What Current and Future Technologies Blockchain Can Empower?
The blockchain has become a new alternative to the centralized and traditional banking system. It’s a revolutionary technology that changes the way participants interact with financial transactions. It’s a big feat that blockchain has managed to disrupt the financial sector and trade systems.
Blockchain now allows exporters, importers, and shippers more freedom to maintain their financial databases of all transactions. But there is more to blockchain technology than meets the eye.
Let’s take a look at some current technologies that blockchain empowers and a few future applications that would use blockchain as the foundation:
v Cloud Storage
Cloud storage is a major application that can leverage blockchain technology in near future. In fact, several companies already offer secure cloud storage solutions with minimal dependence. It is no secret that entrepreneurs and businesses spend a lot of money on cloud storage. With a blockchain-powered cloud storage solution, businesses can save costs and generate more revenue per user.
v Smart Contracts
Smart contracts have been around since 1993 but now this technology has become popular because of blockchain. A decentralized platform runs smart contracts with specifically programmed protocols. As a result, it cuts out potential downtime, fraud, third-party interference, and censorship altogether.
It is amazing to see how smart contracts have become self-automated in computer programs. Businesses can now utilize smart contracts to circumvent regulations and decrease total operational costs. On the other hand, participants can increase the financial security of an escrow account by routing specific recipients with a computer code in the foreseeable future.
v Electronic Voting
Yes, the global distribution of databases with blockchain technology can power an electronic voting system. Electronic voting exists in some developed nations but it faces an onslaught of security issues. A blockchain-powered database would make electronic voting faster, flexible, and secure.
A decentralized database of consensus will also serve as an ideal model to hold state and federal elections with 100% transparency. Stakeholders can also use the same model to resolve consensus-related issues in a democratic fashion. It would also be a more realistic protocol to protect the consensus of all voters against unwarranted regulatory interference.
v Payroll Management
The blockchain serves as the foundation for cryptocurrency trading and the next right step for companies should be to use blockchain to compensate their staff. For instance, companies can roll out the Bitcoin payroll process to make payroll management more secure and reliable.
Ordinarily, the payroll management systems are complex and require constant data input. With a blockchain-powered payroll solution, it would allow firms to automate payments to independent contractors and remote freelancers.
The last few years have been incredible for blockchain and now it is high time for the technology to fuel applications in different sectors. In fact, industry leaders continue to explore more opportunities that blockchain technology can support.
The most exciting development of applications revolves around logistics, supply chain management, finance, and healthcare. But each blockchain-based application focuses on heightened security, flawless traceability, and authenticity.
It would be fair to state that most of the future applications powered by blockchain would extend beyond financial services. You can expect blockchain to play an integral role in the automotive, healthcare, shipping, consumer goods, and manufacturing industries.
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