How the Blockchain is fueling our future

The future is bright, and will be led by the blockchain.

Blockchain technology is already overturning the financial industry through its disruptive applications, but finance is just the tip of the iceberg. The real purpose of blockchain is its ability to change the way people do things every day – like voting, traveling or going to the doctor.

The Future of Blockchain

Today's infographics comes to us from HIVE Blockchain Technologies, and gives us a glimpse into the potential of blockchain technology beyond the financial world.

 How Blockchain is fueling our future

While blockchain is mainly associated with cryptocurrencies and the financial industry, the real potential of blockchain technology is much wider and far reaching .

Innovative startups are already finding ways to take advantage of blockchain technology to restore the face to almost every conceivable industry, changing traditional practices and paving the way for new disruptive business models.

In fact, it is almost difficult to imagine an area of ​​life that does not lend itself to an upgraded upgrade with blockchain.

Today's blockchain

In its current form, the blockchain works like this: [19659012] Part A wants to make transactions with Part B

  • This transaction is recorded on the blockchain as a block of encrypted data
  • block is then transmitted to each participant in the blockchain network. The block itself is visible to everyone, but sensitive information is encrypted to protect the privacy of both parties
  • Each blockchain participant verifies the validity of the block, essentially confirming that everyone has the same version of encrypted information to eliminate the possibility tampering
  • Once checked, the block is added to the chain. Once added, it can not be moved, modified or tampered with
  • Now that the transaction has been verified, proceeds as expected
  • At present, this technology is mainly used for financial transactions, but it can also be used to exchange information , contracts and official documents.

    Blockchain's Unlimited Potential

    The unique design of the blockchain makes it ideal for situations requiring:

    Security
    Transactions are virtually tamper-proof. Since each participant in the network checks each block for consistency, trying to hack the blockchain would be like trying to sneak through a single door guarded by a hundred dogs.

    Transparency
    Each block is visible to all members of the network, ensuring trust between the parties.

    Collaboration
    Because a blockchain has no boundaries, it allows a secure collaboration between the parties that share any type of transaction.

    As a result of these traits, the blockchain has unlimited potential in all types of applications.

    Future Blockchain uses

    Here are some examples of future blockchain uses.

    Decisions
    The blockchain can be used in business and government to increase transparency between the parties, reduce corruption and streamline bureaucracy. The transactions are tamper-proof and open to the public, allowing everything from rent contracts to national elections to be fair and fair.

    Healthcare
    The blockchain has the potential to improve access and medical efficiency. By allowing medical records to be securely shared among health professionals, physicians can gather all this information to improve their diagnoses and develop more holistic treatment plans for individual patients.

    With all patient data collected online, blockchain technology can help promote more sophisticated medical research, potentially treating diseases or providing insights for more effective treatments.

    Identity
    Identity theft could also become a thing of the past with blockchain and biometrics. All your personal identity information – including your passport, educational documents and driver's license – can be securely stored on the blockchain. Because your data is linked to biometric data that is unique to you and impossible to forge, information is safe from fraud.

    But these are just a few examples – and the blockchain will have an impact on almost every aspect of our lives, allowing service providers to collaborate with each other to give you a unique and personalized service when you need it.

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