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By now, a lot of people have heard about cryptocurrency at some point. Whether it is through one of the countless articles posted on Bitcoin’s unexpected growth or some other media that reported how cryptocurrencies are the future, the world has been well informed about this market over the past two to three years. Interestingly, however, although many sources discuss crypto at great length, not a lot of them dedicate the necessary attention to the blockchain technology. Considering the far-reaching implications of this new system, below are some of the ways that blockchain might revolutionize other sectors of daily life.
How does the new blockchain technology work?
Blockchain is a decentralized ledger of cryptocurrency transactions that are available to all of the public. As its name somewhat hints, it is composed of blocks that represent completed transactions that are recorded in the order in which they were made. The most useful feature of this technology is the fact that it has no central control and users who are connected to the network will get automatic updates of the latest “blocks” (transactions).
When asked about the perks of blockchain, the first thing that many specialists will describe are the smart contracts. These are simple tools that will execute a function if the predetermined inputs are met. As per some research, the investment sector alone could save around $12 billion a year if they were to switch to this method of operations. However, does any of this apply to small businesses and more common things like product usage analytics?
It certainly, does. Although it is counterintuitive to the basic concept of blockchain safety, this technology has the power to track everyone who is making a transaction. That enables businesses to get additional insight into their customers and learn what markets are accepting their products better.
The Healthcare Could Change
In the words of numerous experts, the way that healthcare industry currency operates is based on a very expensive and somewhat outdated infrastructure. Upon a closer look, anyone who comprehends the basic of blockchain can realize that this industry would tremendously benefit from things like smart contracts, cloud-like public ledgers, and added security. In fact, companies are already turning to systems that implement some degree of blockchain for their physician-patient file sharing, as showcased by the latest Medicalchain ICO (Initial Coin Offering).
Applicability to Business
Even though blockchain has not been mainstreamed to all businesses, many professionals are starting to recognize the benefits that could be seen with things like international payments, compliance protection, insurance, and more. In reality, blockchain could soon alter everything from minor guided tour software to highly complex government voting. Some of the common ways that average people might use this technology links to real estate, supply chain, and even tax filing. After all, the fact that blockchain can expedite financial verification could speed up home sales while the aforementioned “ledger” approach would be useful to track inventory for the supply chain.
Expecting to see more efficiency in every field from UserIQ products to government operations because of blockchain, however, does not necessarily mean it is just a matter of time before it happens. There are still many unexplored areas that will have to be addressed in order to be able to put this technology to mainstream use. Nonetheless, if one was to rely on the current growth patterns, it is safe to say that blockchain could soon become the most common way of organizing a business infrastructure. Ultimately, the next step will always lie where the highest productivity can be found.