Blockchain technology has the potential to disrupt and overcome all technological boundaries. Its inherent characteristics have made it much desired within several industries where data management is of utmost importance.
Fundamental aspects of the technology that underpins cryptocurrencies and assets are causing people to re-imagine and then enact new ways of creating and exchanging value online. Almost every industry is experiencing some form of disruption in terms of how data is managed.
Some of the qualities of the Blockchain that has endeared it to most technological processes include:
Information stored on the Blockchain cannot be changed. Therefore, the need for trust or extra verification of authenticity of data stored on the Blockchain is totally eliminated.
The Blockchain is not a centralized system. In essence, information stored on the Blockchain is preserved and protected by all the participating computers across the globe.
Therefore, in order to hack the system, a hacker must break through a majority of the participating computers simultaneously. This is a practically impossible task.
The Blockchain offers individuals the ability to be able to control their own resources (both tangible and intangible). Since there is no central point of control, every participant on the Blockchain retains power and control over their data.
The peer-to-peer nature of transactions enables parties to transact directly with each other on their own terms. This eliminates middlemen or intermediaries from interfering.
Capacity and speed
Having numerous computers contributing to the network offers more power and storage space on the Blockchain when compared to centralized servers. This enables improved efficiency of processes during transactions and data management.
So many industries are presently experiencing significant changes as Blockchain solutions are continually being introduced to enhance more efficient functions. Some of these industries include:
Christopher Franko, CEO of Borderless Corporation, tells Cointelegraph that voting is one of the very few use cases that could really benefit from immutable record keeping, and aside from currency and value transactions.
“Globally, there is a huge demand for transparent and honest elections. People are tired of having their politicians selected from them rather than elected. At Borderless Corp, we designed VoteLock as the first immutable and transparent voting booth for open democracies. We believe every vote matters because you matter.”
Franko names such benefits of using Blockchain for storing votes to include:
• Increased accessibility and participation;
• Prevent voter fraud with public accountability;
• Voters rights can be managed instantly and globally;
• Elections are secured electronically with cryptography; and
• Votes are tallied on the fly so recounts are a thing of the past.
According to the CSO of Bitland, Larry Christopher Bates, Blockchain is disrupting the real estate industry, which has remained largely unchanged for the last century. Blockchain is reducing overhead, making transactions quicker, making the job of notarization much easier and increasing the efficiency of real estate transactions.
Bates tells Cointelegraph:
“As the real estate bubble has shown, keeping track of the proper value of land as it is sold is extremely crucial to establishing a market that is resistant to bubbles. When the bids and transactions are made public, there is much less room for prices to become hyper-inflated.”
He also notes that the application of Blockchain in real estate makes it much more difficult for people to use their land to hide money or launder it through buying and selling properties via a proxy seller.
“Overall, Blockchain is making real estate industry more transparent and resistant to another crisis,” Bates concludes.
Content creation and distribution equity have remained under the control of centralized servers managed by corporations like Google. Blockchain startup Synereo has developed WildSpark, a meta-layer for equitable, decentralized content creation and distribution platform.
The co-founder of Synereo, Anderson Mccutcheon, says:
“This addresses the fact that content and its creators are bound by the monetization methods and strict guidelines mandated by a few large mega-corporations.”
Blockchain offers a decentralized environment where creators, curators and content propagators are directly compensated for their participation at various levels.
CEO of Netcoins, Michael Vogel, explains how remittance is one of the primary industries being disrupted by Blockchain.
Vogel explains that Western Union, the dominant player in remittance, charges over 10 percent in some cases while Bitcoin-based remittance (even just using Bitcoin behind the scenes, and converting between Bitcoin to fiat currencies) enables the same service to be performed at an ultra-low cost.
He also notes that the use of Blockchain would allow traditional financial institutions, such as banks, to offer remittance services.
“Traditionally, remittance has offered little in terms of cost/benefit for banks, which is why Western Union tends to receive the bulk of the remittance traffic. Blockchain completely reinvents this business model, and given that $500 bln is remitted annually, it is the first sector in which Blockchain will have a tangible effect on improving the daily lives of people.”
Recruitment and HR
Employers are faced with the challenge of the authenticity of qualifications posted online by applicants when trying to recruit workers.
The immutability of data stored on the Blockchain prevents any form of alteration by applicants seeking employment.
This is an aspect of the Blockchain explored by recruitment companies in matching students seeking part-time jobs with available opportunities in their areas of specialization.
Dror Medalion, the CEO of BitJob, a recruitment company that connects students with part-time jobs, explains:
“Decentralized peer-to-peer (P2P) marketplaces will revolutionize the way students make a living and gain occupational experience while still studying, letting students specialize in jobs relevant to their chosen professions and make a decent living throughout their school career.”
Several other industries are also experiencing Blockchain disruption. They include healthcare, insurance, education, telecommunications, entertainment, among others.
Just like the Internet, it may only be a matter of time before Blockchain encroaches into every part of human existence.