14 Aug 2020

The Applications and Future of Blockchain

Blockchain technology is being incorporated into business solutions to ensure greater security. Blockchain and other vital technologies will bring more transparency and access to information than we have ever seen. Although a lot of people may only be familiar with applications of blockchain in cryptocurrency, new formats of the technology have emerged and will continue to advance.

As the adoption of blockchain technologies becomes more universal, leaders in the industry see blockchain integrating with advanced technologies, such as artificial intelligence and 5G, that help grow the economy.

The business world of the future, for instance, 10 years from now is going to run on smart contracts, strong encryption, and peer-to-peer based consensus mechanism.

So, the core technologies underlying Blockchain are going to pervade everything just like the internet, object-oriented and will going to be dominant.

These core technologies will open up new potentials for centralized surveillance in control as well as peer-to-peer networks that bring a lot of people and researchers together to achieve variable goals without any centralized control and could open up new doors.

This technology might change everything. Blockchain makes everyone independent, so, people don’t need to trust anyone anymore, at least not when it comes to keeping records.

For an obvious example, Blockchain means that we don’t need a bank to withdraw our currency, a complete record of our account balance is easily accessible as is the record of withdrawal.

Nobody needs to vouch that the money is available or that we received it. It’s all recorded right there.

Blockchain can assist in 5G wireless access technology deployments by providing seamless access across a diverse number of networks to devices and IoT(or in other words “The Internet of Things”) endpoints.

Improved internal processes such as OSS and BSS will reduce costs and increase competitiveness.

Blockchain in the Insurance industry optimizes the efficiency, security, and transparency of the insurance industry.

Distributed Ledger Technology(DLT) has a beneficial application for streamlining insurance claims processing, boosting cybersecurity protocols, and even speeding up payment times.

Real-World Value

We can leverage Blockchain in the real world, it has numerous applications like the implementation of Blockchain in healthcare and finance, to provide global access, to track drugs, to make smart contracts, to improve share trading, and to standardize the medical process.

What Experts Say

“Blockchain is much more than financial technology” – Amy James, CEO of Alexandria Labs

“Blockchain will take the internet beyond just the exchange of information” – Shidan Gouran, president of Gulf Pearl Ltd.

Written by Saumya Kushwah – CSE 3A