Blockchain is worth trillion dollars💸💸 ? ? Which are the sectors it will overtake in the future?
Blockchain is the most promising technology. So what is it?
The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.
Now that we know what it is let’s check the sectors it will overtake in the future.
1. Forecasting
Blockchain is said to change an entire approach on how we do research, consulting, analysis and forecasting. Augur is an online platform which is creating a global decentralized prediction markets. This technology can be used to place and monitor bets on anything from sports, to stocks, to elections in a decentralized way.
2) Networking and Internet of things
Samsung and IBM are creating a decentralized network of IOT devices using the blockchain technology, which operates like a ledger for large number of devices, it would eliminate the need for central location to handle communication between them, and the devices could communicate directly, update software, manage bugs and monitor energy usage.
3. Private transport and Ride Sharing
Blockchain can be used to create decentralized peer-to-peer ride sharing apps allowing both the car owners and users to arrange terms and condition in a secure way without third part providers.
Startups: Arcade city and LA’ZOOZ
4. CLOUD STORAGE
Data on a centralized servers are vulnerable to hacking, data loss and human error, using blockchain technology allows cloud storage to be more secure and robust against attacks.
Startups: STORJ.IO
5. CHARITY
Common complain in the charity space include inefficiency and corruption which prevent money from reaching those who are meant to have it, using blockchain technology to track donations, can let you be sure that your money is going to end up in the right hands
Startups: bitgive
6. Cyber security
Although the blockchain data is public, the data is verified and secured using advanced cryptography, this way the data is less prone to be hacked or changed without authorizing.The blockchain eliminates the need for middle man making it more efficient than many legacy system and cyber-security.
7. voting
Blockchain will disrupt voting sector, the 2016 US election is not the first time certain parties were accused of wringing election results, blockchain technology can be used for voter registration, verification and electronic vote counting to ensure only legit amount of vote are counted and no votes are changed. Creating an immutable, publicly view-able ledgers of recorded votes would make elections more fair and democratic.
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Very true, personally I would prefer to donate money to a child in a third world country knowing that at least 90% of it reaches the right family.
As well blockchain will promote fair trade and put an end to those sweat shops that multinationals use to make even more profit.
Viva la revolucion!
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STOPIf we take only Blockchain itself, it is not that revolutionary. Deep down, it is another different data structure to store data. However, with crypto currencies, it is a different story. It could create a totally different investment area.
Totally agree with not revolutionary part, but people have invested their time and effort in developing this data structure, hands of to them, rather than Blockchain being used in present day technology, we would prefer tangle (iota crypto currency ) due to its flexibility and speed.
Tangle is a very interesting concept. I hope it succeeds.