There is no doubt about the fact that Blockchain Technology is here to stay. It can solve development problems as it improves existing instruments and enables the development of new ones. Blockchain’s massive potential and positive impact on humanity is felt more in underdeveloped and developing countries and this could bring a true revolution in the economy. Fundamentally, the developing nations need security, transparency, and accountability in their processes, all of which are cornerstones of this blockchain technology.
Why blockchain is relevant?
Since the blockchain does not depend on a central authority to approve transactions, enthusiasts believe it offers a quicker and more transparent way to record and track the movement of assets. Whole data in the system is digitally crypted for unique identification and the record filled, can never be changed or deleted, leading to security. Also, it is an open ledger for all the users in the system to view and control, leads to complete transparency.
How blockchain can be nurtured globally?
There are myriad sectors that can and do obtain advantages from blockchaining, ranging from entertainment to philanthropy.
Financial inclusion — citizens living in the underdeveloped countries who lack appropriate access to the financial system would gain higher independence and better chances for welfare by the creation of digital identity on the blockchain. Blockchain provides access to transaction and ends the need for physical infrastructure. Blockchain powered financial inclusion improves transactional speed and enhanced privacy so that identity is restricted to the device as well as other individuals with access.
Democracy and governance — if blockchain and governance go hand in hand, they can perform quite well together. Voting, crowd-funding, communal services, registrars, and more can be put on a Blockchain database for more transparency. Blockchain can be a game changer in disrupting corruption and instil trust in government.
Internet of things — blockchain has been described by virtually all research firms as a rapidly accelerating evolution as it plays an important role in how devices will communicate directly with each other. IoT Blockchain can help reduce data lapses and improve the transparency and security of communication between devices as well as data storage. This way blockchain technology improves not just compliance in the IoT but also the functioning and cost-efficiency of IoT.
Retail— Blockchain and retail, together can reinvent the consumer experience. The decentralized system of blockchain technology can be used to improve supply chain goods tracking, and to prove the authenticity of goods by providing the ability to recognize counterfeit items from authentic ones by scanning a barcode.
Insurance — while Blockchain might not be the end to all the problems faced by insurers, it can be used to both detect and prevent fraud in the insurance industry and improve organization with regard to property insurance claims. It provides foundational technology that promotes trust, transparency, and stability. The insurance industry will still have obstacles to overcome, but blockchain’s ability to provide complete superior security will help insurers save time and money, as well as improve customer satisfaction.
Agriculture — despite there being fewer uses of blockchain in agriculture than other industries, progress is still being made and is focused on food safety, traceability, transaction costs, opening new markets, and logistics. Reshaping the framework for a supply chain through blockchain is a massive undertaking.
Entertainment — the decentralized system of blockchain can have a significant impact on the entertainment industry as it creates a platform where management is completely automated and profits are kept by the artists. Blockchain saves the entertainment industry from issues like copyright infringement, piracy, and content consumption.
Philanthropy — Blockchain and philanthropy go together quite well as it brings transparency and traceability, ensuring that the ultimate purpose of any philanthropy service is solved; funds and aids reach to the people in need.
Businesses are frequently implementing blockchain technology to enhance their operations and gain a competitive advantage. The Blockchain is getting nurtured globally and providing an endless number of benefits to several industries. Governments need to understand the opportunities offered by Blockchain and embrace the technology to stay ahead of the game.