Technological advancement has escalated the world to a whole new height. Today, the triumph is evident by the status of the global business market which is highly credited to a resourceful invention massively affecting the finance sector – the blockchain.
The blockchain is a distributed database or ledger that serves as a confidential transit of digital information. It has paved the way to Bitcoin – a CryptoCurrency (electronic currency) introduced in the year 2009 that counts on computer networks to solve mathematical problems, verifying and recording the details of every transaction undertaken.
The Bitcoin exchange rate is decentralized. It does not rely on a central bank, nor an authority that governs its supply. What only matters is the confidence level of its users represented by major companies accepting the digital currency as a payment.
Disrupting and Uprising Various Industries
The technology provided organizations with a transparent, efficient, decentralized, democratic and secured record processes. Give it another five to ten years, and it is foreseen to disrupt, then revolutionize certain industries that include:
It is not a secret that the healthcare industry still depends on myriad legacy systems. Most hospitals struggle with lack of a platform to share and store data. As a result, they often fall victims of hacking. With the help of Blockchain technology, hospitals are given a safer avenue to keep their medical records. This can have a massive effect on the speed and accuracy of diagnosis.
- Real Estate
Over the years, the real estate industry has been bombarded with rampant abuse and corruption. Add to those its paper-based record-keeping and no wonder, this vulnerable field will go into the fleet. Blockchain reduces the demand for dated systems. Hence, it employs a technology that automates the process, giving the community a lesser chance for fraud.
Most people have a common notion that government systems are often opaque, and slow. That they are vulnerable to corruption. With human errors packed with misaligned incentives, this perception cannot be judged. As the implementation of Blockchain arises, politicians can be held more accountable for transparency. The technology will also increase security.
- Payments and Banking
There are claims that the blockchain will transform banking, the way the internet modified the media. It will grant the public convenient access to financial services across the globe. This includes third world countries that are deprived of contact with traditional banking. Basically, Bitcoin may enable users to send money instantly with low charges. This, in turn, will also make banking operations more secure and efficient.
- Cyber Security
Despite the fact that blockchain is a public ledger, the data is always verified with advanced cryptography. This means that the information is not prone to hacking without the knowledge of authorities. This new light can also affect other transactions which are made online these days.
As to whether Bitcoin will be mainstreamed is still a question most critics still raise. Regardless, the number of venture capitalists and financial experts predicting the growth of virtual currency system is increasing.