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Exploring the power of blockchain technology

Updated: Aug 24, 2023

Assuming a transaction where one is transferring money to another individual through online banking, the transaction is recorded. But this can be tampered with easily. That is where blockchain protects the transactions of any sort of asset through its advanced ledger/recording system. Blockchain technology is a state-of-the-art database system that enables the transparent exchange of data within collaborative networks. In a blockchain database, data is stored in blocks that are linked together in a chain. A blockchain stores transaction information within each block and a unique hash that references the previous block. Everyone in the network also gets a copy of the transaction. The data is chronologically logical and continuous because the chain cannot be removed or changed without the consent of everyone on the network. There isn’t a sole owner or record-keeper of the transaction or process. It allows the creation of immutable or unmodifiable ledgers using blockchain technology, facilitating the process of recording transactions and tracking assets. Each transaction in this ledger is approved by the owner's digital signature, which validates the transaction and protects it from tampering. Therefore, the information contained in the digital ledger is eminently shielded. Blockchain is basically a way of documenting information that makes it impossible or difficult to change, hack or manipulate the system. Blockchain avoids time-consuming processes and allows transactions to be completed faster, saving time and capital.

Impact on various industries

Finance: Time and money have been saved as a result of major banks adopting blockchain technology for international payments. Additionally, customers can complete electronic transfers with mobile devices using blockchain money transfers, avoiding the need to visit a money transfer facility. Blockchain organizations are bringing down the barrier of passage and providing a consistent exchange of the most well-known digital currencies as a financial alternative.

Healthcare: The distributed ledger technology of blockchain enables the safe transfer of patient health information, enhances defenses against healthcare data, and oversees the medicine supply chain. Better diagnoses and individualized care plans are made possible by this single decentralized ecosystem that is effectively referenced by medical scribes, doctors, and hospitals. Security and privacy are both enhanced when patients are able to control who can access their medical records.

Government: The adoption of blockchain technology in e-governance can aid in the initiation of a trust cycle in the financial and judicial systems. Blockchain innovation can assist state authorities with planning, monetary administration, and tracking transactions. Blockchain technology has the potential to enhance public trust by introducing much-needed government transparency. The voting system, which Thailand implemented in 2018 and is an example of where blockchain technology has the potential to greatly improve.

Education: A platform for storing and sharing academic records that is tamper-proof, transparent, and secure can be developed via blockchain. The development of decentralised learning platforms is another potential application of blockchain in education. Another illustration is that blockchain could be used by a teacher to schedule lessons and courses and assign tasks to students. The smart contract on the blockchain would then provide the student with the next task until all tasks were completed.

Supply Chain/Transportation: Blockchain offers a central management technique with access to common data essential for resolving disagreements regarding pay, work status, or other issues. Multiparty information gives knowledge and input into both preventive and predictive support, determinants that influence upkeep like office accessibility, and weather patterns that might have impacted equipment.

Agriculture: Blockchain technology can track all forms of data concerning plants, such as seed quality and crop development, and even provide an account of the path of the plant after it exits the farm, as well as index-based crop insurance. Blockchain can be used to construct secure and immutable land registries, which can reduce property conflicts and enhance land governance.

The most significant influence is on the idea of trust, particularly in international transactions. Previously, legal professionals were employed to close the trust discrepancy between two parties, but this cost additional time and money. Many organisations are located in places where resources are scarce, and corruption is prevalent. In such cases, blockchain offers significant benefits to the affected people and companies by allowing them to avoid the pitfalls of unreliable middlemen. As this technology advances, it will undoubtedly affect the future of how we run our digital lives in the most secure way possible.

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