Home Business Insights & Advice The future of technology: Blockchain

The future of technology: Blockchain

by John Saunders
31st Dec 20 1:52 pm

Humans everyday use the internet for many things like searching the web, social media, for work and so on. However, the internet we know could possibly become irrelevant as we now have a safer software to support the web called blockchain.

The first thing that people need to understand about blockchain software is that this new chain to the internet has no authority or people analyzing it, this system has its own rules and everyone has equal access and it’s all up to the user. This system of internet is sort of built like a democracy, as the users are responsible for their own actions and will be held accountable. The data isn’t held by others, but are held by the computers and they all have records of data that cannot be changed or taken away. Every single block of data is secured by having codes to be able to keep privacy regulations. Think of this software that updates a series of codes that needs to be updated is a basic breakdown of how the blockchain software works.

Now that we know and understand what the blockchain software is we can learn about how this new technology could impact our daily lives. One thing the blockchain software could impact us is our economy transfers and transactions. For instance, many companies could save money with the software not having any transactions cost to pass information. The process basically goes for example, if you buy a plane ticket through a blockchain, the ticket will go through a ticket chain and could save initial costs. This software could run many businesses that rely on the customers fees of transactions out of business. Blockchain is already being used by such well-known companies as Walmart, IBM, De Beers, Pfizer and others. This new technology is beginning to challenge the traditional economy as we know it today. But it is also being used in plenty of other industries – from healthcare with electronic health records and supply chain management with precise product details such as its origin, fertilizers used and the shelf life to the blockchain-based games and the technology applications in alleviating climate change and enhancing sustainability.

The blockchain software could change even the governing process of elections. The smart base technology could assemble the voting process instead of people assembling it. There is an app called the “Boardroom” that enables decision making, which means governing can be more reliable, accurate and verifiable with the information that would be put out in governing. This could affect the way presidential elections are run and it’s almost impossible to tamper with this new technology, as it stores the information in a decentralized way and is known for its immutability.

There are many things that blockchain can do that could really contribute to the way we live and even our daily lives, but the last thing that really stood out was the data management. Data is the new gold of our century and with blockchain managing that data can become safer and more reliable. It will also allow for better data traceability, quality and safer sharing process. This new wave of technology can be put to good use for many things that we all use in our daily lives that could easily replace our old world wide web and this new invention can be creative and innovative for all.

 

The above information does not constitute any form of advice or recommendation by London Loves Business and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Appropriate independent advice should be obtained before making any such decision.

 

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