We all are aware of how innovation is driving scientific and technological developments and how it will impact the future. Out of the many emerging technologies, one of the most promising technological developments that we are witnessing today is of Blockchain Technology. Yes! Blockchain technology is the one that is completely against bureaucracy and has the potential of solving the challenges that mankind is facing today.
We are familiar with how big organizations are selling off the customer’s private data to advertisement companies and other institutions, which reminds us that our data is not private and secure anymore. This challenge can be overcome by blockchain technology which is a decentralized storage architecture. Now we don’t need to rely on hardware storages to store data in which the data is stored in a relational database model. Here we get an opportunity to preserve our data in a network that is connected by blocks (computers) or ledgers. The biggest advantage is that no one will be able to access your personal data unless they have a security key with them. Even though they have access they cannot manipulate or decipher the data as it is encrypted by using cryptography. Blockchain is an alternative way to save and transmit data between computers in a secure way. It’s like an extremely secure database that is not owned by anybody. The features like distributed ledgers, peer to peer network, cryptographic hash functions, immutability, and pseudonymity makes it clear that it’s the next wave of database technologies.
Various fields of our present society can be benefited by blockchain such as sending money abroad or to any person will be immediate and fast without the insolvency of a third party. Buying homes will be a faster process as we will not be subjected to go through innumerable regulations, norms, and identity verifications, as blockchain’s pseudonymity enables easy identity verification that will prevent us from going through different checks. Even we can achieve product transparency which means when you buy a product, it’s complete product journey will be captured from the manufacturing stage to the final customer stage keeping us aware of the different taxes applied and the real price of the product. The services sector such as cab services, temporary stay, etc .. who earn a lot of money by being a third party will not be required anymore, as the customer will directly interact with the service providers rather than the third party. You can rent anything you own without the involvement of tech Giants setting rules and taking away your profits.
Not only the above-mentioned areas but fields like the health sector, government (enhanced democracy), defense (classified information ), and many more important areas that need immediate attention will be driven forwarded by blockchain. The important thing to keep in mind is being the leaders of tomorrow, how we can utilize the blockchain to provide solutions to the pain points that our present is suffering with, and in driving the future ahead. This is a big thing that demands the focus of techie youth to change the future.