The world is changing, new technologies are emerging, and how we conduct business is shifting. The adoption of blockchain technology and other new tools has revolutionized how we store information, transfer assets, and track data. There’s no doubt that the world as we know it will continue to transform rapidly, especially regarding technology and data storage. With this in mind, let’s look at how blockchain technology will change the world.
Improved Data Security
Data breaches and hacks are daily as malicious individuals attempt to access and manipulate sensitive information using various nefarious methods. There are many ways that hackers can infiltrate a network and gain access to sensitive data. Blockchain technology offers a new approach to data security by storing immutable and decentralized data, with each record linked (through a hash function) to a specific transaction or another record, providing a chronological and traceable audit trail. This method of storing data will serve to improve data security practices around the world vastly.
Asset Tracking and Transparency
The ability to track and trace assets is fundamental to many industries, particularly those that deal with government and regulatory bodies. With blockchain technology, businesses can track and trace assets through their entire lifecycle, from raw materials to shipping and storage, to the final customer. Many companies are now implementing blockchain technology to track their supply chain, from diamonds to organic produce. Similarly, the healthcare industry is exploring ways to use blockchain technology to track pharmaceuticals and patient information. In a pandemic or other public health emergency, blockchain technology would allow healthcare workers to quickly trace and track information while providing transparency and immutability regarding patient records.
Better Identification Practices
The process of verifying one’s identity is antiquated and inefficient. From applying for a driver’s license or a new job or getting a passport to signing up for a new bank account, the process is lengthy, full of paperwork, and includes the potential for human error. When we think about the future, this is one of the places where blockchain technology can make a significant impact. Instead of struggling to reach a consensus over a centralized database, blockchain technology can facilitate the creation of a decentralized identity network, where individuals can securely store information that can be verified by various institutions at any time. This system will vastly improve how we verify one another’s identities and create a more efficient and streamlined experience for everyone.
Decentralized Apps and Virtual Reality
One of the most exciting ways blockchain technology will change the world is by creating decentralized apps (DApps). Traditionally, apps have been centralized, meaning they work on a single server while gathering and storing vital information. Decentralized apps run on a network of computers while storing information across a blockchain network. Because decentralized apps are decentralized, they are censorship-resistant and can be hosted in multiple locations at the same time, operating on a peer-to-peer network. Decentralized apps will make it possible to create virtual reality (VR) experiences. VR users can create their own virtual world and monetize it while interacting with other individuals in the VR space. Blockchain technology can make this experience possible, allowing users to create their own VR world where each item and asset can be tracked and monetized.
Blockchain technology will be pivotal in improving data security, asset tracking and transparency, identification practices, and creating decentralized apps and VR experiences. The world is changing, and it’s essential to stay informed about the latest technologies and how they will transform our world. Blockchain technology will change the world by improving data security, asset tracking and transparency, and identification practices and allowing for the creation of decentralized apps and VR experiences.