Technology is constantly evolving. Apparently only a handful of big players lead the industry by offering blockchain-related tools. But the reality is a bit different. Today, many industries recognize blockchain technology and its potential. During its launch, blockchain was related with negative sentiments due to its relation with cryptocurrencies and bitcoin. Lack of knowlege about the technology was also a factor. We know that bitcoin is one of the many applications of blockchain.
Blockchain Technology in short
It is impossible to alter the records that blockchains store. Apart from the genesis block, each block has a parent block. So, if the information is edited, the hash functions misaligns and discards the false insertions. Due to this, blockchain technology is tamper-proof. Thus blockchain technology is suitable for security protocols.
Uses of Blockchain Technology today
There are many instances worldwide in the political front. West Virginia is testing a secure military mobile voting for the military service members. This pilot project uses the blockchain technology to make it secure, straightforward and irrefutable. It is first of its kind in the United States. Arizona’s Governor has signed the Blockchain Technology Bill that supports records, signatures. With the amendment, data that are stored and shared by corporations on the blockchain will become valid. Arizona’s Blockchain Technology Bill was first introduced to the House in February and passed the State Legislature in a matter of weeks. Blockchain businesses has attracted Liechtenstein due to easiness of set-up. They prove that it’s not mandatory to open a bank account to start a company. The whole process can be handled with Ethereum or Bitcoin. Only after Liechtenstein’s Bank Frick directly accepts cryptocurrency. In India, the State Bank of India has launched their own customized blockchain software segment called ‘Bankchain’.
Blockchain Technology has penetrated into the telecom sector as well. As per reports, Taiwanese Foxconn is getting onboard to develop and manufacture ‘Finney’, a blockchain phone from Sirin Labs. The Swiss startup Sirin Labs, codenamed ‘Finney’ first announced its Android-based open-source ‘blockchain’ smartphone late last year. It has features including a built-in cold storage cryptocurrency wallet, encrypted communications,and peer-to-peer resource sharing. It has already received 25,000 pre-orders for the device.
Initially, electronic means was used for paperless trade. But it did not guarantee security and authenticity. Due to its tamper-free feature, blockchain technology is used for digital documentation.
Future of Blockchain Technology
With advancement in newer technology, industries must embrace blockchain technology otherwise data preservation, or authenticity maybe compromised.
a) Viewing its potential, top-ranked b-schools expanded their courses in blockchain and cryptocurrencies. Crypto-related MBA courses are a growing rage coming from both students as well as corporate recruiters.
b) It will help remove the ‘Trusted Third Parties’. For example, SWIFT which is quite redundant nowadays.
c) Its main feature of providing unsurpassed security in an unsecured connection makes it spam free and helps keep hackers at bay.
d) It is a great tool to use to store vast amounts of documentation in industries such as healthcare, logistics, copyright and many more.
e) Digital advertising facing problems, like bot traffic, the fraudulent domain, is taken care of.
For now, there are sufficient benefits that prove its worth. Before using it extensively, we need to find out the critical points surrounding it. As blockchains are private, the members will need to agree on the governance rules under which they operate. Negotiations with international standards are still a way to go. Once its solved, it will then help blockchain technology make the total process hassle-free.
