Ever since the creation of the well-known cryptocurrency Bitcoin, Blockchain has been present. The blockchain is a peer to peer distributed ledger of transactions that all have a time record associated with them and recorded and users are only able to edit the section of the blockchain that belongs to them.
The impact of the blockchain and use cases
There is now a lot of coverage of Blockchain and the curiosity around it is really increasing. In fact, we have all heard the usual talking points like faster, safer, cheaper transactions; with some businesses like Betpoint and other established horse racing betting operators that will have to seriously look at adopting this technology, sooner rather than later. This is even more so because businesses and individuals are now realizing the impact Blockchain can have on so many different aspects of all our lives.
One major way blockchain could be used in the future is within voting during government elections. Using blockchain as a platform to enable online voting could really see many benefits. It would reduce a lot of the concern and scrutiny around security and possible rigging in regards to the results of the voting. It would also most likely increase turnout for votes as people would be able to do so in their own home and not visit a polling station. Because the votes will not be stored in a centralized location with blockchain it will be virtually impossible to hack the data and therefore could ensure every voting process is as secure and fair as possible. It is strongly believed that blockchain will become the future of voting in Government elections.
Blockchain in the music industry
Blockchain also has the potential to save and possibly revolutionize the music industry as we know it. Embracing blockchain within the industry will mean that everyone can be paid the right amounts and on time, as there will no longer be any confusion around rights and royalties, as there will be a single record of the truth with ledgers created within the Blockchain network. This could save the music industry billions in lost revenues, delayed payments and even legal fees. The music industry would have to come together as one to embrace blockchain as a whole though for it to be a success.
Blockchain in the healthcare industry
The blockchain is now started to be embraced now by the healthcare industry and this could see wide-ranging benefits throughout the whole world. The overall vision is for blockchain to disrupt the industry in a positive way and create a massive database of information for doctors and healthcare professionals to use, meaning that this medical information could be accessed no matter what electronic system has been used. This will mean that doctors can spend less time on admin and more on patient care and also share research results with ease of new drug trials and treatments, enabling the whole industry to share knowledge safely and securely and learn from each other.
It is clear that blockchain is going to change the world we know in so many ways. Most people who are aware of blockchain technology know about Bitcoin and cryptocurrencies and even though it is well known that blockchain is already changing the way payments are made, both online and even in physical stores, there are many other areas of life that blockchain can influence and in fact improve.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.