The concept of digital currencies and cryptography have been around for quite a while now but, it wasn’t until about 10 years ago that blockchain and the first successful cryptocurrency got invented. Since then, it’s been a rollercoaster, we’ve seen a lot of ambitious projects get launched, and plenty of them failed.
You might not be that familiar with blockchain but, basically, this technology allows for the implementation of a trustless system, where you don’t need a middleman while keeping everything transparent and stored on a ledger, and free for everybody to check out.
Because of these features, blockchain has the potential to improve a lot of industries, and, here are the ones that we think are going to be revolutionized by this tech in the near future.
Healthcare is an industry that could benefit greatly from the implementation of blockchain technology. For years, people had to store their medical records on centralized databases. In the beginning, they were stored offline, on paper, and later, on online databases.
There are quite a couple of issues with such a way of storing these records. First of all, each time you change your doctor, or insurance system, you have to bring your old medical records to your new doctor. This creates a big inconvenience, and the possibility of your records to get lost.
Secondly, if your doctor is using an online centralized database, your records can be easily hacked by anyone with the right tools. This has happened in the past, and the mere fact that it is a possibility should be worrying.
The usage of blockchain to store, and share medical records, could fix all of the issues mentioned above. Having a decentralized database that can be accessed by anybody with permission means that you don’t have to move your records from one place to another, and it also means that your data is secured and basically unhackable.
Gambling, in one form or another, has been around for centuries now. With the development of communication in mass and the rise in casinos across the USA, this industry has enjoyed a lot of popularity in the 20th century. After that, thanks to the mass adoption of the internet, and the invention of online gambling, this ecosystem became easily available for everybody.
Even if online gambling has many advantages that the land-based casinos don’t, it also comes with one impediment. Due to its online nature, many people used to believe that online gambling might not be fair, even if that is further from the truth, especially nowadays.
But, the implementation of the blockchain technology in an online casino could allow casino owners to remove any doubts about the fairness of the games, and make the players feel safer than ever. If an online casino would be using blockchain to run its activity, then, everything would be stored on an unchangeable public ledger, available for anybody to check out.
Such casinos already exist around the internet but, they are not owned by known brands. Once an established casino will start implementing the blockchain technology, the whole online gambling ecosystem will be able to witness a new gambling revolution.
Voting might be a bit overlooked by some people but, it is an essential part of many systems that needs huge improvements. Even if some business and countries have expressed their interest in experimenting with a blockchain based voting system, no major steps have been taken towards that yet.
The problem is that, currently, online any type of voting can be easily tricked by people. It’s not uncommon for a single person to place multiple votes on online surveys, or polls.
Blockchain voting could be even more useful in real-life scenarios, such as referendums, and maybe even political elections. Plenty of times in the past votes have been manipulated, changed, or even added, only to tweak the end result of elections.
Having a blockchain based system, with proof of existence, could mean that only real humans can vote, and once a vote is placed, it cannot be removed or edited, ensuring that the elections are legit and transparent.
Blockchain Technology has the potential to revolutionize a lot of industries, and the ones mentioned above are only a handful of them. Some will get improved by this tech sooner than others, and some already are but, there’s no question that many will be revolutionized in the end.
Regardless if this tech can ensure fairness and transparency in online casinos, or, to allow people to store records on a secure database, or maybe even to make elections fairer; it is surely game-changing in many regards.