The Industries Blockchain will disrupt in almost no time : Part 1
Call it a buzz or hype, a phenomenon or a disaster waiting to happen; there’s hardly anyone who wouldn’t have heard of Bitcoin and other cryptocurrencies. So much has been written and said about it that anything written further would be like utterly pointless. So, why are we here? Well, we’re here to talk (write, in this case) about Blockchain, the stunning technology behind Bitcoin and other cryptocurrencies.
The blockchain is a digitized, decentralized and distributed database of every record (transactions in Bitcoin). These records are regarded as ‘blocks.’ These blocks keep adding up as the transactions keep on occurring. These blocks cannot be altered as each of the blocks is linked to a previous block, so on and so forth. In layman’s terms, it’s a digitized public ledger. If you want to learn the nuts and bolts of Blockchain, here’s an excellent post for you.
We hope this has cleared up some doubts in your mind. Let us clear one more.
Contrary to popular belief, the use of Blockchain isn’t limited to Bitcoin and other such currencies. That’s because Blockchain is a technology, not a currency; and a technology can be employed in tons of ways.
The thing about Blockchain as a technology is that it’s highly disruptive in nature, thanks to the power of cryptography. This disruptiveness may or may not be extended to currencies, but it sure as hell will create some tremors (good tremors, has to be said) in other industries.
That’s why we’ve come up with the industry that will be redefined by Blockchain
If there’s one industry that’s badly in need of a major up gradation, it’s the Logistics Industry. As we all know that shipping is a process that involves various stages as well as stakeholders – joints in simpler terms. Unfortunately, the more the joints, the more the weak points. This is especially from the efficiency point of view.
From a customer’s point of view, Blockchain will not be less than a blessing straight out of heaven. That’s because it will allow far more transparency and security to them. Consumers will be able to track every step/block of a product – starting from its inception to the delivery. It means that duplicate products will be identified and tracking of every activity along the way can be accomplished. One hell of a blessing, right?
In short, the Blockchain technology could revolutionize this industry by introducing much-needed accountability and transparency.
Another industry that is set to witness major overhaul due to Blockchain is the healthcare industry. Granted, it won’t turn out to be a cure-for-all formula (medicine, in this case). However, there are certain areas that are crying out for an improved system.
Take medical records for example. We all are patients at one point or another, right? Most of us have a set of our preferred doctors that we see almost all the time. Consequently, that doctor will have all your records in terms of diseases, medicines and other aspects. What if you’re in some other country and you badly need to see a doctor? What if – for whatever reason – you don’t have access to your medical records? That wouldn’t be a pleasing situation, right? Well, Blockchain is here to save the day.
As we saw in the definition, Blockchain is a set of records and these records could be anything. Your record will be stored in a decentralized, digital yet secure network. This way you can have access to your data whenever you want to.
This is just a tiny glimpse into what Blockchain could do in the healthcare industry.
Please read more about on our next articles. Part 2