When we talk about the Blockchain technology the general thought which comes to our mind is crypto currency documentation and management technology. This technology is mostly related to the latest hype in the financial world i.e. Bitcoin, Ethereum and other crypto currencies. Block chain is a technology where the transaction records of digital currencies are documented chronologically and publicly. Most blockchains are generally associated with digital currencies. As the transaction on Blockchain are fast, if offers a more cost effective mechanism for reporting and decision making and thereby offering a high ability platform for seamless and smooth dealing in financial transactions. This technology is of a critical nature and has wide ranging ramifications. It is going to impact many sectors mentioned below in the coming years and going to disrupt them foever.
Internet of Things (IOT): The Internet of Things is a technological platform that has added infinite possibilities to what a meagre common object has the ability to do. Block chain as per the experts can act as catalyst for IOT ensuring that it is better managed and implemented wisely. Everything possible can be literally be connected by IOT via internet. In 2015, IBM and Samsung showed off an application of the blockchain known as ADEPT (Autonomous Decentralised Peer-to-Peer Telemetry) Which is designed to decentralised the IOT and allows devices to communicate between them directly with a manufacturer’s hub getting into the way and trying to lock users into a particular ecosystem.
The Blockchain technology is surely revolutionising the way the world functions. It has application in all the fields and no corner has been left untouched by it. Though it might be too early to take a call how Blockchain technology has potential to transform the ways the various industries work, but with its secure and transparent environment for transactions it is likely that new heights be achieved in time to come.
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