Blockchain: A Technology Game Changer
The best way to predict the future is to invent it. The technology that we are going to talk about is surely a game-changer in the future. Blockchain was invented back in 2008. It was considered to power bitcoin as it was the basic purpose of Blockchain. However, it was capable of doing so much more. Now years after its invention, Blockchain is now becoming a global decentralized source of trust. But what is so special about Blockchain technology and why it is a threat to many industries? You will find all your answers to your questions in this article.
What is Blockchain and how do they work?
The blockchain is basically a global online database that anyone, anywhere, with an internet connection, can use. It helps develop a set of ledger technologies that can be used and programmed together to keep track of any kind of data. This distributed ledger is open to anyone. Blockchain establishes a network between two parties that is cryptographically secured thus building trust without the need for a third party. Unlike the conventional database systems owned by governments or banks, Blockchain doesn’t belong to anyone. This immunity to the involvement of the third party makes the transactions and working faster and at lower costs. Let's take a look at how this works.
1. Exchange Money
3. Fight Fund
4. Time Stamp
5. Exchanged Value
What are Smart Contracts?
Smart contracts are just like contracts in the real world. The only difference is that these contracts are totally digital. A smart contract is a tiny computer program that is stored inside a blockchain. Every transaction is initiated with a smart contract. Smart contracts keep all the information from the terms and conditions to the execution of a successful transaction. It is believed that smart contracts will take up a large proportion of current business done by big corporations in the near future.
How Is Blockchain hack-proof?
The answer to this question is more than a million users of the blockchain. Their users make it nearly impossible for anyone to take down or corrupt the network. These users run the system using their personal computers to hold hundreds of records submitted by others. These records are called what we know as blocks. Each block has a timestamp and contains links for previous blocks. This forms a chronological chain of blocks. This is similar to a giant Google Docs. The only difference is that you can view it, add to it but you cannot change the data that is already present. All this is implemented by a method called cryptography which means the records cannot be changed or corrupted or intercepted by someone else.
Requirements of blockchain for business:
Disruption of industries by Blockchain:
We already know the working of Blockchain and its uses. It will make everything transparent, decentralized and almost 100 percent secure. But this technology is likely to disrupt many industries in the near future. The big organizations are already planning to adopt this technology and many startups are already working on different plans.
One of the biggest problems in healthcare today is that organizations hold multiple and fragmented health records about patients. The medical chain solves this problem by putting medical record transactions on the blockchain to create a smart healthcare ecosystem. With a medical chain, a smart contract is launched to give time-limited access to a patient electronic health record. Doctor write notes, add scans, and lab results which are all recorded as transactions. The pharmacy dispenses medication and also records the transaction on the blockchain. The patient gives time-limited access to their insurer for verification of treatment and payment settlement. With smart contracts patients reward doctors to remotely review medical cases and provide advice or a second opinion. Patients give health insurers access to their health records to monitor fitness progress and be rewarded with tokens or reduced insurance premiums. Patients are also rewarded for giving research institutions time-limited access to their health records for medical trial purposes. Med tokens are issued which patients use to store electronic health records on the blockchain.
In the world of real estate, a large quantity of data and information is shared among the numerous stakeholders, rental contract property register details, valuation reports, and relevant financial details. The need for transparency, efficiency, and renewal is finally being addressed. The current real estate industry is about to undergo a radical transformation. Blockchain acts as a catalyst for the generation of completely new applications and business modules within the real estate ecosystem. The introduction of blockchain in real estate helps assets to be tokenized and be traded like cryptocurrencies like Bitcoin and ether. It will also provide online platforms to connect buyers to sellers. The best part is that there is no third party involved which results in a lot of money to be saved by both buyers and sellers.
Blockchain and the Internet:
Keeping in mind the idea of public ledger blockchain is just like the Internet. As the Internet made it possible for us to share our data online, blockchain will help us do the same for the money. Instead of reading newspapers and watching television channels, the Internet provides a platform for everybody to share the story directly. Blockchain will allow us to transfer our money without the involvement of a middleman like a bank or government.
The popularity of Blockchain:
Blockchain is has gained a lot of popularity in the past couple of years. Let us take a look at the Google Trends result for blockchain technology. It started picking up a nice pace by 2016 and reached a remarkable level by the end of the year 2014. A lot of big organizations are already moving towards the adoption of this technology which shows the worth of this technology.
There are various types of cryptocurrencies available in the market with a total market capitalization of 300 billion dollars as by the end of 2017. Here is the market cap of different cryptocurrencies: https://www.ccn.com/marketcap/
Agile Infoways and Blockchain:
Agile Infoways is a Web and Mobile App development company that are providing easy blockchain solutions to its clients. They are also working on smart contracts using Ethereum. They have provided blockchain solutions to many real estate and healthcare industries. If you are looking for blockchain solutions for your organization or business, Agile Infoways are ready to provide their services with the art of mastery in blockchain solutions. Our aim is to unlock a company’s full potential by providing blockchain expertise. Your satisfaction is our number one priority.