Blockchain is a decentralized digital ledger that can record transactions in a verifiable way and is duplicated and stored in transparent, shared databases. Cryptocurrencies use this technology to facilitate secure and anonymous transactions.
How will it shape our future?
Even though Bitcoin and other cryptocurrencies are immensely popular among cryptocurrency enthusiasts, block chain technology is still seen as the most important innovation, with companies across global adopting it.
Lately, a lot of innovation is being done in blockchain technology and is expected to grow at a significantly faster rate. Benefits offered by decentralization and growing consumer preference for privacy made many companies to work on this technology to capitalize on the growing trend.
While blockchain is known for its role in the growth of virtual currencies, there are also many other applications of this technology. Analysts believe that the technology could change the future in my aspects, and its real potential is yet to be discovered.
Now, you might be surprised to learn that there are literally hundreds of solutions using this technology. So, Let’s take a closer look at the use case of this technology that could be valuable in the future.
1) Traffic jams
As we already know its basic applications, which is banking and other financial services. Apart from that, blockchain can be used in IoT, combined with AI, to solve traffic jam problems. So, if cars have IoT devices and GPS on them, they actually could be diverted from the location when there is a lot of traffic, and use other alternate routes to get to the destination faster, which would save a lot of time, money and energy.
In agriculture, you can track everything from the sowing of the seed to retail stores and then reaching your kitchen. This could reduce a lot of food waste because the right amount of food will reach the right places.
Also, if there are bacteria and foodborne pathogens in the food, we can know exactly which food items have them and avoid their consumption.
3) Supply Chain Uses
Companies can revolutionize their supply chain management by tracking everything from where it is on the supply chain to the store shelves. This technology can help digitally trace and authenticate the products in the supply chain.
The customers can also trust the foods or products they purchase as they can track them. Basically, it helps with transparency, so that you can track every step of the supply chain using a QR code to know exactly where the food or product came from.
IoT devices in the farms can help monitor different things like air, wind, weather, crops, soil monitoring, etc. IoT devices connected to a database and a monitoring system can help to keep a check on the crops. Automation can be achieved with the help of a wireless temperature humidity sensor connected to a sprinkler system, which will use less water, less energy, less human labour. The data can be shared with other farmers to improve farming practices worldwide.
5) Authentication and Plagiarism
Document fraud and plagiarism is a big issue in the world right now. If blockchain is implemented for authentication and detection of plagiarism, there will be only one version of the truth. Hence, it can maintain transparency, resist tampering and also keep people accountable for doing these types of things. And that’s a very powerful tool companies have been exploring to prevent frauds in finance, identity management and supply chain.
This game-changing technology has far-reaching potential uses across many sectors. The technology is already famous for its use in cryptocurrencies, several other applications are already been explored and new ways of utilizing this technology surface every day.