At the beginning of this ingenious invention- Blockchain was considered to be synonymous to virtual currencies like Bitcoin by some, and for others who understood the programming language, it was a metonym for the growing number of records stored in a digital database which is decentralized and is resistant to modification. Now, when more and more content about Blockchain technology is being published on the internet every day, many questions are being asked about what this technology is and how it will veer the course of the functioning of various sectors like banking and digital marketing.
It’s an infallible authority, as it induces transparency and incorruptibility. Various industries across the world will look forward to harnessing the power of this technology. Let us look at how it will transform the following sectors.
Blockchain would cut the middleman costs by billions of dollars and would prove to be more advantageous over traditional banking by administering enhanced accuracy and transparency in information sharing. Banks are pumping huge investments in Blockchain startups to develop a new operating system for the financial sector. The new operating system will prove to be cost-effective by expediting back-office operations and settlements.
In every democratic setup, the casting of votes in an incontestable manner maintains the infallibility of its democratic principles. Blockchain could come a long way in serving as the basic infrastructure for casting, monitoring, and counting votes- hence doing away with the recounting exercise by eliminating voter duplicity and any other foul play. Follow My Vote, a blockchain voting startup has already released its blockchain voting solution.
The days are not far away when a customer can directly appeal to professional drivers for a ride, who will not require banking upon big ridesharing companies for a gig. Blockchain will help in creating a value-oriented marketplace by creating independent distributive ledgers between the drivers and riders.
4. Cloud Storage
Since blockchain technology offers a decentralized database which cannot be altered until the alterer has the consensus of the whole network of the database on which the chain of blocks is operating, it proves to be more advantageous in storing data over cloud storage enterprises which uses a centralized server. Two of the blockchain startups that are paving the way for a decentralized file hosting cloud storage are Filecoin and Siacoin.
Blockchain startup ‘Chain’ instrumented a live blockchain integration that was successful in connecting Citi’s banking infrastructure and Nasdaq’s stock exchange. This integration has fostered a way in blockchain technology which would ease the process of buying, selling and trading stocks that too with candid auditing and transparency.
Billy Mark is a self-professed security expert; he has been making the people aware of the security threats. His passion is to write about Cybersecurity, cryptography, malware, social engineering, internet
andnew media. He writes for Microsoft products as well at office.com/setup