What is the first thing that comes to your mind when you hear the word Blockchain? Is it Bitcoin and other cryptocurrencies? It is predicted that Blockchain will change how the way banks, financial institutions, healthcare industry, and IT industry function in the near future. Still skeptical? Well, it’s understandable. Here are some of the other cases of Blockchain implementation other than cryptocurrencies that you might not know about:
Today, many progressive governments have started testing and in some cases using applications that are based on Blockchain technology. This digital ledger technology has the potential to revolutionize how the government works. Blockchain has the ability to change the management systems, including monitoring of revenue and taxes, monitoring voting processes, and various others.
You might be surprised to know that countries, like the UAE, US, Estonia, and Gibraltar have already adopted Blockchain technology for various purposes. In fact, the government of Dubai aims to be the first Blockchain-powered government by 2020.
Banking and Transactions
Blockchain technology, as most of you might be knowing, helps to get rid of the middlemen, especially in cases were payments and money transfers are involved. This means the implementation of Blockchain in banks and financial institutions will ensure that the payments are faster and there are lower transaction fees.
Blockchain will help in tokenizing the bonds and stocks, which will alter the structure of the capital markets. Also, it will help to eliminate the bureaucratic structures in the credit and loan industry, which will make the process more secure to borrow money, lower the interest rates, and, make relevant information available internationally for all the banks for credit checks.
Implementing the distributed ledger technology in the healthcare industry first made rounds among the researchers and analysts in 2017. The analysts researched the probability of storing data of the patients digitally that can be available at all the times, to make healthcare more accessible and effective. This led to the implementation of Blockchain in the healthcare industry.
Today the information of patients is entered in a database, and then with the help of advanced complex algorithms, it can lead to a compelling diagnosis and better treatment. Also, it will enable the doctors and the patients to get their medical reports whenever and wherever it is needed.
IoT(Internet of Things)
There have been many reports that suggest that IoT backed by Blockchain is the way to go in the future. With the internet growing faster than ever, and people realizing the benefits of IoT appliances, Blockchain technology can pave way for more secure ways of how IoT devices work. Blockchain can prevent any data stealing, data altering, and data duplication attempts by its peer-to-peer method.
Blockchain technology is expected to change the education system for good. It will enable the students to store their certificates and degrees in Blockchain technology, which will ensure that they are safe from any third-party intrusion. Also, these certificates and degrees will be available to the students at any time and any place. Many universities, like the MIT, The Open University, and The University of Nicosia have already implemented Blockchain technology for their students.
Blockchain as a Service (BaaS)
If you have heard about SaaS (Software as a Service), BaaS (Blockchain as a Service) is not very different. It provides managing and supplying aspects of a distributed ledger technology infrastructure. BaaS can reduce the technical barriers to implement Blockchain technology and also can save costs to a great level. Today, many companies, like IBM, Oracle, and Microsoft have already started offering BaaS by creating their own Blockchain platforms.
With the emphasis on technology improving rapidly by each passing day, Blockchain is not far from becoming the next big thing in the world of IT, finance, and healthcare. The future prospect of Blockchain has been recognized by many industries, which has led to a surge in the demand for Blockchain professionals.
So, if you are thinking of starting your career in Blockchain, then this is the right time to do so. The best way of doing it is by choosing a Blockchain certification course, which will ensure that you are well-versed with the technology. Also, it will help you clear Blockchain certification exams.