technology and discuss the companies and industries innovating in blockchain ecosystem.
Blockchain isn’t a word coined to confuse the laymen, it is a word that describes the act of recording series of events in a database. The thing about Blockchain technology is that, once data has been added to the chain, it cannot be modified, altered or removed from the database in any way. This, therefore means that the database contains a verifiable record of past transactions.
Blockchain technology is quite simple but yet very comprehensive. It would do you a great favor if you know that many visionaries are already making use of the disruptive technology to innovate many startups. But before you join the trend, here are a few of the industries that blockchain technology is creating disruption.
The financial industry is the first that comes to mind when thinking about the impact of blockchain technology. For many people, Bitcoin and other cryptocurrencies are the game changers across the world. The evolution of cryptocurrencies is one of the best-known applications of technology and it has created a very strong wave in the digital currency space.
Blockchain technology offers a verifiable transaction ledger for cryptocurrencies, such as Bitcoin. This ledger, combined with a distributed network's security, enables people to leave behind intermediaries and banks and take full control of their digital money.
Blockchain technology also allows smart contracts and market-specific resources. Such technologies have been pioneered by the developers behind BitShares. In fact, smart contracts are computer programs that can enforce the contract terms automatically. Instead of money going from A to B, if certain conditions are met, you can now choose to send or not to send money.
A payment will not be reported on the blockchain, unless a contract has been signed by the receiving party or a certain date has passed. You can currently set scheduled and regular payments on the BitShares smart contract platform. The ecosystem of BitShares also hosts a variety of market-specific resources. And since many cryptocurrencies are prone to price fluctuations, this is groundbreaking.
BitShares offers stable cryptocurrencies that have their value connected to the value of another asset. Some of BitShares ' most common assrsts are tied to the Gold U.S. dollar, and the Yuan of China. Such value stable cryptocurrencies are always 100% or more backed by the core currency of BitShares.
This blockchain disruptive technology is also being used by several mainstream financial firms. In fact, a blockchain initiative was announced by NASDAQ in May to help improve its platform.
Rentals and Ride Sharing
It seems like startups like Airbnb and Uber have already disrupted these markets, but blockchain could create true peer-to-peer networks for rentals and sharing of goods and services that would eliminate the need for the middle-man company, which naturally takes a cut of the fee. In fact, there's no reason these peer-to-peer networks couldn't expand to renting and borrowing just about anything from books to tools to furniture and beyond.
Charities and Aid Organizations
Many people want to donate to charities, but they are concerned that their money may not actually reach the intended recipients. Charities can build trust through smart contracts and online reputation management systems that can help donors trust that the designated people and places will receive their money.
And the United Nation World Food Program is introducing a blockchain-based system that enables refugees to get food with an iris scan, rather than depending on money, credit, or vouchers that can all be stolen.
As the influence of digital and distance learning grows, so does the need for an impartial way to verify the transcripts and academic records of students. A blockchain-based system could almost act as a notary for academic documents, providing a way to access secured records and transcripts for employers and other educational institutions. It could actually help work with universities and other large institutions as well. When Oxford is doing it online, a student would no longer have to wait for the course she needs to be taught at Harvard; her grades and records would be transferable quickly and immediately.
The music industry, with blockchain technology, has some really interesting companies trying to transform the scene. What if you could use the ability to find your awesome music to make money and help musicians? This is what Peertracks is essentially creating. People can buy equity in an artist or related song to crowd funding models with Peertracks. The hope is, before she became popular, you'd find out about Taylor Swift. If you bought Taylor Swift tokens, you'd help her music career in the beginning and later reap the benefits of higher token value when she's hit number one.
You can also use the blockchain to stream music. Rethink Music's recent report indicates that blockchain technology can be used to ensure that artists are paid fairly and efficiently for their work's sales and streams. A lot of accountability is provided by the blockchain. This would be beneficial for artist and industry leaders to look into the process of splitting royalties, as it would be evident if publishers and record labels held on to royalties before they were given to the artist.
The blockchain is the best way to keep ownership records. The truth is that the blockchain is used to help companies and governments handle data and keep records. Our money is secured by the financial records. Records of real estate are secure for our property. And our credit and identification are protected by citizen records. All these documents, if they remain in a centralized location, can be compromised or maliciously modified. All data is distributed across the databases running the system using blockchain technology. Hacking a distributed storage network is almost difficult. This is one of the biggest positives of the blockchain. You are now going to have undisputed proof of ownership and records. And you own the documents to top it off and share them with those whom you trust.
Blockchain's entire basis is to build distributed and essentially secure ways to store, verify, and encrypt information, so of course, security will feel the power of this new technology. Decentralized cloud data storage removes many of the information theft problems that we've seen major players struggling with in recent years. Advanced blockchain-based cryptography can establish practically unhackable authentication of data.
A blockchain system that allows both physicians and healthcare providers to access the health records safely and conveniently could solve some of the major healthcare challenges facing the world in the present day. As comparison to the days of paper records, or even today where electronic health records can be created and stored in a myriad of different systems, your health records could be exclusive, accurate, and carry with you from birth to death, no matter how many times you change doctors or insurance plans. By fact, the health information could be easily obtained at any moment, potentially providing lifesaving data to physicians in an emergency.
Voting irregularities or rigged election could be a thing of the past, as could the risk of hacking the vote by rival parties or terrorist organizations. Blockchain-secured voting systems would be absolutely unhackable. The process would be incontrovertible, from registration of voters to proof of identity to counting votes. The days of voting reccounts and "hanging chads" would be gone if blockchain technology is implemented.
Now that you know the industries that have keyed in into this blockchain technology disruption, you can also create a blockchain company of your own, or at least become an investor in one.