Blockchain has been on the lips of everyone recently. We all have that one friend that can’t stop telling everyone that blockchain will change the world, right?
Have you ever wondered why so many people claim that Blockchain is the greatest technological revolution since the advent of the World Wide Web?
Well, wonder no more! To help you figure it out, we have compiled a list of 5 reasons why the blockchain technology is revolutionary.
If you aren’t sure what blockchain is, we recommend that you check out our article on how the blockchain technology works first!
Yes, blockchain was originally developed as the technology behind Bitcoin, the first cryptocurrency. But cryptocurrencies are only one of many potential application for the technology!
In itself, the concept of cryptocurrency is quite revolutionary. It allows for a fast transfer of value between two parties, cutting out any third-party authority like a bank, and solving the problem of potential scam.
By now, you have probably heard all about cryptocurrencies. After all, your blockchain-worshipping friend surely has tried to convince you to invest in Bitcoin at least once – and we agree that it’s not a bad idea! If you want some pointers, check out our article about how to start investing in cryptocurrencies!
However, for today’s article, we want to focus on some other applications of blockchain, to show you how versatile the technology is – and why it’s the best invention since the Internet!
Long story short, blockchain can be used in basically any industry to make data transparent, impossible to forge and easy to transfer. As such, blockchain can disrupt a huge variety of industries, bringing the blockchain revolution to different aspects of our lives.
From government-related issues, through trade, to ride-sharing, the number of processes that could be disrupted – and improved – by Blockchain is enormous.
While our list is by no means exhaustive, here are some of the applications of blockchain that are in our opinion most revolutionary:
Don’t believe us that blockchain can help humanity achieve all that? Let us explain more in depth!
A lot of processes, from buying a house to sending a shipment of goods from one continent to another, requires multiple audits to make sure that none of the parties involved is attempting to scam their business partner.
Unfortunately, this creates the necessity for bureaucracy. After all, someone has to check that all the paperwork is in order, and coordinate between different agencies. As a result, additional costs are generated, making such transactions more expensive. But what’s worse, robust bureaucracy creates opportunity for corruption.
With blockchain, all that would disappear. The data would be transparent, impossible to forge, and easy to access and transfer. The processes that require a huge amount of bureaucrats could easily be automated. As such, the costs of verifying data and preventing fraud would drop, and corruption would disappear – or, at least, be much more difficult.
Election fraud is a hot topic every time an election takes place anywhere – which is quite often.
Whether your country uses paper ballots or voting machines, there are many ways to influence the results. Hacking, illegal votes, counting errors... All these pose a threat to democracy by changing the results and causing people to doubt the system.
A voting system involving blockchain could prevent any type of fraud. No vote can be miscounted, changed or lost if it’s recorded in blockchain – once cast, it is unchangeable. As such, neither a foreign power nor a dictator can change the results to suit them.
Moreover, blockchain can make it possible to vote online, without the need to leave your house to cast your ballot. Each voter could have their secure account that only they can use, and the vote could be cast only once. That would make the government officials checking voter IDs and making sure that you’re eligible to vote obsolete.
Currently, sharing files regarding patients’ health test results between different hospitals and clinics is quite a pain. Many of the healthcare institutions have incompatible systems that don’t allow for easy transfer of data – what’s worse, some of them still use paper files. As such, when you visit a new doctor, it might be necessary for them to re-do some tests you’ve already had done, winding up the cost of healthcare.
With your health-related data stored in blockchain, this problem would simply disappear.
For many environmentally-savvy consumers, it is important to make sure that the products they purchase are ethically sourced. But in current situation, it can be very hard to determine whether the „fair-trade”, „vegan” and „eco-friendly” labels on the things we buy have any real meaning. They might as well be marketing tricks used to make us feel better about our shopping choices.
But with transparent, blockchain-stored data regarding the source of products and their ingredients this could change. Consumers could check whether or not the environment is being negatively impacted by the production of the goods, how the company producing it deals with waste and so on.
So you want to donate to charity. But how can you know that the money you donate is used for the cause you want to support, and not, let’s say, a new Maserati for the CEO? Nowadays, it’s not all that difficult to funnel money out of a charity and into the pockets of bureaucrats. And it can be quite challenging to check what your donation was spent on.
With blockchain, this problem could be easily solved, as the data regarding the use of the donors’ money would be easily accessible and completely transparent. This would allow you to donate to whatever cause you want to support without worrying!
Of course, our list of possible applications of blockchain that can change the world is by no means exhaustive. But we do feel that the examples we have provided showcase the revolutionary potential of the blockchain technology.
We hope we have convinced you that blockchain is the next big thing – and if you feel like you still need more information about blockchain and cryptocurrency, check out our other articles!