Blockchain is a digital ledger where you can take records of transactions between individuals and organizations using cryptography. The cryptographic element will ensure that any parties involved in the transaction can’t alter the ledger data.
In addition, the cryptographic element will also make the ledger data immutable and ensure that nobody can hack the system. Various individuals, organizations, and groups are responsible for the simultaneous maintenance and operation of the ledger, thus making the system decentralized.
Below are some of the ways blockchain will impact our lives.
Immutable Digital Records
A blockchain is necessarily a vast digital ledger that takes records of financial transactions. Also, you can use blockchain to securely keep necessary and valuable records, protecting them from alteration, theft, or abuse.
Furthermore, you can safely take records of sensitive documents such as property deeds, birth, and death certificates, financial transactions, insurance records, and legal disputes in encrypted code and store them on the blockchain.
Healthcare
Patient privacy is a primary concern in healthcare. You can employ blockchain technology in building universal records with a timestamp. These universal records nearly form a library of different databases from which you can retrieve the needed data.
The privacy and security given by blockchain technology holds promise for a broad spectrum of healthcare processes.
Digital Voting
Security is currently the major setback to conducting the online electoral processes. However, you can check that you have successfully transmitted your vote using blockchain technology while hiding your identity.
Digital Identity
Blockchain technology can help you get a unique and secure digital identity for all uses without repeating it every time. It can also help track and manage digital identities securely and much more efficiently, thereby removing the occurrence of frauds.
Blockchain technology can help people who do not have bank accounts establish their financial identities, like those in refugee camps in troubled countries.
Travel and Hospitality
Travel is full of inconveniences, from long lines to lost luggage. Many startups are already affecting the travel and hospital industry with blockchain solutions that reduce booking errors and securely keep regular traveler information.
In addition, blockchain solutions remove the middleman in booking transactions. However, putting your sensitive data to intermediaries can make it vulnerable to identity theft and abuse.
Intellectual Property
From high-tech patents to fashion and entertainment, you can employ blockchain tools to prevent the theft and scam of intellectual and creative properties and establish ownership proof.
More so, blockchain employs cases for IP registration, authentication of provenance, detection of counterfeits goods, retrieval of stolen goods, distribution tracking, etc.
Final Thought
Like many new technologies, blockchain is part of an evolution from today to what it will be tomorrow. Now, how will blockchain impact you personally? Should you be concerned or happy about it?
Blockchain has significant potential for improving your life in the near future. It would help if you endeavored to embrace this promising technology and mindfully steer its course to harness it for the greater good.