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.
- Banking: Banking sector is backbone of the financial world. Strong banking sector is necessary for business. But the banking sector today faces a lot of problems and challenges with identity theft, security in general and cost efficiency of the banking transactions. With blockchain these problems are looked into and the resulting in transactions getting faster and with low cost and a higher degree of security.
- Blockchain and Artificial Intelligence: Though Artificial Intelligence (AI) community criticise the block chain technology but the fact is that blockchain technology is rapidly making inroads into it. Blockchain technology has a creditable working mechanism. For different level access through smart contract is achieved by blockchain as device user can register achieve user access through users registration. The main purpose of this is to provide personalized features for users at different levels. With this the abuse of devices is not only be prevented but user is also protected from any cyber damage and loss.
Blockchain helps in shared usage of device by allowing users to jointly set the state of device and allows them to make decisions based on smart contracts. Other than this such registration mechanism will be available throughout the life span of device. This helps supervisor to get assistance from various users, software and hardware to pinpoint the accurate time points of fault in device.
- Public Records: The Governments are supposed and assigned to store a large variety of information of every individual/citizen. It also acts as repository of sensitive materials of the citizens. Blockchain helps to provide innovative solutions to government to overcome the problems faced in this context. Government can encode the public data in the digital ledger with the help of blockchain and can prevent any infringement in the data through change by unauthorised persons.
- Voting in states and nation: Block chain technology can bring change in the way the voting process is conducted in the country’s election at all levels. By using blockchain technology each voter would be assigned a vote as a Smart contract that is valid only the day on which the voting to take place for election. There will be zero chance of error as the each of the votes will go as a transaction on the publicly available ledger. By using their crypto currency wallet voter can cast his or her vote using private key. No change in election records is permissible due to block chain technology and the election records are made more secure and transparent. Any illegal transaction will get dismissed automatically in the transaction validation process thereby ultimately making voting process more secure.
- Cloud storage: With the help of Storj a blockchain system data can be stored in secure and decentralised way in the cloud without using server farms. Instead spare space on people’s hard drive is used to store and distribute the data around the globe. No single user has access to your data as Storj encrypt, shred and distribute data on its network and only you can look it, as no one other can have it or the key to it. Hackers cannot get into the whole data even if they have decrypted any part of data it as they have no clue how this data fits into the total file. While Storj network is decentralised it also utilises the Ethereum Blockhain. Sia is other system using blockchain technology in cloud storage platform.
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.
- BIG Data: With more and more sensitive and personal information being available on the network Big Data has now become a substantial part of how the world functions. As the centralized data base is exposed to the public and is prone to the attacks by hackers. Incidents of data leakages are becoming a routine affair. Experts are of the view that Blockchain technology, due to its very advanced decentralized features is likely to become a preferred solution for improving Big Data security features as its advanced features does not allow anyone to control or edit the data and helps in preventing leakage of entire data base through the leakage of single private key.
- Block chain and financial world: Big names in the financial sector like NASDAQ, JP Morgan, City Bank, UBS and Goldman Sachs are setting laboratories of Blockchain technology and investing in the firms that are providing this platform. Their main aim is to improve the efficiency of business operations and reduce cost of operations. Block chain technology implementation in the financial sector helps in reduction of operation cost, improve payment efficiency and helps meet supervision and client requirements for data records.
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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