How Blockchain is Changing the World

dr.Gachet

dr.Gachet

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Jun 18, 2018
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Blockchain is a cryptographic technology which is used for data processing, making transactions, data storage and protection. The tasks that are fulfilled by blockchain are relevant to all spheres of life, hence the technology is applicable literally everywhere, and, changing our view of things, it will change the most diverse branches of the economy.

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Key Features of Blockchain Technology:
  • Public ledger
Simply said, it is a giant public spreadsheet, that contains digital records of the value of a currency, files like PDFs or images, or even a historical list of different transactions, and that everybody has access to. Each time the spreadsheet is changed on one PC it is replicated, shared, and synchronized so that the changes are saved to all the other computers connected to the network.
  • Peer-to-peer transactions
A computer network that allows devices combine their power to complete more tasks faster.
  • Cryptographic algorithm
It is a type of encryption software. Data deciphering is virtually impossible without the private key.
  • Immutability
Impossibility to change data without permission.
  • Anonymity
Users can decide whether they want to remain anonymous or reveal his/her identity.

These features of blockchain can make a huge impact on the most diverse areas of human activity.


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1. No Third Parties
Consumers can directly interact with each other and don’t need mediators, what makes them more self-sufficient.

2. Medical Breakthrough

Blockchain based apps would allow doctors to monitor the patient’s health conditions anywhere in the world. Using “big data,” the medical sector will be able to predict success of a treatment, frequency of repeat visits to healthcare facilities or even a reactions to inoculations or certain drugs.


3. Compensation of Employees

Crypto currency will simplify the compensation of employees aw well as reduce the cost of cross-border payments. Thus, companies will have fewer barriers to international expansion, which means that we will increasingly work with people from all over the world.

4. Improve Voting System

Even good governments are prone to corruption and falsification of election results, and as a result, citizens lose faith in democracy. Blockchain allows to build voting mechanisms that are free from corruption or external interference.

5. Internet of Things (IoT)

Today "Internet of things" (IoT) includes buildings, cars, doorbells and even refrigerators equipped with sensors and Internet connection. However, since these devices work through a central server, hackers can easily access your home or car. Blockchain promises to solve this problem through the decentralization of data — as IoT capabilities increaset, it is becoming more important.

6. Improve Communications

With the blockchain we will get authorized, bi-directional communications and transactions with ample opportunities for automation and an immutable record of communication. This will significantly improve the safety and reliability of our communications.

7. Rentals & Ride-sharing

Owners of car rental platforms completely control the network and, of course, charge a fee for their services. Blockchain based peer-to-peer ride-sharing app allows not only to rent vehicles but also automatically pay for parking, fuel, and toll road.
 
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