Blockchain and world — the love and hate relation

Blockchain is here to say. How do we live with the unique tech?

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What is Blockchain?

Blockchain is a database, shared across a network of machines (or computers). Once a record or input is added to the chain, it is virtually impossible to change. Additionally, to ensure all copies of the database remain the same, the secured network advances consistent checks.

Blockchain technology garnered attention by underpinning the globally hailed cryptocurrency. Bitcoin. However, blockchain tech has many other possible uses and offers a vision beyond cyber-currencies.

The Record — The Block — The Chain

You may wonder, is Blockchain a block connected with chains? Well, virtually yes. Database records are bundled collectively into ‘Blocks’ and added to the ‘Chain’ consecutively.

• Record: A record can either be data, information, or even a deal.
• Block: A block is a bundle of records. (data, information or even deals)
• Chain: The virtual chains links all the blocks together, securely.

Why the love and hate relationship?

Although Bitcoin was the talk of the town during its launch, Blockchain soon stole the spotlight. With the rise of cryptocurrencies such as Ethereum, Ripple, and others following Bitcoin’s success, countries across the world were divided with its rising dominance and say on the financial market. Wallstreet rubbished the possibility of the cyber-currencies replacing fiat.

Some say that cryptocurrency was the messiah in disguise developed in response to the 2008 financial crisis that shook the world. Ignored, snubbed, and even shut out by the folks at Wall Street, Bitcoin remains a legend among rebel technologies.

However, in 2019, the big boys and girls on the infamous Wall Street are dipping their toes and looking at creating a Bitcoin-based stock market. The change in heart? Thanks to the “ignore it, and we will perish” attitude.

It is ironic given the fact that the rebel technology prides itself toward ZERO central control. Thus, the love and hate relationship began between the old warhorses and the tech-savvy generation.

Industries that benefit from Blockchain

I’ll keep this short. Blockchain opened the flood gates to infinite number of utilities, thanks to its conceptual flexibility. Some of the promising applications are under development for industries such as,

• Supply chain

The value of the supply chain market zoomed past $13 billion in 2017, up by eleven percent from 2016. Moreover, it is at a faster pace and will reach $19 billion by 2021. Yes, you’ve read it right.

How can Blockchain help? Recording trades on the platform offers easy traceability of the products or shipments’ history. Furthermore, with fortified security features, Blockchain defends the industry from deliberate data tampering. Thus, helping the market save billions in losses.

• Banking

Registering a compound annual growth rate (CAGR) of 4.7% between 2012 and 2016, the banking market touched an enormous value of $134.1 trillion.

Rub off the sweat beads from your forehead (pun intended)!

Financial institutions across the globe have been tremendously investing in blockchain technology to help simplify their record-keeping for payments, secure their transactions, and boost performance.

• Voting

The 2016 elections in the United States garnered negative headlines with rumors of mass-level tampering of votes; thus, undermining the country’s democratic system. With Blockchain, voters’ records can create tamper-proof and highly-transparent election returns.

• Healthcare

Also called the medical industry or health technology, healthcare includes three essential branches, which are products, services, and finance divided amongst sectors and categories. Healthcare is the world’s largest and fastest-growing industry consuming over 10 percent of GDP (gross domestic product) of most developed nations.

The healthcare industry hugely benefits from Blockchain with secured storing and sharing of medical history, efficient monitoring of patient & doctor records, high-speed financial transactions, and a whole lot more.

• Real estate

Note: You may want to sit down for this.

At the end of 2017, the world’s real estate reached a value of $280.6 trillion, the highest figure recorded, coupled with an annual increase of 6.2%. However, the numbers could have soared higher given the industry did not face issues like fraudulent transactions, unforeseen hacks, third-party influences, and much more.

Blockchain helps walk past the problems with solutions for secure land/property records, reduces cost on title research & insurance, improves ownership on politically unsecured places, cut-off intermediaries, virtually eliminates hacks, and more.

• Cryptocurrency

With Blockchain as a base for Bitcoin, other cryptocurrencies will follow suit. Backed with smart contracts and all the highs of blockchain tech, cyber-currencies hold a bright future in the financial economy.

Future of Blockchain

With the world going digital, Blockchain has a lot to offer. The above write-up may even cultivate the question, is Blockchain a lucrative bandwagon for adopters? Although the future is unpredictable, however, with Blockchain, the unpredictable nature of thoughts and ideas can be secured.

Wrapping-up

Adore it or loathe it, Blockchain is here to stay and thrive. Boosting trustworthiness and handling anonymity, Blockchain, I sense, gracefully quotes Shakespear – “Love all, trust a few, do wrong to none.”