Blockchain technology has the potential to disrupt and overcome all technological boundaries. Its inherent characteristics have made it much desired within several industries where data management is of utmost importance.
Fundamental aspects of the technology that underpins cryptocurrencies and assets are causing people to re-imagine and then enact new ways of creating and exchanging value online. Almost every industry is experiencing some form of disruption in terms of how data is managed.
Some of the qualities of the Blockchain that has endeared it to most technological processes include:
Immutability
Information stored on the Blockchain cannot be changed. Therefore, the need for trust or extra verification of authenticity of data stored on the Blockchain is totally eliminated.
Security
The Blockchain is not a centralized system. In essence, information stored on the Blockchain is preserved and protected by all the participating computers across the globe.
Therefore, in order to hack the system, a hacker must break through a majority of the participating computers simultaneously. This is a practically impossible task.
Decentralized control
The Blockchain offers individuals the ability to be able to control their own resources (both tangible and intangible). Since there is no central point of control, every participant on the Blockchain retains power and control over their data.
The peer-to-peer nature of transactions enables parties to transact directly with each other on their own terms. This eliminates middlemen or intermediaries from interfering.
Capacity and speed
Having numerous computers contributing to the network offers more power and storage space on the Blockchain when compared to centralized servers. This enables improved efficiency of processes during transactions and data management.
So many industries are presently experiencing significant changes as Blockchain solutions are continually being introduced to enhance more efficient functions. Some of these industries include:
Real Estate
As the real estate bubble has shown, keeping track of the proper value of land as it is sold is extremely crucial to establishing a market that is resistant to bubbles. When the bids and transactions are made public, there is much less room for prices to become hyper-inflated.
Remittance
Traditionally, remittance has offered little in terms of cost/benefit for banks, which is why Western Union tends to receive the bulk of the remittance traffic. Blockchain completely reinvents this business model, and given that $500 bln is remitted annually, it is the first sector in which Blockchain will have a tangible effect on improving the daily lives of people.
Recruitment and HR
Decentralized peer-to-peer (P2P) marketplaces will revolutionize the way students make a living and gain occupational experience while still studying, letting students specialize in jobs relevant to their chosen professions and make a decent living throughout their school career.
Several other industries are also experiencing Blockchain disruption. They include healthcare, insurance, education, telecommunications, entertainment, among others.
Just like the Internet, it may only be a matter of time before Blockchain encroaches into every part of human existence.