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Opportunities for Growth in Blockchain

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The concept of blockchain technology is a recent one but has gained a lot of importance these days due to its wide applications in a plethora of fields. The term blockchain, as the name suggests, is made of various blocks, indicating a list of records and chain refers to the way in which these blocks have been linked using cryptography. Every block contains information about the previous block, forming a link or chain.

The biggest advantage in case of blockchain technology is that the information cannot be altered. The blockchain is handled by peer-to-peer network adhering to a particular protocol.

Thus, once any data has been recorded in the blockchain, it cannot be transformed unless the subsequent blocks are altered, requiring the agreement of network majority. The system may be considered as secure and with high fault tolerance.

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Blockchain technology was invented in the year 2008, by Satoshi Nakamoto, to function as a public transaction ledger of bitcoin. Private blockchains have also emerged for business purposes.

There are wide applications of blockchain technology, whether it be in the private or public sector. In addition, the technology has seen huge growth and seems to have a bright future in the coming years.

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Given below is a list of opportunities for growth in blockchain:

Automobile Industry:

The automobile industry is an every-gr owing industry which can be greatly be benefitted from the blockchain technology. Making a smart property by means of this technology will be a good advancement.

The key of your car can be fitted with an immobilizer for example. Your car can only be unlocked or opened when you tap the right function or button on the key. In case there are issues of a misplaced key, the blockchain miners can replace the lost protocol.

Creating Smart Applications:

This is yet another aspect where there is a chance for growth. You can build a smart device, which will be connected by the internet, enabling you more control over the appliance than before.

For example, a code which is in your application could be linked to the internet, which can alert you when your laundry is done, when the turkey has cooked and when cookies have been baked. This will ensure that the appliance will keep functioning properly and will remain in a good condition.

The technology will give you the power to go out of your home for other chores without worrying. By encrypting such appliances on blockchain will enable transferability and ownership.

Creating Smart Contracts:

The concept of a smart contract is one of the best opportunities for growth in the blockchain Smart contracts are embedded with an IFTTT or the if-this-then-that type of coding system. This type of system enables self-execution. In the actual world, there is a necessity of a third person to ensure that there is real agreement on terms by all parties

Using the blockchain will allow you to get rid of such third-party necessity and will ensure that the participants are well aware of contract details and the fact that the terms will be implemented automatically upon agreement. The technology of blockchain can be made use of in various smart contract fields like crowdfunding agreements, insurance premiums, financial derivatives, and property law, to name a few.

The best and most commonly used example, however, is that of the utility of blockchain in terms of healthcare or record keeping. The health records of an individual or a patient can be kept confidential and at a single place by using blockchain and the information can be shared with any other person with the will of the patient only.

Thus, the information will be kept highly confidential and you could also keep the bills or receipts of the surgeries performed or medicines purchased using blockchain. The bills could be then diverted to the health insurance company, which will be extremely helpful for you.

Record Keeping:

Even though slowly the paper records have been converted into digital records, using blockchain will be definitely more useful to maintain the data.

For example, the birth, wedding and death certificates could be encrypted in the blockchain for you to access such crucial information at the time you desire. The use of blockchain can be made in any kind of record keeping and maintenance as it is a very secure method.

Personal Identification:

Today we have so many identity cards with us like the driver’s license, social security, voter’s identity card, college identity, etc. It sometimes becomes very difficult to manage so many cards.

The blockchain technology can help generate a digital identity card which will replace all the other ID cards. In the coming future, there is a chance of making digital identity cards secured by the blockchain, which will be the only single ID for gaining access or signing into a register anywhere in the world.

Thus, the opportunities for growth in the blockchain are plenty and there are many fields in which the technology can be made good use of.

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Paschal Okafor is NaijaTechGuide Team Lead. The article Opportunities for Growth in Blockchain was written by Abu Obaida. The article was last modified: February 7th, 2019

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