INTEGRATION OF BLOCKCHAIN INTO DAILY LIFE
Bitcoin, Dogecoin, Crypto are some of the terms that have acquired a lot of attention in recent times. This isn’t about Crypto. Crypto, or Cryptocurrency, is based on a system called Blockchain. It is a system used to store information in a way that is difficult to hack, cheat or manipulate. This is the most basic definition. How it works is simple, but also complicated.
The blockchain system relies on nodes to deliver. Hacking information on blockchain is fairly impossible as information is contained in blocks. Companies are researching various methods to integrate and utilize blockchain systems in their resources. In the way that the internet is a revolutionary product of the last 30 years, blockchain will soon evolve to take its place. It can revolutionize conservative methods in various fields like governments, healthcare, retail, etc. This article is about how blockchain can be used in several ways other than cryptocurrency.
Government systems
Election systems have always been primitive and simple to cancel out any possibility of fraud. Even with extreme measures in place, elections are fraudulent in many ways and people are losing their faith. Blockchain can easily replace primitive election methods by creating a cost-effective, trustworthy and easy method of casting votes. The blockchain network verifies, processes and records all transactions across the system. The information is never stored but it exists in nodes simultaneously. This makes the system difficult to hack. The encryption, decentralization, incorruptible transactions and easily verifiable transactions make blockchain the next step into the future. Sierra Leone has already conducted its election via the blockchain system.
Systems that use important databases can be stored in a blockchain. Healthcare databases of a country, such as a patient’s name, condition, etc, can be protected and incorruptible. Government transactions for public projects can be tracked and verified by everyone to reduce corruption. Blockchain systems can be vital in the upcoming era, arising from the need of protecting its citizens’ databases from hackers.
United Future
We live in an era where our realities are mixed up. Where we question our preconceived notions. Blockchain can change that in every way possible.
Cryptocurrency is just the tip of the iceberg — consider a currency system for the whole world that has a singular value and can be traded across any platform. There would be no intermediaries, no taxations and no fee reductions. As Chadwick Boseman said in the movie Black Panther, “The world becomes a single tribe”. The retail system and the transportation of goods would drastically change.
Real estate can become valued under blockchain that can be bought in crypto. The tokens used in the gaming industry can even be cryptocurrencies that have real-world value. Thus gaming can be used as a means to earn crypto. The exchange values of currencies can be eliminated if a singular currency system, which is accessible to everyone, is made available.
IoT (Internet Of Things)
HYPR is a cybersecurity company that uses blockchain in IoT devices. HYPR thwarts cybersecurity risks in IoT devices with its decentralized credential solutions. By taking passwords off a centralized server using biometric and password-free solutions, the company makes IoT devices virtually unhackable. Xage is also a cybersecurity platform that can control millions of devices and self diagnose for breaches. It is used in the manufacturing, energy and transportation industries.
Maintaining appliances at home is the old way. Blockchain introduces appliances that integrate between themselves so that homes can be automated. As it is difficult to breach security in blockchain systems, it is safe to use as privacy risk is kept at a minimum.
The New Internet
Blockchain is the new way of using the internet and it is how everything in this world will soon be connected by. Social media platforms, the transportation industry, logistics, healthcare, retail, government sectors, NFT’s, investments, are all paving the way for a future that is decentralized and incorruptible. Creating blockchain systems is not an easy thing and the system still needs research and development. It may take years to integrate blockchain into present systems. Conservative methods can be transferred directly into blockchain. Blockchain can revolutionize art and creative industries so that independent content producers are recognized for their work. It can also help creators make a profit from original content by integrating artist rights into the system. Journalism can be integrated into blockchain to provide decentralized news systems so that individuals are able to report important news, rather than a central entity. Hierarchy in conventional industries can be transferred into a blockchain system without any loss of data. This helps reduce the loss of resources and energy.
To learn more about how blockchain works, check out our article on how Blockchain can be harnessed to fight COVID-19 here.
Decentralization helps the world become whole but recognize individuality. Millennia of human evolution have provided various innovative ideas and systems. Blockchain is our next fire that can change the way we integrate this world.
**We also invite science and technology enthusiasts to write for us. If you think you have interesting stuff which the world should know about, send in your articles to us!**
Interested in writing for us? Fill out the form shared below and we will get right back to you!
