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Blockchain is a technology where transactions that are made in digital currencies are documented chronologically and publicly. Blockchain as a technology supports Bitcoin trading, but is not synonymous with this cryptocurrency. Blockchain can be used for multiple applications like tracking ownership or the provenance of documents, digital assets amongst others. This tech is critical and has wide-ranging ramifications. To find out the impact, here are top 5 sectors that blockchain is going to disrupt forever (Reuters):
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1- Banking: Today banking sector faces a lot of challenges with identity theft, cost efficiency of transactions and security in general. Blockchain enables faster transactions at low cost, and with a higher degree of security. (Reuters)
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The attack could affect a number of Internet service providers in Iran, Xinhua quoted Mohammad Javad Azari Jahromi as saying.
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3- Public records: Governments are assigned to store a wide variety of information about every individual. The Centre also is a repository of sensitive material. The blockchain usage gives an innovative solution to the problem. The government can encode the data in a digital ledger, preventing the information from being changed. (PTI)
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4- Voting: The way this works is that each voter would be assigned a vote as a Smart contract that would be valid only on election day. Since each of the votes will go as a transaction on the publicly available ledger, the chances of any discrepancy will be zero. The voter can act on his Right to Vote using the private key he/she uses for their cryptocurrency wallet. Once the elections are done, No changes will be permissible on the public ledger due to blockchain technology making the election records more secure than ever. In case, if anyone tries to add any illegal transaction to the blockchain, the remaining group will dismiss it in the transaction validation process making these records more secure. (IE)
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5- Internet of things (IoT): In 2015, IBM and Samsung showed off an application of the blockchain known as ADEPT (Autonomous Decentralised Peer-to-Peer Telemetry), which is designed to decentralise the IoT and allow devices to communicate directly, without a manufacturer's hub getting in the way and trying to lock users into a particular ecosystem. (Reuters)
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