Tuesday, February 27, 2018

Blockchain Is Getting Ready To Change Everything

Forget about Kim Kardashian, it is the terms bitcoin and blockchain that are really breaking
the internet. Hell, they’re breaking newspapers, Facebook ads, Instagram stories and news
apps around the world. Yet, one thing still remains: a lack of practical purpose. After all,
unless people can walk from a Burger King to an Apple shop and then a grocery store,
spending their cryptocurrencies, the whole blockchain tech won’t take off.

That said, this new technology is still just a baby - it’s still just a concept - and that means
there is so many places it can go, so many industries it can disrupt and so many ways
it can be applied. Essentially, it is the next evolution of the internet.

So, without further ado, here are the ways blockchain could change the world:

1. Changing The Future Of Tech
If there is one thing the world of technology loves more than anything it’s creating
new ventures, which is why some early innovators have already started to see how
blockchain could enhance some of these ventures. You have https://ihtcoin.com/
transforming the protocol currently used in Real Estate. You have people trying to
improve the legacy infrastructure in FinTech. And you have innovators looking to
use APIs to create decentralised markets. But above all of these, the fastest growing
sector being touched by blockchain is The Internet Of Things, especially in terms
of health and security.

2. Tracking The Journey Of Food
As you’ll know from having one eye on the press for your entire adult life, we only
start to question where our produce has come from, the way it was transported and
how we consume them when something goes wrong and a foodborne outbreak
sweeps an area of the world. That is where the introduction of blockchain comes
in because a coalition of food suppliers have been working on a
Blockchain Food Safety Alliance. It is a means of creating better accountability and
transparency to every part of the process, from sanitation to logistics, as well as
temperature, shipment, delivery dates and, yes, the safety certifications of each facility.

3. Record-Keeping Gets Real
One of the things that the blockchain system really prides itself on is its ability to
maintain secure records. That is partly why something as intangible as cryptocurrencies
is still on the rise; it is safe and secure. As such, things like financial records and
sensitive information of every kind will eventually land on a blockchain of some sort.
Up until now, the three obstacles of accessibility, privacy and functionality have been
a problem. But in the future, the use of blockchain technology will either reduce or
eradicate these issues. Take the medical industry as a prime example; a single
decentralised blockchain database will allow authorized individuals of every kind to
have access - healthcare providers, insurance companies and patients. It is a
game-changer like never before.

4. Digital Collectibles Are A Thing
It may not be the biggest niche right now, but this idea of buying, selling and trading
one-off collectables is definitely one of the most intriguing applications to sprout up
from the world of blockchain. And, yes, it’s as weird as you think, as the rise of
CryptoKitties proves, with over 200,000 people buying, selling and trading digital
cats, some selling for as much as $50,000.

5. It’s Already Happening
Even though it is still a tough concept for many to grasp, there are industries and
companies and individuals that have already found a way to start using these
technologies, and that’s because there is so much potential for this technology to
overcome so many of today’s big challenges. In the world of finance, you have
instant and secure payments being completed without any financial institution being
involved. In advertising, advertisers are able to connect with users who have a keen
interest in their products and services, and in return, reward said users with tokens.
It can even be used in citizenship enquiries, with identification information able to be
stored on the blockchain.

The question you may be conjuring up at the back of your mind is, “why is this becoming
so popular?” And the answer is relatively simple. Blockchain technology brings about
an even playing field and that’s because there is no single entity in control. Instead,
complex codes and tough algorithms keep the space in check and hold things accountable.
That is what is giving this relatively new sector the power to revolutionise such a wide
range of markets, and without much resistance either. It is here to change the way the
world operates. It is as simple as that.

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