It all started in 2009 when a certain Satoshi Nakamoto implemented the first-ever blockchain with the use of bitcoin and made it open-sourced.
Then, the rest is what we see today.
All thanks to its security and privacy, blockchain caught the eye of various industries. Even whole countries, citing Estonia with its deployment of blockchain technology throughout the country, managed to integrate the digital ledger for seamless data exchange, access, security, and identification.
There’s no doubt that you’ve encountered blockchain even once in your life. With that being said, here’s how blockchain is impacting the world in the 2020s decade.
The traditional healthcare industry houses a centralized system, meaning there are risks of hacking sensitive patient data. Through blockchain, security is increased, blocking potential hacks, and the ledger’s decentralized nature creates an origin wherein medical practitioners involved in a patient can access records easily for faster diagnosis.
Through the cryptographic ledger, such as what is implemented in Estonia, digital society is created. Estonia’s digital society provided an encrypted ID card that is used for identification that will provide access to various e-services in the country, such as access to i-voting, medical records, banking, submit tax claims, and more. It’s also used as an ID for Estonian citizens when traveling around the EU. Blockchain processes are faster and secure, protecting citizens from identity fraud. Also, the person who owns the digital signature and ID can access their records without intermediaries.
Banking and Payments
Its common knowledge that blockchain is used to transfer payments via cryptocurrency. But, it’s also used to improve transactions as well. Transaction times will become shorter, and the entire transfer is secure and transparent. A lot of banks have already adopted blockchain into their systems, such as Alipay, First America Bank, Citi, and more.
Blockchain opened new doors for businesses to become efficient in their operations. First, transparency exists with the use of blockchain since tracing and tracking in logistics is possible and easier. Second, there will be lowered operating expenses as blockchain allows businesses to send and receive payments through smart contracts, removing the need for intermediaries. Lastly, the ledger provided asset protection because of its decentralized nature and cryptographic reference.
Internet of Things
The same as healthcare and banking, IoT is everywhere. Its rise and benefits also urged different industries to implement strategies that involve connecting various devices to the internet, allowing it to share and receive data. IoT can even be found from an ordinary person’s home, and that makes it a better target for hackers. Blockchain helped in establishing better protection, securing data from potential hacks, and fraud.
Blockchain has reached new heights, expanding into different fields that didn’t necessarily involve cryptocurrency. The emerging technology is no longer an economic experiment, but a ledger used to help protect people and organizations from fraud, promote transparency, reduce cost, increase accessibility, and more.