Blockchain Technology can change everything…if we let it

Living in this fast-paced internet culture has desensitized people to major developments. The public is so accustomed to major stories coming and going in-between cute cat pictures and funny video clips that they don’t have time to read through the details of what’s really happening in the world. Most folks glance at an article’s headline and byline, maybe take a peek at the first few comments, then go on with their day. This might work for stories about celebrity news or sports events, where the entire point can be summarized in one line, but this system just doesn’t work when it comes to learning about something new.

Like Blockchain.

The average joe doesn’t know what blockchain is, and sees no interest in finding out if it means they could spend that time catching up on political gossip instead. This mentality is why impactful yet boring developments come and go without attracting the kind of attention they deserve, because they don’t carry any importance beyond the fact that they’ve happened. But when a development keeps happening, when a new form of technology is so relevant that it warrants more stories being written about it, when it becomes impossible for the public to ignore it popping up in their media feeds, well now, that’s when people decide it’s worth learning about.

That hasn’t happened with blockchain just yet, but it is getting there.

For those of you not aware, blockchain is a promising new decentralized ledger technology that allows permitted parties to record and transfer data both transparently and securely. Since the records are available to all parties and updated in real time, devious parties cannot go back and retroactively edit data, at least not without the consensus of all involved. As such, the system insures that all information is verified and all those involved are easily accountable, opening a vast spectrum of potential applications. Of course, the possibilities blockchain offer means many of the industries it’s introduced to will need to change if they want to keep up, some more so than others.

Banking

Banks make a tidy profit from serving as intermediaries for all the money bouncing around the world, but blockchain services can perform many of the same functions with even greater levels of transparency and reach, allowing the transfer of funds directly from one party to another without the need of high fees. In fact, not only are banks investing in blockchain based start ups and projects, but some are even working on integrating blockchain technology into their systems so they’ll be more efficient and competitive.

Supply Chains

The links between where something is made and where it’s going is often difficult to follow and muddled with paperwork, enabling accidents to happen and mistakes to pile up. On top of that, unscrupulous parties can use this confusion to slip in illegal practices without getting caught. With blockchain, all transactions are recorded and available from start to finish, letting you track not only where are product was sold but also where it was constructed and where the materials used all came from. This will enable companies to better track their products from assembly line to store shelf, not to mention assist in ensuring that environmental and fair trade practices are being properly followed.

Healthcare

Healthcare providers are notorious for their overly complicated bureaucracy, making it difficult for patients seeking treatment to get the much-needed care they require. Blockchain can act as a secure platform to store and share sensitive data between offices, saving patients vital amounts of time and improving the accuracy of diagnoses and treatment. Some coverage providers are already investigating ways to replace their outdated infrastructure with blockchain technology so they can better assess, verify, and distribute medical records to their covered providers.

Media

The rise of the internet’s sharing capabilities caused the media industry to go through a major overhaul in order to keep up, and it’s looking like they’ll have to do so again. Digital entertainment like ebooks and media files can be distributed and encrypted with the licensing rights already built in, allowing creators to profit directly from their fans without record labels and publishers taking as large of a percentage. On top of that, licensing and credit issues that typically complicate collaborative efforts could be easily resolved, enabling greater creative freedom between artists who wish to work together on projects.

This is more than simple speculation, blockchain is already being proven successful in a country you’ve probably never heard of.

Estonia

Estonia is one of the most advanced digital nations in the world, largely because they have integrated blockchain into the very framework of their government. Each agency manages its own data while being able to access that of the others, all tracked and verified to create a beautiful mix of encryption and accountability. But this efficiency is not limited to those in power, all citizens have digital IDs that allow them to access their health records as well as see who else has accessed that information. Employers and authorities can share data through automated systems, which keeps insurance and tax information up to date at all times.

The Big Picture

Estonia is ahead of its time, but the rest of the world can and will catch up, just keep in mind it’s not going to happen overnight. There’s sure to be a rocky start as different countries and companies learn to adjust to this beautifully simple system, the elimination of redundancies and middlemen is going to create some serious ripples before it smoothes everything out. That’s not to say that banks or music stores are following the path of the dinosaur, they’re just going to have to evolve if they want to stay relevant to you and your business.

Remember: The better these institutions become, the better life can be for us all, and it’s all thanks to blockchain.