Thanks to the hype and booming values of bitcoin, ethereum and the like, blockchain – the technology underpinning these crypto-currencies – has quickly become a household word.
Every successful new technology undergoes an explosion of growth in which we try to utilize it for everything. Email, search, social networking—each went through its This will solve all our problems! phase before we get to know its best uses & limitations. The blockchain technology is now taking their turn in this one-tech-fits-all role.
While it’s perhaps too soon to make a call on whether blockchain is a greater revolution than the internet, it is clear that it can provide vital trust, accountability, and transparency in an age of growing digital partnerships and the looming threat of cyber-crime.
Let’s take a look at how BlockChain Technology can bring a change in different fields in near future.
- Data Management:
The Blockchain Technology uses identity ledgers in database management and data analytics to support various applications. Businesses and governments can use this to simplify records management, record business processes, and address security and compliance issues.
- Digital identity, identification & authentication:
With this use case, blockchain is not necessarily restricted to funds transaction, it can be used for the storage of all types of data and transactions in a secure and open way. On top of that, creating an identity on blockchain can give individuals greater control over who has their personal information and how they access it.
- Internet of Things:
Built on the blockchain, the registry can stores the identities of physical items, initially consumer goods and collectibles embedded with BLE and NFC microchips. In doing so, a secure, inter operable digital identity can be established and new, proximity-based consumer engagement opportunities become possible.
- Social Network:
So far, decentralized social networks are at a very early stage of development. Open source decentralized social network is a kind of social network that is able to ensure strong privacy standards because user data can’t be stored or controlled by any central agency or owning company.
- Ride-sharing services:
One of the most important properties of blockchain technology – the elimination of the need for central authority or middlemen – could become a backbone for the real sharing economy.
The ride-sharing brands that consumers and drivers trust to match supply and demand. Soon enough, blockchain can fundamentally transform the model with the next generation of companies taking over the niche.
Blockchain technology is still a far-reaching mystery for many of us. However I’ve gotten a taste of what it means now and having struggled but triumphed over the initial understanding, I think maybe I am ready to dive into the more complex topics too. I would definitely advise you all to not panic about this but definitely start planning for this. In time, we will all start to see the true power of this new and potentially revolutionary technology.
Got a project on Blockchain? Then reach out to WebMob Technologies for consultation. We will enable you to explore and navigate the potential of Blockchain and pilot solutions customized to your business line.