Lilian Chifley, an IT specialist, teacher, and blogger from Sydney, shares her ideas of how industries will begin to change under the overwhelming benefits of evolving blockchain tech.
In today’s world, it’s difficult to find an institution which captivates the trust of the entire community in regards to personal information safety. Stolen identities, data theft, personal information trade, these are all issues of the modern online community. Blockchain technology provides a new approach that promises integrity and consistency of all digital records. As the blockchain further develops and continues to spread its influence all across the world, industries will begin to change under the overwhelming benefits of this new tech.
The fact that three major financial institutions like Visa, City, and NASDAQ invested somewhere around 30 million dollars in Chain.com is a clear signal that blockchain is under serious consideration in the world of money. The benefits are vast, digital ledgers would decentralize the banking industry and provide faster and safer monetary transactions. Not to mention the fact that, with blockchain, currency rate would be free from the clutches of central banks.
The problem which most music artists face these days is piracy which significantly reduces the revenue of the publishers. With blockchain, it would be possible to create a decentralized ledger of rights owners so there is no chance to access a song without sending the payment to the original owner. The music industry is not the only one that would benefit from such use of digital technology. According to some copywriting experts, assignment writing services could benefit from such tech, as well.
Buying and selling property takes a lot of paperwork and unnecessary costs, but most of takes time. Combination of blockchain and smart contracts would expedite the entire process significantly. There would be no more need for escrows since smart contracts can be activated automatically when all terms of the contract are met. Furthermore, with less paperwork and more automation, the fees would be lesser, as would be the commission charges by real estate agencies.
Centralized medical records are far from safe, for so many reasons, just like any other centralized database. Introducing blockchain into medical records would have a strong impact on the enhancement of data security. Since no data could be changed or erased, doctors would always have an insight into the full history of the patient, but at the same time, no unauthorized person would be able to access any of the data.
This might not be an industry per say, however, there’s always a lot of money and deal making around politicians. Nevertheless, blockchain can change even politics for the better, especially in terms of elections. With blockchain, voting would be faster and with zero chance for fraud because the system would count only those votes that are valid. The system could eliminate those that don’t meet the terms for voting, at the same time people would know if someone voted in their stead, which would be quite difficult to achieve in the first place.
Internet and Telecommunications
DDoS attacks are a nuisance and a threat to businesses and users equally. Today, almost anyone could launch a DDoS attack and deny service to millions. Blockchain-based DNS infrastructure would allow a more secure internet traffic, or potentially develop a different form of internet, a more robust one. This system would not be perfect, however, it would be more difficult to crack because the intruder would need to identify the nodes and then take down enough to disrupt the integrity of the chain.
The Legal Industry
Who can change a person’s last will and testimony when it’s a part of a permanent ledger protected by blockchain technology? Furthermore, any changes would be easily tracked and recorder, in case the person decides to make some changes. Furthermore, blockchain would completely obliterate the need for long disputes, expensive fees, and procedures. In addition, the times when one had to dig for distant relatives who would claim the inheritance would be history. Many other legal issues that include storing and sharing data would also improve through blockchain’s decentralized nature.
Many of the changes mentioned in this article are already happening and it’s just a matter of time when blockchain technology will be implemented in much of our daily lives. It’s important for our generation to get familiarized with this new opportunity and do our best to make the best of it.