Introduction
Financial institutions are scrambling to discover practical methods to adopt and utilize blockchain technology for profit. Due to its status as the foundational technology for cryptocurrencies, most people mistakenly believe that blockchain is solely relevant to money. However, blockchain technology’s potential uses go well beyond banking and cryptocurrency, and it seems set to have a profound impact on the globe in ways we never expected. Let us take a deeper look into some of the ways blockchain technology can improve human life in the coming decade.
Decentralized Social Media Platforms
Regulations have been overwhelmed by the fast growth of technology, resulting in goods and platforms that violate our privacy and obstruct the free exchange of ideas. By offering safe and private decentralized social networks that put the user in charge, blockchain promises to disrupt intrusive social platforms that censor our content and mine and sell our personal data.
With decentralized social networks powered by blockchain, every interaction can be encrypted from end to end for maximum privacy and control over user data. Traditional social media platforms on the other hand profit on user data and activity, turning them into commodities that can be sold at any price.
Uncensored speech is protected on social media networks built on the blockchain, so you may speak your mind without fear of retribution. Furthermore, the distributed ledger technology of the blockchain enables users to carry out private monetary transactions that are not visible to other parties. Users of Blockchain SM don’t have to worry about losing their published material because of a bug in the system.
Digital Records That Cannot Be Changed
When it comes to blockchains, think of them as one giant ledger that keeps track of financial transactions. In addition, it may be used to safely store critical and priceless data, preventing tampering, theft, or other misuses. Documents such as property deeds, birth and death certificates, financial transactions, insurance data, and legal issues can all be encrypted and kept securely on the blockchain.
Compliance with HIPAA Regulations Healthcare
HIPAA compliance is important for healthcare providers since patient privacy is a major issue. When it comes to a variety of healthcare procedures, blockchain technology’s anonymity and security offer promise, including:
- Better patient care at a lower cost.
- Protection of patients’ personal information against unauthorized access and use
- Security of data in mobile apps and software for remote patient observation
- Insurance claim processing in real-time
- Defend genetic data against unauthorized access.
- Access to patient health records on the blockchain is strictly controlled.
- Traceability of medical supplies and drugs
Cost of Travel And Lodging
Long waits and misplaced baggage are common annoyances while traveling. With blockchain solutions that drastically decrease booking mistakes, securely store frequent traveler information, and more, a slew of companies is already changing the tourism sector.
Additionally, blockchain-based booking systems eliminate the need for a middleman. Discounts on travel, vehicle rental, and hospitality are common on popular booking sites. A major disadvantage of using middlemen is the increased risk of identity theft and other misuses. Blockchain lowers travel costs by cutting out the intermediaries in booking transactions, while also enhancing the security of passengers’ personal information.
Be ready for major changes in the travel industry over the next decade that will decrease stress, enhance security, and improve the whole experience of traveling across the world.
Political Governance
Voter fraud is becoming a rising issue due to the hackability and unreliability of vote equipment manufactured by independent foreign organizations. Because of the immutability and incorruptibility provided by blockchain technology’s encryption and decentralization, voting records can be verified to be accurate 100 percent of the time.
Voter names and political preferences are hidden from the public eye thanks to the advent of blockchain technology. Because each vote has a unique ID, tampering is impossible, and votes on the blockchain can be properly counted by election authorities without having to worry about repeated voting or false identification.
In Thailand’s Democrat Party’s 2018 primary elections, blockchain technology was successfully used on a wide scale. Brock Pierce, an entrepreneur and independent candidate for the presidency of the United States in 2020, was the first person to get a vote through a blockchain application.
Blockchain has the potential to have a significant impact on our political processes in addition to drastically lowering the danger of voter fraud. Lobbyists and crooked politicians who don’t represent the interests of the American people may be eliminated by a blockchain-protected system that allows citizens to vote directly on public policy.
Digital Self-Government and Self-Sovereign Identity
The majority of large-scale data breaches are a result of the theft of user identification information. As more people open new accounts and engage in online transactions, their passwords are becoming more susceptible to theft and hacking. The difficulty of entering into websites with many layers of security leads many customers to avoid some e-commerce sites altogether.
Blockchain-based identity authentication solutions provide people more control over their identities by removing them from the grip of online businesses and government authorities. They provide people control over their unique identifiers by allowing them to protect their secure IDs without disclosing them to other parties.
Furthermore, companies may securely exchange and keep data with no fear of data breaches or fraud thanks to blockchain-protected access. The danger of data breaches may be reduced for companies by enabling layers of limited cloud data access according to the security clearance of individual workers. Additionally, the use of blockchain-encrypted IDs may keep sensitive data safe as it travels from the cloud to distant employees’ PCs.
Conclusion
In general, people resist change, particularly when it means changing long-held beliefs or practices. While many businesses and people may put the brakes on blockchain growth, it will eventually be adopted on a large scale.
There will always be those who will attempt to exploit new technologies and instead of fighting blockchain developments, we should take precautions to prevent them from being misused in ways that are harmful to mankind. Blockchain has tremendous promise for enhancing the quality of our lives both now and in the future. We should seize the opportunity presented by this promising technology and guide it in the right direction so that it may be put to good use.
Rupesh Ghimire