Lifestyle

How Cryptos and Blockchain Are Changing the World

By March 22, 2019 No Comments

If you are reading this, you are most probably the gambler acquainted with cryptos and blockchain. You may even be using cryptos to pay your bills, or settle your taxes, depending on the country you live in. Blockchain may even be embedded in your life seamlessly. There is a high chance that one day you will wake up to find the entire world functioning on the basis of this technology.

Cryptos and blockchain go hand in hand. The same as the idea of bitcoin has evolved extremely fast in terms of the industry, blockchain technology has been developing ever since and it is evolving and spreading daily. Today, we can use bitcoin as a legal means of payment across the world. And bitcoin is just the beginning.

Blockchain is more than a market

The use of blockchain enables transparency, instant processing, lower costs, higher security. If you take a look at a bigger picture, you will see that such a way of making and collecting payments, if applied in different industries, is transforming the world as we know it. And it is beginning to happen. Namely, the blockchain technology has the potential of becoming omnipresent, so to say. What is even more interesting, it is being applied not just to payment systems, but in other real-life aspects as well. Additionally, the more diverse the application of this technology is, the more investors would be drawn to this field.

These are just few of the applications and possible uses of blockchain.

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Smart contracts

This type of contract is actually a code which works with blockchain to enable both individuals and companies to enter into a more secure digital relationship, even supporting more complex legal issues. There are several different applications of smart contracts, such as the voting system – a much talked about possible use of this technology. Maybe one of the easiest examples to understand is the Ethereum-based smart contract which enables the protection of identity. In case you are travelling abroad and decide to upload your passport to uPort, you can choose to provide only the necessary piece of information requested by the border control, while all attempts to access the other data would be rejected and visible.

Health Care, Education, Land Registry and Similar Fields

This is probably one of the most frequent applications of blockchain today. If there is an industry that deals with record keeping, blockchain becomes irreplaceable. It is decentralized, transparent and it should allow the users to have control over their own data.

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Different industries, from food to cosmetics, pharmacy and beyond

Imagine the manufacturing process so advanced that we are able to trace each and every step from the time the substance enters the production to the time it reaches the stores. We would be able to trace all aspects of the production and possible malfunctions or irregularities of a product, while enhancing product safety and increasing responsibility among the manufacturers.  It should also drastically reduce the waiting time we spent in archives, to seconds.

In the midst of predictions about the dynamic expansion of blockchain technology and cryptos enhancements, we usually look at the phenomenon from an ordinary persons point of view.  The majority of people in our community have had the opportunity to use cryptos or at least to get to know the basics. However, in our everyday lives, we rarely think about the global, massive changes that the cryptos and blockchain are constantly introducing, and ultimately – how all this is making our lives easier.

What do you think about the world based on blockchain?

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