Blockchain has come a long way from the depths of only the most technical online communities to regular appearances on daytime television. Blockchain technology is a household name now, but its impact on your life is far from over.
You’d do well to familiarize yourself with blockchain technology, and all of its potential uses. And, once you understand it, you’ll be able to see why it stands to change so much. Today, we’re going to take a look at blockchain technology, and highlight some of the incredible ways it could reshape your future.
What is a Blockchain?
Blockchain is all about the secure and immutable storage of information. It’s often referred to as a digital ledger that facilitates, tracks, and stores data. Databases store data too, but blockchains do it in a way that creates a time-stamped structure that can only ever be added to, not changed.
It truly is a technological breakthrough that has implications for just about every sector. Cryptocurrencies have already shook the financial sector, and NFTs are changing the way artists go about their business. Trust us when we say that the growing influence of blockchain technology has only just begun.
By Changing Contracts Forever
You don’t need an active imagination to understand the significance of smart contracts on the blockchain. A smart contract uses blockchain technology to finalize and execute the terms of an agreement automatically and without the need for a legal system, central authority, or external enforcement.1
With smart contracts, the terms of the deal are written into lines of code and stored on the blockchain network. The entire contract, from the agreement to the execution of the deal, is trackable, secure, and irreversible.
Smart contracts are already a thing, ready to be used by anyone with the desire and the aptitude.2 Though they haven’t necessarily made it to the business mainstream just yet, we suspect it’s only a matter of time.3
By Democratizing Voting
The political sphere isn’t outside the influence of blockchain technology either. Far from it. Conversations surrounding the role blockchain may play in voting have only gotten more frequent.4 Which makes sense when you consider how embarrassingly low voter turnout in America has historically been.
If online voting ever becomes a thing in the U.S., you may have blockchain technology to thank. The security, anonymity, and decentralized nature of the blockchain might make it the ideal platform for safe, secure, and anonymous online voting.5 Making it easier for Americans to vote could shift the political landscape in untold ways too.
By Optimizing the Supply Chain
Blockchain can and is being harnessed to track food from farm to table as a means to improve sanitation conditions and product quality. The Blockchain Food Safety Alliance is just one such example of the ways in which the blockchain can optimize various product supply chains.6
It all comes down to tracking and monitoring data at all points throughout a product’s lifecycle. As a process, it’s still in its infancy. But there are lots of potential revenue and environmental benefits, so it’s a development we plan on watching closely.
By Revolutionizing Medical Records
Technological advancement has played a prominent role in the growth of the medical field. It’s improved scheduling, communication, and data collection exponentially. It’s changed how health professionals learn. It’s brought reliable biometric monitoring to your smartphone. The full computerization of medicine is complete, and it’s impossible to argue the results.7
One potential entry for blockchain technology is what industry professionals are calling the HealthChain.8 HealthChain uses blockchain technology to create, store, and transmit complete patient health records. The innovation could dramatically improve accuracy, accessibility, and privacy of patient records.
Though there are legal hurdles, studies have made the case that HealthChain is superior to the electronic health records system healthcare professionals are using right now. Its adoption could revolutionize the way the world processes medical records forever.
By Taking Over Gaming
One innovation begets another, as is the case with blockchain technology and non-fungible tokens, or NFTs. Using the Ethereum blockchain, NFTs unlock the ability to to assign and claim ownership over unique digital data.9 This particular breakthrough has already begun its gaming takeover.
The ability to own digital data creates an entirely new, and lucrative, revenue stream for developers wise enough to utilize it.10 The ability to earn, buy, and sell unique in-game items creates an entirely new marketplace for gamers and game makers. The reliance on in-game NFTs is still in its infancy, but talk to us in a few years.
One thing we do know for sure, is that blockchain technology is going to be around for a whole lot longer. So you might as well get ahead of it, and learn as much as you can right now. Trending technology blogs, digital forums, and a universe of social media communities are abuzz with all things blockchain.
From digital voting to smart contracts, there’s no telling the efficiencies blockchain technology could find, or the ripple effects those transformational breakthroughs create across all industries. And who knows? You could be the one to discover the next revolutionary use of blockchain technology.