Why is blockchain the future of technology

Monday September 9, 2019

Author: Thyagarajan Gopalakrishnan

When one of the foremost finance resources online- Investopedia- tells you that bitcoin is done and blockchain has replaced it, you tend to sit up and take notice. Blockchain has changed the future of technology, for starters, by just being different to bitcoin.

Where the former is essentially a cryptocurrency, blockchain is a safety mechanism to keep computers and their data protected. In fact, cryptocurrencies use blockchain. Think of it as a ‘distributed ledger network.’ Users or the network channel their expertise to make the network secure. In return, they are paid by cryptocurrency.

What blockchain does, in essence, isto ensure that no single entity, big or small, private or government gets to control information of any kind. Copies of the transaction ledger can be found in every single computer on the network. So, all controls or monopoly are off. This freedom in itself is a game changer for any number of sectors.

Finance

In the world of the new kid on the block, financial technology, blockchain is proving itself to be rather indispensable. Fintech, as it’s popularly known, harnesses the power of technology to work wonders in the finance sector. The use of technology in this area is often met by distrust, especially from older establishments that are a tad chary of the use or misuse of it.

Financial technology works at building trust by creating a sense of ease of use for customers and users everywhere. For example, biometrics helps to build better security, e-banking has removed the need to travel to a bank for transactions, robots have now taken over conversations and queries for the most part and so on. You can also try doubling your money on online sportsbook.

Where blockchain makes a huge difference is in the world of online transactions. It’s sometimes nerve-wracking to send money online. Blockchain goes a long way to reduce the nerves by bringing down the time and effort and money it takes to transfer money. This is a huge advantage in the busy world of finance. After all, time is money!

Gaming

Blockchain has been around in the gaming world for a while now. Easily, it’s greatest advantage is that it brings about the trust factor amongst members of the industry, from the folks who develop the games to the people who use them. This faith is then converted into money.

When blockchain is used in a game, it means cryptocurrency such as Bitcoin is an accepted form of payment online. Fewer transaction headaches and more opportunities to play games. What’s more, all game merchandise comes with the safety of a smart contract, making it easy to see the origin and track of the transaction. This makes exchange of items possible too. What’s more, video game distribution is also possible with blockchain.

Sporting Arena

How does a club keep track of player and coach, team and trainer statistics? How does it ensure that doping tests are fair and without any manipulation? Is it possible for a club to keep the fans in mind and be part of a system that does not scalp true followers of the game?

Yes, it’s all possible with blockchain. Because the computer cannot be hacked into, the statistics and the drug test results are kept authentic, are able to be tracked and are virtually tamper-proof. What’s more, thanks to smart contracts, another vital aspect of blockchain technology, fans have a trail to follow for their tickets and their authenticity.

From digital wallets to the way fans interact with the sites clubs create for them, everything is better controlled with blockchain. Fans also stand to gain by way of contests and other prizes. All around, this becomes a win-win foreveryone.

Fraud detection in the world of logistics and telecom, simplifying processes, especially in the medical field and in governance, are some of the other important uses of blockchain technology.