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All cryptocurrencies operate on distributed ledger technology, which is known as the blockchain. The crypto and blockchain domain still has secrets unknown to anyone, for instance, the founders of Bitcoin (BTC), the first and largest crypto, are still in anonymity. Moreover, the blockchain potential still cannot be determined since there are new developments every day and every second in the sector.
There was a time when a new crypto token was launched every single day. Therefore, predicting what would happen with and in the blockchain domain is extremely strenuous. However, many analysts and researchers who have better knowledge of the matter often imply that the domain has such a bright future that no one can estimate.
Further, the several updates in the blockchain space have surely leveled it up. In addition, the volatility that is associated with the crypto space and its price actions can be associated with blockchain technology too. This is because the foundation of crypto is blockchain and functions similar to it. This is why experts believe that the blockchain potential is set to revolutionize the world in the most unprecedented manner. Also, the new version upgrades in the sector like the recent Cardano Vasil Upgrade promise to improve scalability and seem appealing to blockchain and crypto enthusiasts. This article will entirely focus on providing information about the potential and the future of blockchain.
How Has Blockchain Modified The World?
The blockchain technology applications extend to diverse sectors, be it crypto, health, or business and finance. However, out of all these sectors, it has changed the business and finance sector massively. Let’s discuss in detail how blockchain technology modified these sectors.
Business and Finance
The blockchain integration gave rise to an entirely new financial market, the crypto market, what else could be a major change to how the business world works. Further, the number of options to invest in that particular domain are endless as it is much easier to launch a crypto than to register a company in the stock market.
However, it is not all glitters for the crypto enthusiasts as the price swings and the market’s volatile nature have often wiped off millions of dollars. But that is definitely not the end and has a lot more in store. This is because the crypto space can make or break a person. The right decision and luck can shoot up someone’s bank balance to the moon. Further, unlike the stock market, it doesn’t take long enough to bear fruit from this sector as it takes just a second to gain or lose your possessions in the domain.
In addition, cryptocurrencies have also made it into the payments and receipts sector, the basis of what the world operates. This has encouraged people to hold crypto. Further, corporate companies have been integrating blockchain technology into their systems for receiving payments, since that is the trend and to survive businesses should surely adhere to it. For instance, Tesla, an EV behemoth, last year announced that it would be accepting Dogecoin (DOGE) as a payment for some of its merchandise.
Another notable change is the availability of crypto-backed loans, which is considered the most difficult change to make. This is due to the fact that cryptos are highly volatile and accepting them as collateral is just unbelievable as it poses a high risk on the end of the lender. However, it is mostly the crypto exchanges that offer such loans, these include prominent platforms such as Binance and Coinbase. In contrast, even Goldman Sachs, which is a popular crypto investing firm, has also integrated the crypto loan policy.
Healthcare Sector
The blockchain and digital currency world has even extended its roots into the healthcare sector as well, isn’t it surprising enough? This rightly shows that the blockchain technology potential is beyond bounds and can go beyond our expectations. The health sector, which is one of the most important areas a nation focuses on, has integrated blockchain technology for various purposes. This development took place as a result of the fast-paced world and the need for speedy operations. These include keeping records of several patients, clinical trial results assimilation, and other critical data storage.
Further, the technology also enables healthcare firms to exchange patient information and data with other such firms, doctors, hospitals, and even diagnostic laboratories. To aid other operations and scale the administrative operations of the sector, several healthcare cryptocurrencies have been introduced. Some of these coins are Humanscape, MediBloc, Solve, and Lympo. These cryptos act as a link between the crypto and healthcare sectors. Blockchain usage in the sector has already escalated its working of it and is expected to further revolutionize it in the future through various upgrades and updates.
Due to the complete digital nature of blockchain, it prevents loads of errors that could hamper operations in the healthcare sector. Further, the transparency it offers benefits the patient highly if they wish to consult other hospitals, healthcare firms, or doctors. This technology provides them with all the required information without hassle.
Major Blockchain Uses
A list of blockchain potential uses has been discussed below to understand the areas where it can be implemented to fruit from it.
Smart Contracts
Smart contracts have often been seen as a highly potent area of blockchain application. These are computer programs that are enabled to control and manage the various elements of an agreement. When the underlying conditions are satisfied, these contracts become completely self-enforcing and automated. Smart contract users and supporters are largely benefitted as these tools ensure better security and self-executing abilities. Thus, blockchain being a basis for these programs serves as an aid to the overall digital environment working.
The smart contracts technology can be utilized in any sector of business wherein the use of contract laws would generally be applied. However, this hyped form of technology might not necessarily be proven as an optimum substitute for traditional perseverance. The popular incident of faulty practices of the Decentralized Autonomous Organization (DAO) is a precautionary warning signal to crypto investors to not trust the fact that smart contracts are better than the information fed into them. Moreover, we have talked about the crypto space specifically as these contracts are mostly a part of that domain. However, despite some of its limitations, smart contracts remain one of the best ways to deploy blockchain technology applications. This is also because it has extended its usage outside the crypto space and has entered the corporate business world as well.
International Payments
We did discuss that blockchain tech has been employed through cryptos as a mode of payment. However, this benefit provided by blockchain can even be availed on an international level. The transfers across borders have always been slow, expensive, and strenuous due to the use of different currencies around the world. In this case, cryptos are one of the best options to eliminate the issue of currency disparity. Moreover, several banks at different locations take a higher amount of time to process transfers, whereas virtual currencies only take a few seconds.
One of the blockchain potential advantages includes converting the fund transfer across borders process to an inexpensive and fast one. The fast-paced world indeed requires a faster payment mode. However, the only drawback it has is the volatility of the crypto market which could affect the receiver as the prices of these currencies change rapidly. If these coins lose significant value within seconds of the transaction then obviously the recipient has to bear the losses.
Supply Chain Efficiency
Businesses functioning in all sorts of industries often require an efficient supply chain to maintain the momentum of operations. Blockchain potential spreads its veins into this sector as well. This is because it has already been employed in several industries and businesses for keeping records of the supply chain and assuring optimum working in the sector. It has awarded the benefit of reducing manual labor on the part of humans and prevents possible faults a person would have made due to the complex process involved.
However, it would also lead to loss of employment for many workers who were earlier engrossed in the supply chain sector. This could be avoided by properly harnessing the human and technology resources for optimum production. One should always keep in mind that technology can never surpass human intelligence and a blend of both worlds would make working easier.
Identity Management
The advent of the Internet has provided everything at our fingertips, therefore, access to almost everything has given rise to the concern of identity security. Even with close monitoring and control, one cannot completely prevent digital possessions from being stolen. Blockchain even emerges as a helping hand to curb the possibility of the above-mentioned concern. It has proven to revolutionize the way digital identity management operates.
Blockchain provides immense security to digital possessions through its independent verification process that every member computer of that blockchain network has to undergo. In the crypto domain, this verification process is used for the approval of transaction blocks before being added to the chain. This kind of verification can be beneficial in various other sectors and can be used in identity management to prevent the loss of intellectual property through digital means. It can also be used in electoral operations for determining the true identity of a voter, making it potent enough to be adopted by multiple governments around the globe.
Winding It Up
Blockchain’s reach is endless as it can be integrated into almost all sectors, even in the ones that no one could imagine. The technology has already made several modifications in the business and finance sector. Moreover, its potential even stretched to the healthcare sector. Further, the list of blockchain potential applications provided can help in understanding how the tech is capable of introducing a phase called the ‘blockchain revolution.’ These include widespread smart contracts’ integration, supply chain efficiency management, identity verification process, and even facilitating cross-border payments. In addition, the multiple types of blockchain technologies that are available elevate the opportunities that lie in the domain.
