4 Ways Blockchain is Changing the World
The world keeps evolving and every day we encounter new and innovative things that are made for the sole purpose of making our lives easier.
Previously, there were no such things as mobile phones, Tv’s, computers etc but guess what?
We now have the future in our hands, we have the internet which is no less than a blessing to us. Think how simpler life is now, you just type what you want on the internet and there you have millions of results pop up in front of you.
Speaking of technology and the internet, how can we not talk about the world of blockchain which is currently the buzzword of the digital world.
Blockchain is not only limited to bitcoin, in fact, but you can also say that it’s a whole another universe of cryptocurrencies.
The technology of blockchain is basically poised to dramatically transform the eCommerce industry all around the world and it has already taken over healthcare, legal services and other financial industries.
Right now, there is no doubt in the fact that bitcoin is the most prevalent example of blockchain technology but again, there is a lot more you need to know about it.
Blockchain social media is just making headlines all around the world and this isn’t it. In fact, there is so much that this technology has done and is doing for us that you can’t even imagine. Also, you need to observe different blockchain app review.
4 Biggest Ways Blockchain is Changing the World
Here are a few ways companies are using bitcoin technology to pioneer new solutions to the old problems;
1. Record keeping
Blockchain is undoubtedly able to keep and maintain the records of massive financial transactions and now this technology is home to all kinds of sensitive information too. So, it really helps the record-keeping sector where all the financial informations and stocks etc are secured.
Most importantly, this technology is helping the medical and educational sector.
One of the most daunting tasks for hospitals was to keep a track of their patient’s information and medical history on the internet but now luckily blockchain is here to sort out this problem for the medical sector. Similarly, the educational sector is now able to come up with management systems that are helping them keep records of their student information, educational data and digital transcripts.
Fintech basically stands for financial technologies but unlike the other cryptocurrency platforms, this one is used by the financial sectors and banks in order to provide more convenient transaction options to other businesses and their customers.
Here, blockchain technology basically serves as a secure platform that can help people transfer funds without worrying about the safety of their data and personal or financial information.
3. Food inventory tracking
Food suppliers are now able to keep records of the journey from the farm to the distributors, to the retailers. Usually what happens is that when a foodborne illness breaks out, the consumers question the road through which the meat and the other food items were delivered.
Now, this can actually help the food inventory trackers as they can break down the place where the problem or the illness initiated by checking the tracking records.
RIPE.IO is a great example, it’s a blockchain application that aims to transform the fresh produce food supply chain by enabling data transparency and transfer from farm to fork.
All the data that is transferred from this application is cryptographically sealed in order to ensure safety and ownership.
4. Knowledge Sharing
Everipedia is famous as the first encyclopedia on the blockchain, it recently announced the plans to build a whole new open-source network of the wiki that will be decentralizing the Wikipedia knowledge base by allowing each and every editor to become a stakeholder in the network.
In this system, all of the users will first have to ante up their contributions and if they ever insert inaccurate information, they will lose the token and those who insert the accurate information, will receive their original tokens back along with some plus and bonuses.
These are a few ways that indicate that yes blockchain technology is changing the world dramatically.
This isn’t it in fact, if you make some detailed research on this topic, you will see that more than half of the world is currently using this new and innovative technology to make their lives easier and better.