Perhaps the best thing to come out of the invention of Bitcoin isn’t cryptocurrency itself but the technology that it represents. While cryptocurrency has certainly given rise to a whole new industry whereby people are clamoring themselves to find the best candlestick patterns like the bear flag pattern on the market in order to profit from the crypto market, blockchain technology has been touted as a game changer with the potential to revolutionize various industries and forcing them to evolve. As the technology became more widely understood, companies have begun adopting it and integrating it into their existing systems.
Volkswagen and financial institutions are such two examples that have integrated blockchain into their systems, from management to payment systems. The diamond trade has also implemented blockchain technology in order to ensure that their diamonds are ethically sourced and it eliminates any grey area operations.
Applying blockchain across industries will significantly alter the way that former operating models work, essentially changing the way we interact and relate to each other via blockchain-based applications.
The internet of things benefiting from blockchain technology
It comes as no surprise that the IoT has dived into blockchain technology and welcomed it with open arms. Since the information isn’t stored in one location, but through a network of remote databases, there is no overwriting or tampering with the information. And if one part of the data is deleted or fails, there are still numerous backups. For IoT data, this is absolutely crucial because they don’t have any offline backups and everything is dependent on the internet and the hope that nobody hacks into their mainframe. With blockchain, that fear is absolutely baseless.
According to experts, the “integration of IoT and blockchain opens the door for new possibilities that inherently reduce inefficiencies, enhance security and improve transparency for all involved parties while enabling secured machine-to-machine transactions.”
Blockchain in other industries
The recent pandemic that rocked the world and left it clamoring for increased digitization has thrown blockchain technology into a new light. As blockchain is secure and tamper-proof, there is no need to foster a sense of trust for either party. Scammers are unable to get away, and fraudsters will have their criminal acts recorded directly on blockchain’s distributed ledger.
This also ensures that it is hack-proof and highly secure, which is something that many industries are built upon, but more so for industries that deal with assets and trade or transactions. Something as simple as e-commerce can also benefit from blockchain technology as a platform to perform seamless transactions with built-in smart contracts to ensure that everything is running smoothly without the need for any human intervention.
In fact, the freelancing industry, something that has grown at the behest of the pandemic and our continuous quest for money in order to survive, is also adopting blockchain to hold both freelancers and employers accountable for punctual payments and meeting deadlines without needing countless back and forths on a third party platform that will need to dispute their project, which may take up precious time and effort.
