The blockchain technology has been widely hailed as a ‘revolutionary’ innovation which will change the way we know technology to be. Many in the industry have already started calling this decade-old technology as ‘Web 3.0’. However, the application of the blockchain technology goes far beyond technology and industries. The blockchain is actually changing our day-to-day lifestyle.
When you take a deeper look at things, many contemporary processes are slowly moving towards blockchain-based systems. Agriculture, government welfare processes, healthcare and insurance, gaming and entertainment are just a few examples. Blockchain technology is being used by Governments to build ‘smart cities’ which will be powered by blockchain-based smart contracts.
Expectations from cryptocurrencies as well as the underlying blockchain technology are high in 2019. Let us take a closer look at how the blockchain technology is changing our daily life:
One of the most significant impacts that the blockchain technology has on our lives is via the banking sector. Traditionally, banking has been an expensive affair when it comes to international transfers and outbound remittances. The costs involved as well as the time that it takes for these transfers is usually more than what one would expect.
However, blockchain solves this problem. With blockchain, banking becomes not only simpler – but also faster and cheaper. Using the blockchain technology, funds can be transferred significantly faster and at much lower costs. With many major banks across the world already testing out blockchain-based trials, with Ripple having signed over 200 financial institutions on its platform, it appears that blockchain is going to improve banking even more over the years to follow. You, the consumer is the biggest beneficiary in this evolution of banking processes.
Another reason how blockchain is changing your life is by providing you with financial freedom. The core principle of blockchain tech is that it is a decentralized system – meaning there is no authority that governs it, but it is self-governed by the members of the blockchain. This is again seen in contrast with banks which have a regulatory authority which makes laws and regulations about how funds are to be managed. The blockchain technology gives you complete freedom over your funds.
Healthcare is a sector where the blockchain technology has proven to be highly beneficial. Hospitals are testing the use of blockchain technology for improving their operations – be it managing the treatment profiles of patients or be it their medical data, which is confidential information, all of this can now be stored over the blockchain ledgers as it offers a high level of privacy. Furthermore, hospitals can also make use of blockchain-based smart contracts which would allow them to easily manage their inventory systems – reordering medical supplies on a timely basis.
Another major benefit here comes from the point of view of medicare and health insurance. Insurance firms are also eyeing the blockchain technology, as they look forward to making use of automated smart contracts to assess the insurance claims as well as to transfer funds to the accounts of the insured. This is another major way in which blockchain technology benefits you, the consumer.
Governments across the world are also looking into the blockchain technology for the benefit of the people. Government funds, which are used for public welfare can be easily tracked if they are sent over a blockchain system. This increases the accountability of the government and ensures that the funds reach the citizens. Furthermore, blockchain-based systems are also being tested out for the issue of government documents such as birth certificates and educational degrees. Even elections are being held on blockchain platforms, as was seen in the case of Africa’s Sierra Leone earlier last year. You, the citizen, become empowered with the blockchain tech.
The retail sector is one which is all set to get a major boost in innovations with the help of blockchain technology. Consumers can benefit from this blockchain-led innovation in several ways: stores have already begun to provide discounts in the form of cryptocurrency payments. In addition to that, making use of smart contracts could help the consumers make better buying decisions by storing their purchase history and providing them combinations which are personalized exclusively for them. Loyalty reward points are also moving over to blockchain systems.
Food and Agriculture
The food and agriculture industry also has a lot to benefit from blockchain – and so does the consumer who buys these products. The blockchain makes it easier to trace where the produce originated from – where all it was stored and where it was transferred to before it reached the final outlet from where you, the consumer, purchased it from. A similar technology is being used to track diamonds from mines! Companies such as Walmart are looking forward towards bringing out such blockchain-driven innovations in the world of food and agriculture.