6 Ways Blockchain Can Change The World In The Next Decade
With the latest budget presented by the Indian Finance Minister on the 1st of February 2022, one of the most important things that have been in the discussion is the cryptocurrency tax. With the government enforcing a 30% tax on the crypto income, there has been much discussion about the same. However, it has exposed of a large chunk of the society who are yet not aware of the technology.
In this article, we will thus be talking about Blockchain. We would try to understand what it is and how it would help us in the years to come. While it is fascinating to understand the technology in itself, it is equally mesmerizing in understanding the vast impact that it would have on society as a whole. So, now let us get started on the topic without much ado!
What Is A Blockchain?
Blockchain can be described as a digital ledger of transactions. This form of the ledger is duplicated and distributed across the network of computers in the chain.
You might not have understood anything, but let me try to help you out once again with a somewhat simpler description of the topic.
A blockchain, as the name suggests, is a chain of blocks. Now, these blocks contain information, and they are connected with the block in front of them with a unique code called the hash. This means that every new block of information that would be added to the chain would be connected to the previous one. This further means that the chain is incremental and that every additional piece of information keeps increasing.
The following vital point to keep in mind is that the Blockchain is a super secure network. So, let us try to understand how is it safe. Since every block is connected with the previous one with a hash, if someone tries to change the content of any of the given blocks, it would change the block’s hash and thus would lead to breaking the chain, which would raise the alarm.
Uses of Blockchain
While most of you are well aware of the use of Blockchain in cryptocurrency, it should be mentioned here that there are quite a few other implementations and practical uses of the technology. These can be primarily the banking sector, healthcare, logistics, etc. So, let us get started on what we have seen so far about implementing the technology and what we can expect in the years to come.
1. Digital Currency and Transaction:
Cryptocurrencies worldwide have for long been using the Blockchain quite effectively and perfectly. So, let us try to understand the process. It is nothing new; the details of every transaction are securely protected in a block and connected to the chain by the hash. This is one of the primary reasons why this technology has been growing manifolds in the financial sectors.
Additionally, the system being de-centralized helps keep the identity of the sender and the reviewer secure. This means that there is no particular person or organization or authority who or which is in charge of the system, thus keeping it completely anonymous. This is unlike the traditional method where the government has all the information about every individual.
The transaction time needed in the transfer of the fund is reduced significantly. This means that the delay due to the transfer of funds can be reduced, making it a point of importance for the end-users, especially in businesses.
2. Healthcare and Medicine
A segment that many blockchain enthusiasts are looking at is the field of healthcare and medicine. The idea would disrupt the market and, at the same time, change the way the entire health industry works.
One of the major concerns of the healthcare industry is the security of the patient’s details. Now here, we have a testament to the success that Blockchain would have in security. In the year 2012, Estonia started recording all the healthcare details of the patients with the help of blockchain technology. Today, more than 99% of all the medical prescription of the country is digitalized. This is why Estonia happens to be one of the rarest countries that have been least susceptible to patient data breaches.
Now that you understand the network’s security to the industry let us try to understand the next revolutionary thing. Let us say that you are in New Delhi and your doctor is in Amsterdam. You need to share a few critical reports with him that would b crucial in deciding on your course of medicine. The best way that you have today is to mail it. However, that would need tons of time, process and a never-ending fear of being exposed to hackers. The solution here is Blockchain.
Just imagine, if your reports are all uploaded in the Blockchain, and you share the same link to the doctor, all that he would need to do is pull them out, and you are good to go. The doctor would not need to remember your case or pull out your files, and he would have every prescription, report, and other detail that he needs right at his fingertips to help you out!
3. NFT
That is a concept that is worth understanding, and in all possibilities, if you are aware of cryptocurrencies, you must have recently come across this particular term. NFT stands for non-fungible tokens. So, let us understand what it is actually. Let’s talk about the painting Mona Lisa. It’s worth a million or might be even a billion dollars. Now, this is because the particular object is unique. But now, let us say a beautiful digital art, or let’s say the coverage of Muhammad Ali’s boxing. They are impressive, too, right! This is where an NFT comes into the picture.
An NFT is a way by which one can have ownership of these assets. At the same time, the rights of publication of Muhammad Ali’s fight maybe with the company that had the event’s digital rights. So, if you want to own something like that, that would be called an NFT. With the help of the NFTs’, you would be able to hold any digital asset you want.
NFTs, help you be the owner of the original copy of something unique. This means that even though there may be tons of copies present of a particular digital asset online, but you buying it would make you the owner of the asset.
4. Land Registration
If you live in a country like India, then you are well aware of the hassles that you have to go through while getting your land registered. This includes several days in the court, various processes and tons of resources.
The Blockchain provides the perfect solution to exactly all the problems faced and thus is the one spot solution. The Blockchain can be used to fasten the process; the time that files need to move from one department to another can be curtailed substantially. This includes the removal of the middlemen from the process, providing instant authentication and others.
The Blockchain can also help in reducing the cases of fraud. In countries like India, selling a piece of land that does not belong to oneself or selling the same land to multiple people is quite common. The Blockchain would help prevent any such mishap from happening and thus save people from fraud.
The next in line would be the smart contracts. In this case, all the information needed to be shared with the bank or concerned party can be done through the contracts. Smart contracts would further help to smoothen the process in which the two parties, i.e. the buyer and the seller, deal among themselves.
5. e-Voting
The developing and underdeveloped democratic countries always come across the problem of keeping the votes safe. The general elections held in every democracy are the fundamental need of any democracy, and Blockchain can be a significant help in this particular process.
Blockchain would help the voters vote right from the comfort of their homes. This means that people would have to spend less than a minute or two to cast their votes on the day of the event. In a country like India, which is regarded as the largest democracy in the world, elections are organised in almost every quarter. This includes a considerable expense in the form of money and time alike.
The comfort of putting in the users’ votes from their homes would only help reduce all the expenses and the time involved to both the government and the voters alike.
Booth-capturing is a common phenomenon in election days when a group of thugs take over a polling booth and cast the votes they are not supposed to, in place of the actual voters. Booth capturing, too, can be done away with the help of blockchain technology. One can log in to the voting portal only if they have the unique hash. Once inside and they cast a vote, there is no way the vote can be altered or removed.
6. Government Grant Transfers
In countries where most people are connected to the bank, it would be a great idea to implement blockchains to help in the disbursement of the various grants.
In a developing nation, one thing that is almost always complained about is the distribution of grants. These grants which are supposed to be transferred to the needy ones are misplaced in the entire process. While also, the reports of people who are not eligible or authorized to get specific grants getting them and the ones who need them not getting them are common issues.
Blockchains would be a solution to these issues. Just let us think of a particular scenario. Supposedly, the country’s government declares a grant for the lowest 25% of the income group of the country. Accordingly, the list is made, and the details are collected from the database and fed to the system. The grants are then transferred through the help of the Blockchain directly. This means that there is no third person or any third party. This thus helps remove the intermediaries, which in turn removes the fraudulent activities in the system. It seems like a perfect solution. Let’s hope that blockchain technology is implemented soon in such tasks.
Apart from the transfers, the government can very easily use the blockchains to help maintain the various databases they have of the country’s individuals. This might include the details like the income, the job or place of residence, the id card details, etc.
Storing these data in the Blockchain would help the governments save tons of infrastructure. This would mean that any particular department can refer to a single centralized system while checking data for a person.
Conclusion
These were some fascinating sectors where we have already seen or will soon see blockchain technology moving into. Blockchain would bring about a fundamental change in society that we can hardly think of. Also, various companies across the globe have noticed the same and are working on it. These are just some of the millions of blockchain implementations in the days to come. Be it in the offices, schools, local stores, medicine shops, or anything else.
Overall, blockchain would bring along outrageous changes to the world in the decade to come. So, if you are someone with a brilliant blockchain idea, then possibly we can help you with the same. Let us know your idea, and we will help you in every possible way to help make it big.
