Blockchain technology is becoming an instrument of social change. It is poised to transform every industry, including legal services, healthcare, and agriculture, among many others.
The most well-know use of this technology is the cryptocurrency bitcoin. However, the technology behind it is finding a way to be utilized in more widely.
The blockchain technology is the center of virtual currencies, like bitcoin and ethereum. This technology is an open ledger. It records any transactions efficiently and permanently. Any application can run on it.
The blockchain is also transformative for various social organizations. These organizations are already taking advantage of this technology’s potential for social change. They consider it a great way to establish trust with people and clients.
Maintaining secure records
This technology can maintain secure records of any transaction. It is especially useful for maintaining medical records. Healthcare providers are facing hurdles when storing their patients’ records. With blockchain technology, it reduces all obstacles to an acceptable level. It can also eliminate them entirely.
How? Only authorized individuals can access a blockchain database. This technology enables security measures that can’t be accessed through other sharing methods. In that case, it easily addresses most privacy concerns. Then, it lowers the number of intermediaries that can handle input. As it maintains permanent transaction, it lowers the possibility of error and delivers a high level of trust.
This technology can help in decentralizing Wikipedia knowledge base by enabling editors to become a stakeholder in the network. It relies on the technology’s engine in allowing user contributors more accountable.
Editors can earn tokens according to their valuable contributions. These contributions represent shares of the platform. It encourages accuracy in contributions because if contributors’ edits are inaccurate, they would lose the token. The data don’t live on a centralized server. Thus, if the central organization ceases to exist, the data will continue to live. Then, the government can’t censor the data. The government can’t prevent anyone from contributing to it.
This technology can be a powerful tool in preventing corruption. It secures information and provides integrity of records. As a result, it guarantees authenticity. It eradicates opportunities for falsification in data management.
Blockchain allows a decentralized system of recording transactions. Each transaction is recorded chronologically, thereby, creating an immutable chain. A public blockchain enables law enforcement to identify illicit activities as the technology leaves digital clues in identifying culprits.
The healthcare industry is not the only one that can benefit from blockchain technology. The education industry can also take advantage of it. A blockchain app can store students’ school records, like test scores, degrees, courses, and several others. It can centralize data management from various educational institutions. It makes it easy to record and reference digital transcripts.
With it, teachers and students can access data while maintaining integrity and privacy. Potential employers can have a trustworthy location in acquiring their applicants’ credentials.
The concept of blockchain is not clear yet to most people. It is like having the idea of the Internet in the 90s. People didn’t fully grasp its concept. Right now, some people consider it an abstract idea. It is still difficult to comprehend it. However, it is becoming clearer how it can solve many challenges of various organizations.
In the finance department, it secures payment and guarantees instant payments without using financial institution. When making smart contracts, parties no longer need to hire an intermediary or a third party to execute the contract.
Furthermore, this technology allows advertisers to connect with users who are interested in their services and reward them with tokens.
This technology does not rely on a single entity in control, it uses codes and algorithms to keep everything in check. It revolutionizes various sectors and alters how people operate.
The potential of this technology is enormous. It makes a critical contribution to society as it strengthens public integrity. It can also restore the trust of people in public institutions. It also adds another security layer to every transaction and record.
However, it is vital to remember that it is not the panacea. The technology is still developing. It can take years for pilot programs to become widely available. Then again, it is vital to understand what values it can provide to the society and manage those inflated expectations that people might have. It is not a magic wand. It still requires stronger institutions. But this technology is effective in strengthening them.