One of the main ideas presented by blockchain technology is the creation of a framework without trust. A framework in which users do not have to rely on a centralized third party to take advantage of a specific service or to perform a certain activity.
So, which industries can benefit from this technology? In any centralized framework where there is a strong need for transparency and trust in the network, blockchain can be a cure-all. Because an open registry is maintained, everyone can see the activities of a decentralized blockchain-based network and, therefore, the need for transparency is met. Since even a blockchain is immutable and no part controls it, a tamper-proof record is maintained that meets the need for trust.
Duncan McIntyre, FansUnite's Chief Operating Officer, recently contacted BlockPublisher expressing his views on this evolving technology. FansUnite Entertainment Inc. is essentially a sports, gaming and entertainment company that uses the blockchain technology.
Speaking of this technology, Duncan said:
As with the emergence of any technology, there is an educational process that must take place. I do not think blockchain is the solution, or even a necessity, for all companies, but blockchain technology can significantly reduce a trust requirement. I think the public confusion of bitcoins, cryptocurrency or other digital resources with blockchain technology has created unnecessary confusion. Blockchains are the base, the basic infrastructure that allows digital ecosystems to have digital resources. However, a blockchain does not require that a digital resource (cryptocurrency) be used on it and can instead be used as a simple private database or as a distributed ledger.
In addition to being used in the cryptographic arena, blockchain has the potential to act as a private database or as a ledger distributed in various other areas, as suggested by Duncan here. Adding to his statements, he also said,
However, a blockchain can significantly reduce the need for trust and can even be taken up to the creation of an ecosystem without trust. Most industries would certainly benefit from a reduction in the trust required in centralized third parties.
In addition to finance, there are many other areas that can be completely remodeled if the blockchain is used in their cores. Some of these areas include health care, content creation, logistics, government operations (such as elections), etc. It just seems that it is only a matter of time before this technology takes off and integrates itself into modern workflows. Some even get to call blockchain "new internet". If it's the new internet, you can imagine how it's going to impact our lives.
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