7 sectors that blockchain is going to disrupt forever
Blockchain is a
distributed ledger tech that provides a decentralised and transparent method
for transactions, while maintaining a high level of security. To date, the most
successful application of the blockchain has been in cryptocurrency. The tech
is poised to make itself felt across a variety of other sectors. Here are eight
arenas that will feel the impact of blockchain:
1. Voting
A limitation to modern elections is that they require
the voter to be physically present at the polling booth. Another bone of
contention is the possibility of voter fraud. The application of blockchain
tech could eliminate voter fraud, providing a clear record of the votes cast,
and preventing any chance of a rigged election. This could all be done on a
mobile platform.
2. Healthcare
While healthcare has moved on from paper-based
records, the challenge is to keep patient records private from hackers.
Applying blockchain technology to healthcare records promises improved data
security.
3. Photography
Photographers can face challenges when it comes to
getting paid royalties for their work. Kodak has revealed its new digital
currency, KODAKCoin, which is backed by a blockchain ledger and image rights
platform called KODAKOne. The virtual currency can help protect digital image
rights for photographers.
4. Internet of Things (IoT)
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 decentralise the IoT and allow devices to
communicate directly, without a manufacturer’s hub getting in the way and trying
to lock users into a particular ecosystem.
5. Cloud storage
Storj is a company that’s using the blockchain for
open source cloud storage. Users are connected via blockchain and peer-to-peer
technology, with a distributed network to store their data. Folks with spare
storage can also rent it out for income via the Storj app, as the storage space
is crowd-sourced.
6. Public records
Our governments are entrusted to store a wide variety
of information about individual citizens, including a lot of sensitive
material. The use of blockchain presents an innovative solution to encode
government data in a digital ledger, keeping the info safe from being altered.
7. Banking
Financial institutions continue to face challenges
with identity theft, cost efficiency of transactions, and general security.
Blockchain is poised to digitally disrupt this industry, and holds the
potential key to faster transactions, at less cost, and with a higher degree of
security.
techradar.com
ET22JAN18
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