If you’re familiar with the term ‘cryptocurrency,’ you might have heard about the technology that underpins it - the blockchain. Simply put, blockchain is a distributed database. It's like a giant spreadsheet that runs on millions of computers owned by ordinary people across the world. It doesn't require a centralized management system. The entire system is open source, meaning anyone can access it. And it is protected using state-of-the-art cryptography. This is why experts call blockchain “the platform of the future.”
As this new technology is gaining more popularity, it is expected to have many changes not confined to the business world but our lives in general. Here are some ways this revolutionary technology will impact our lives and the way we do business:
Blockchain is expected to disrupt the banking industry in a significant way. Die-hard believers believe that blockchain and cryptocurrencies would even replace banks. But this is possible only when the policymakers call for a decentralized economy. However, blockchain technology can make the existing processes of banking services more efficient, secure, and transparent.
The Entertainment Industry:
Blockchain technology is also believed to give rise to a new "creator economy," where content creators own the right to their creative pieces. Be it movies or music, creators will now have complete control over their work and determine who gets to view and distribute their work. This will significantly impact the job market, as we'll be witnessing a new breed of creative entrepreneurs.
The concept of e-voting has been a pipe dream for quite a while for political thinkers. Mainly because e-voting is expected to reduce the cost of running elections significantly. It also has the potential to increase voter turn-around. Thanks to blockchain, this pipe dream is on the verge of becoming a reality. Countries are looking at e-voting using blockchains as a viable option as it has a decentralized management system which makes the election more transparent. So we might see big democracies like India adopting e-voting in the near future.
Supply Chain And Logistics:
Another sphere where distributed ledger systems - the core mechanism of blockchain technology - will come in handy is logistics. Each item will be made available as a record in the blockchain database. Therefore, it becomes easy for the suppliers and vendors to verify the authenticity and origin of the goods shipped.
Although blockchain is in its nascent stage and the only popular application right now is cryptocurrencies, it holds much more incredible and broader potential. It is indeed a revolutionary technology that can foster a democratic economy and bring power back to the hands of the people.
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Batch of 2024