Since its inception back in early 2009, blockchain technology has come a long way. With the waves that Bitcoin has made all across the media for the past few years, blockchain app development has gained serious recognition and it is starting to become more and more present in our daily lives.
In the beginning, blockchain was created as an economic experiment, giving birth to the first version of this technology, also known as blockchain v1.0. At that point, this new tech’s focus relied solely on currency, assuring that transactions are made securely and anonymously, without any third-party involvement.
This experiment proved to be a success, and so blockchain continuously evolved for the coming years. Smart Contracts appeared, and then blockchain apps became a thing, and now more and more businesses adopt this technology due to its reliability and difficulty of hacking.
So, with those being said, blockchain technology is slowly starting to gain more presence in our day-to-day lives, and here’s how it has the potential to change the world.
Today’s healthcare system has a weakness that can evolve into a major problem. Every data of every patient is stored in a centralized database. So by being centralized, it is possible to hack it, putting private information at risk.
Blockchain can be very handy in this spectrum since its decentralization and high emphasis on encryption makes it pretty much impossible to hack.
Iot shares the same vulnerability as the healthcare system. IoT is pretty much everywhere around us, from doorbells to cars and even buildings. They can all be sitting ducks to hackers.
Security is a top priority in both of these cases, and again, blockchain technology serves as a very promising solution to this issue.
Obviously, this technology can bring massive improvements to the banking system, as well as making payments much easier. The transaction times get much faster. Not only that, but it makes the entire process much more secure as well.
Many banks have already started to adopt this technology, so we might see an entire blockchain-based banking system in the near future.
As we’ve said before, a centralized system can be vulnerable to hackers. Not only that, but they can also suffer from data loss or simple human errors. Blockchain certainly seems to bring a lot of promise to the security side of things, and with good reason.
More and more businesses are starting to adopt this technology due to its sheer convenience. It seems to make everything better. After all, improved transaction times and impregnable security are key factors when it comes to massive major corporations.
Conclusion
This rather new type of technology brings a lot of promise to the world. It has the potential to solve many issues that we deal with right now. It’s already starting to be implemented in many domains.
However, it might take longer than we expect. After all, implementing this to real life is still an experiment at this point.
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