Most experts with an insight into the tech industry would agree that blockchain technology has the potential of being one of the most innovative developments of the near future. Despite that, most everyday people still believe that blockchains only have to do with cryptocurrencies.
Therefore, we thought we’d outline some of the ways in which blockchains could have a positive effect on your life during the coming years.
Blockchains Are More Than Just Cryptocurrencies
The concept of blockchains was born and became a global phenomenon thanks to cryptocurrencies such as Bitcoin. For example, the Proof of Work blockchain system that supports Bitcoin is what keeps the currency safe and what gives it its value. However, over the last 10 years, blockchains have developed into something much more than just the backbone of cryptocurrencies.
“Blockchain technology will have great impact on our society as a whole, the question is are we ready for it? I don’t think we fully are because blockchain technology has not yet had the breakthrough it deserves. We are likely many years away from reaping the benefits“. Jimmy, founder of BullMarketz.com
Today, major corporations from all over the world are investing in and working with incorporating blockchains in their business approach. Two of the biggest and most prominent blockchain enthusiasts right now are IBM and Overstock who are both working hard to spread blockchain technology to the public.
But the million dollar question still remains, how exactly can and will blockchain technology benefit us?
Let us take a look.
Safer and Faster Banking Options
One of the first industries to raise an interest in blockchains was the banking industry. A lot of the early interest was driven by the fact that cryptocurrencies were booming and the banks wanted their piece of the cake. Although, nowadays banks are focusing more on the potential usages that blockchains can offer and not so much on the digital currencies themselves.
For example, several international banks such as Santander have conducted comprehensive tests on how blockchains can be used to optimize and speed up international transactions. By using blockchains, a bank can transfer large amounts of money to anywhere in the world in no more than a few seconds and for much smaller fees than ever before.
In addition, some of the most well-developed blockchains can help make your accounts and funds safer by adding a new level of security and by registering every transaction on a fail-safe blockchain.
In other words, blockchains will and in some ways already can make banking faster, cheaper, and safer for you.
A More Transparent Retail Industry
The retail industry was also quick to jump on the bandwagon and right now there are several very interesting and disruptive projects in the works.
Most of the blockchain developments in the retail industry are focused on product quality and branding. The idea is that you can use a blockchain and a unique token to follow a product from its earliest stage all the way until it reaches the end consumer.
For example, a vineyard could register every batch of grapes they pick on a blockchain and then have that blockchain updated for every part of the production all the way to it being delivered to a store that will sell it. This would allow the customer to trace the bottle of wine back to its origin to ensure its quality.
The same system has been applied to car manufacturers where consumers can trace a car all the way back to its factory. Moreover, the luxury fashion industry has been eager to implement similar systems in order to beat fake and knockoff products.
Optimized and Personalized Education and Health Care
Further down the road, we should expect to see blockchains influence and change other important parts of our society.
In Dubai, they are currently testing how blockchain systems could help personalized education to fit each student perfectly. In addition, small-scale projects across the globe are working to optimize our health care. Imagine how practical it would be if your patient history, as well as insurance data, was available to any doctor at any hospital. The use of a blockchain system could even help regulate and ensure the use of medicine and prescriptions to help control substance abuse.
As you can see, the use of blockchain technology can be implemented pretty much anywhere, and the options mentioned above are only the tip of the iceberg. In the future, we should expect blockchains to be a normal part of our everyday life – from the way we shop
and learn new skills to the way our banks and governments are regulated and handled.