In the first part of this series, the adaptability of Blockchain technology to areas outside the traditional role of Cryptocurrency was considered. So far, the technology has been adapted to governance, intellectual property protection, identity management, data management, stock trading and land title registration. However, the possibilities of utilizing this ground-breaking technology is enormous and continue expanding with research.
Let’s do a bit of recap on what blockchain technology represents; it is comparable to an accounting ledger with the possibility of recording transactions permanently in more than one location. And so? Think of multiple industries that could benefit from this distributed public ledger, it’s so limitless. Let’s look at other industries who will benefit from the application of blockchain technology;
Consider how valuable it will be to have a full history of your health, all the medicines you’ve been prescribed and diagnosis made by doctors. This could translate to a well-coordinated and increase in quality of healthcare. In the long-run, the cost of healthcare and health related risk will reduce. Much have not been achieved presently, but with the increase in interest and investment, health care industry will fully embrace blockchain technology.
Defense and Security
By utilizing blockchain technology, defense systems security will be beefed up and prevent any form of unauthorized access to critical defense infrastructure. Blockchain could be the game changer with cyber defense structures. Unlike the existing security structure that monitors any breach, monitoring every asset that needs to be monitored. No more searching for a needle in the haystack, the entire haystack will be monitored.
There is an increasing trend in the generation of energy through home energy generation and community solar farms. Surplus energy could be given up for consumption in different locations. However, the challenge lies in the monitoring of consumption. This problem could be solved with the technology. Smart meters could be deployed to register supply and consumption on the blockchain. Based on the information stored on the digital ledger, the original producer will then be supplied currency or credit in exchange for energy consumed.
With recent decrease in revenue and increase in cost in the telecommunication industry, blockchain could overturn this development. The telecommunication core management is expected to be the major beneficiary of this technology. Blockchain application will drive a reduction in cost and maximize efficiency. Other areas include fraud detection and prevention, IoT connectivity and identity management.
The financial sector has been the major focus of Blockchain technologies from the onset. However, the banking industry is yet to fully adopt the technology but there are research into how the technology can be utilized for banking purposes. The main reason for the feeling of indifference by banks is that blockchain implies a double-edged sword for the banking industry. While Blockchain will lead to faster processing and reduction in processing cost, it can also lead to job cuts.
Blockchain could change the face of business and processes in many industry. Even though the adoption is quite slow at this point, more research is currently carried out for a successful switch over.
Also published on Medium.