Blockchain, a revolutionary technology that has changed the world and the way business are done. One technology which started off as a heart of cryptocurrency exchange has now broken the glass ceiling being just a podium for a financial transaction to become a multi-functional platform that could trigger innovations in various businesses. Yes, Blockchain to the current industrial era is similar to what steam engine was for the industrial revolution in the 90’s. The change is fast and is disrupting all the business verticals positively. There are various features of this technology which makes it so useful for business operations. From immutability to transparency to decentralisation, Blockchain has everything that makes it a panacea for the industry.
It won’t be wrong to claim that Blockchain has triggered a new era of industrial revolution where everything will work in a virtual world. Cryptocurrency exchange still holds a big part of this, but Blockchain is more than just a technology supporting digital currency transactions. It has recently changed the world in past nine years, and the technology itself has undergone a considerable transformation.
What is Blockchain Technology?
It is a distributed digital ledger where all the financial transactions are stored and time-stamped. All these pieces of information are stored in chronological order so that they can be easily traced. An important point to note about Blockchain is that it is a distributed network which means the information is not vested at a centralised location; instead, it is spread in the network called as nodes. These nodes do the validation and verification thus approving the transaction.
The features of Blockchain which were earlier restricted to cryptocurrency exchange have now forum implementation in various other business verticals like banks, medical sector, healthcare, supply chain, retail, publication, music, etc.
The crux of the matter is that Blockchain is a growing technology which is engulfing every industry in it. One of the essential features of Blockchain is that it allows peer-to-peer transactions which mean that one party can directly interact with the other party without waiting for an intermediary approval. You want to trade with someone, and you can do it directly on Blockchain platform. No need to wait for banks to process the payment, approve the request. To sum up, it is saving your time, money and energy. Furthermore, it enables global interaction which means that one can do business and trading anywhere across the globe.
Another critical feature that is being tapped by agencies like Wallmart and IBM is tracking. Blockchain makes it very easy for anyone in work to trach the source of the product and the channels through which it passed. In the current scenario we do have systems in place but unfortunately, these work at slower pace, with Blockchain we expect things to happen at a faster pace.
How Blockchain has influenced various industries-
As already mentioned that Blockchain comes with some features that prove beneficial to the industry, here is how it has not only changed the way business runs but at the same time it has influenced our lives :
- Cybersecurity: One of the significant area of concern today is security if data, with the rising cases of data hacking and leakage there is a dire need of Technolgy which could guarantee cybersecurity. Blockchain has the information encrypted using advanced cryptography which makes it inaccessible to unauthorised users to hack or alter. It is also decentralised, centralised hacking reports is accessible but a network is spread globally is difficult to hack, and thus Blockchain is an excellent solution to ensure cybersecurity
- Government: Voting is yet another field that needs a change now. Knowing what is happening to our vote, whether it is going to the person whom we have voted are some of the concerns that surround our democracy. Having Blockchain place can sort this out since tracking can be quickly done on the Blockchain, we can get to know about the vote. Apart from this fund allocation is another field which can benefit from this technology. Using this technology, we can check where the funds are being used, whether it is used for the right purpose or not.
- Crowdfunding: Getting funds to start a business is very common, unlike the current system of crowdfunding, Blockchain can initiate crowdfunding where it becomes easy for you to get money. Apart from this charities and donations are another area of concern. We donate a huge sum of money without knowing whether this money is reaching the destitute and needy ones. With the help of Blockchain technology, we can get to know how the funds are being used, where they are sent, etc. The United Nations’ World Food Programme is currently implementing Blockchain technology. Under this program, the refugees can purchase food using Iris scan instead of vouchers or credit cards or cash.
- Supply Chain management: This is a huge field which has seen the maximum application of Blockchain. The supply chain is an integral part of many businesses like retail, healthcare, shipping, transportation, etc. The ease of tracking on Blockchain makes it easy for the consumer and the supplier to know the study of product. Moreover, the customer can easily get to know about the authenticity of the product thus ensuring customer loyalty and value for money.
Although Blockchain is at a nascent stage right now and will undergo many changes in times to come. There is the possibility of many changes and innovations in the same. We still have to wait and see how it will transform the industry further. Although we have mostly seen the good side of it, there are certain drawbacks need redressal like, easy of entry in the public Blockchain, lack of regulation control by the government. If we have to prepare ourselves for a future based on this technology we need to improvise on the Blockchain, make it even better so that it can result in a more efficient system.