It's Not Just about Bitcoin: How Blockchain is Transforming our Lives
Nov 5, 2021
When most people think of blockchain, the first thing that comes to mind is Bitcoin. Yes, Blockchain is the technology that underpins Bitcoin, but there’s more to blockchain than just Bitcoin. This invisible technology is transforming our lives, and most people don’t even know it.
Blockchain, although a relatively new technology, has become a hot topic in recent years largely because of its capacity for immutable, transparent and decentralised means for recording, storing and sharing transactions and data. You may not even know it, but blockchain technology is already being used in various aspects of our lives and it's only just getting started. The financial services industry is leading in exploring the usage of blockchain technology, however, over the next few years blockchain tech is expected to disrupt a number of industries.
Industries that blockchain is transforming;
- Banking and finance
Blockchain tech makes transactions seamless and efficient. It has already drastically improved payments. Many large banks are conducting tests with the tech and implementing blockchain in business processes.
- Supply chain management
When it comes to supply chain management, transparency between organisations and customers is a massive challenge. Blockchain is being applied to many challenges that the supply chain management industry faces. The issues relating to the tracking and record keeping of products will soon be a thing of the past. Furthermore, it will be easier for companies to share data with manufacturers and suppliers.
For example, De Beers is using blockchain tech to track diamonds from the mine to the retail counter.
There are a number of benefits that blockchain tech can offer the travel industry. The travel industry relies on many different companies passing data between one another. Travel agents need to pass customer data and flight details to hotels, travellers baggage is often transferred between different airlines. The decentralised nature of blockchain makes accessing, storing and verifying this data easier and more reliable that the traditional systems.
Other exciting uses for blockchain technology within the travel industry include, identification services, traceable payments and customer loyalty schemes.
Blockchain can offer enormous benefits to the healthcare industry. Securely maintaining and distributing patient data is just one of the benefits. Doctors and pharmacists need access to secure, reliable medical records to treat patients correctly. Blockchain can securely store patient records nationally and internationally. Blockchain platforms will allow the doctors and hospitals to access health records of patients with ease which will drastically improve the health services provided to them and reduce the risk of misdiagnoses.
The possibilities for blockchain are virtually endless and affect many different industries.
In the coming years, it appears that blockchain tech will continue to revolutionize many sectors across the globe.
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