Digital currencies are paving a driveway into the future.
What is the blockchain?
It is a system where transactions made in cryptocurrencies leave a permanent record for everyone to see, an open ledger. No one can change it, rename it, delete it, but surely can own a copy.
How do blockchain and its industry intertwine?
Imagine a chain connecting the supplier to the manufacturer, to the distributor, to the retailer. Blockchain, allows each link to act individually while still being part of the whole. Businesses can achieve this through the implementation of smart contracts that tell the chain what kind of data it needs to store. Nothing gets lost during the process and the information recorded is permanent.
Adopting blockchain means:
Network participants can see the same documentation and if someone wants to change something, every network node must agree on that. Thus, making it ideal compared to paperwork.
Transactions appear as records on the ledger, fully encrypted and linked with each other. The blockchain network consists of many computers, called nodes, getting updated in real-time. It is almost impossible for hackers to modify, steal or delete the blocks since the data is stored in every node and not in an isolated server.
Faster and more efficient
Discarding the need of paperwork will make transactions quick and easy. Human errors get rejected by the network and since everyone shares the same ledger, the trust will not be an issue.
Knowing every step products make during their journey is crucial to verify the authenticity. When dealing with complex industrial chains, the ledger data will help prevent fraud.
No more middlemen or third parties, no more documentation reviews. All the time-consuming processes are compressed and made simple. Every business wants to cut costs and blockchain does it for you.
Banking and financial services
A way of redefining the financial markets infrastructure. Getting rid of unneeded bureaucracy and paper fillings in favor of both banks and customers. Making transactions as fast as a push of a button in the safest environment ever created. Accurate data and statistics are extractable in real-time. We can go as far as creating a new global currency on a worldwide scale network.
Better tools for the government to manage business processes and improve services with its citizens. Elections through the blockchain can give people the transparency they want while still keeping them anonymous. No more bribes going unnoticed, no more different versions of the truth.
From pharmaceuticals to direct patient-doctor interactions. A database for each patient’s history, providing information that could potentially save lives. Better overall service with the riddance of paperwork and bureaucracy reduction.
Blockchain allows artists and creators to easily mark their work, making it traceable to them and get paid for commissions directly. No more fees to third-parties.
Uncompromised traceability, transparency of the supply chain and cost cuts on processing and administration.
The internet of things is a new concept derived from the increase in internet-connected devices. Blockchain can be developed alongside to keep track of these devices in the years to come.
Blockchain technology is a cost saver and efficient way of doing paper-based work. Making essential functions such as escrows, payments, ownership rights, has never been this simple and cheap.
This is just a glimpse of what is yet to come. The list can go on and on for those who seek the bigger picture. A fourth industrial revolution is at the gates and blockchain awaits eagerly to make it happen. Big companies are already making their moves and soon everyone will follow, but are you ready?
Amazon has partnered with an Ethereum startup while filing a great number of blockchain-related patents.
IBM is probably one of the biggest investors with 200 million $ and a thousand workers exploring the possibilities of this new technology.
Microsoft is the first company to have monetized cryptocurrencies. It allows users to buy some services using bitcoin.
But who should we thank for this gift?
We still don’t know. A paper titled ‘Bitcoin: A Peer-to-Peer Electronic Cash System’ was published online in 2009, written by an unknown person or group of people under the alias Satoshi Nakamoto and it is changing the world.