Blockchain has evolved over the past decade with more industries and businesses taking their leap into the technology. The first Blockchain generation was meant to help improve the traditional monetary system. During that time we had cryptocurrencies like Bitcoin being introduced and these are mostly written in C++ programming language. The cryptocurrencies were used to apply Proof-of-Work (PoW) consensus model. While cryptocurrencies showed improved transaction experienced, the developers realized that Blockchain had more potential that goes beyond cryptocurrencies. That’s why we had the second Blockchain generation. In the second generation, Bitcoin remained a hype, but Smart Contracts and Ethereum were introduced in the cryptocurrency market. In this case, Ethereum was seen not only as a cryptocurrency but also as an instrument or platform that helped deliver scalable experiences and help in building dApps.
The concept of Smart Contracts was emulated to help make an agreement to be more secure, effective, and automated. The third generation is the stage we are today and in this phase, it showcases the most efficient solutions based on blockchain technology. In this phase, numerous challenges facing blockchain development such as inability to process what is called cross-chain transactions was resolved. App developers within the blockchain space have embraced different consensus mechanisms apart from Proof-of-Work for their projects. We have seen concepts like IOTA, Decentralized Ledger Technology (DLT) and COTI being introduced. Blockchain development gained momentum as it moved through the different phases, however, it has been uniformly adopted across the globe.
Having said a thing or two about the development of blockchain to the level we are today, let’s look at how this technology is improving our lives.
1. Banking and Financial Services
Looking at how blockchain has changed the business world, you find that the banking and finance industry comes almost the first of the industries adopting the technology. Blockchain and Fintech are two technologies that when combined have simplified many processes in the banking sectors in different ways. For instance, they have helped enforce identify verification as well as the management process. The techs have also introduced crypto payments and eradicated intermediaries in the financial services. The convergence of these technologies has to lead to decentralized finance in addition to automated banking or accounting processes. It is easier to organize spreadsheets and fill tax files than before.
On the side of the customers, blockchain has helped in studying the buying behavior and determining the right products to offer to the customers. Banks can look at the patterns that are produced through technology to make key decisions. For example, blockchain could be used to determine the expected farmers' yield allowing banks to reposition themselves in offering loans.
Many banking institutions are building apps that help in easing processes in the market. For example, a bank can have an app that is based on blockchain technology to help in learning the behavior of customers throughout the purchase journey. A blockchain development company comes in handy when a financial institution wants to build a blockchain-based app.
2. Real Estate
When it comes to real estate, it is among the industries that have adopted the technology. Blockchain has opened new frontiers in this industry allowing potential investors from all over the world to be able to invest in real estate. Blockchain has authenticated digital transactions, instilled trust in situations involving property buying and selling, and reduced siloed databases. Ubitquity is a blockchain product that has seen wide usage in the real estate field.
Using Blockchain-as-a-Service (BaaS), Ubitquity allows people to record and track all kinds of property. The real estate has been a real mess and with the adoption of blockchain, some light is being shed. Potential buyers of property can access information that provides details about a particular property. A buyer can have the history of that property including when it was first built, the renovations it has received, how much the previous owner bought the property, it’s current condition, reports from inspectors, and other details. This information helps the property owners to make quick decisions in an informed manner. Through Ubitquity unanimity, there is increased trust between the buyers and sellers and also accountability in property sales. Using blockchain can allow you to sell your property first or purchase one faster and payments can be made using blockchain-based cryptocurrencies to enjoy the benefits of decentralized digital currency.
With the increasing use of blockchain technology in the real estate space, we are seeing increased blockchain development services as companies seek apps that they can use to stream the real estate process or environment.
In the healthcare sector, blockchain isn’t just a baseline hype, it is a real gamechanger. The technology serves organizations in the healthcare sector with a better collaboration of data. Having data helps increase the chances of accuracy when it comes to diagnosis and it upgrades the treatment level. Using blockchain in healthcare sectors and pharmaceutical sectors helps streamline the involved supply chain as well as the medicine verification process. Medical domain stakeholders can be able to pay using crypto-wallets. They also can change model for their drug designing while being able to deliver personalized, trusted experience to medical practitioners and patients.
A good example of a startup that has adopted blockchain is the Gem Health Network, a network for the development of apps and sharing of infrastructure.
Machine learning app development may have brought education from the typical classrooms to virtual access in real-time from mobiles, blockchain takes that step further. The technology simplifies the record-keeping process and verifying certificates is made easy. Blockchain introduced came up with the concepts like verifiable open badges that enable students to keep permanent records of their certificates and documents while also being able to share the information with prospective employers. The technology also helped streamline public assistance for families and students.
Sony Global Education from the electronics giant Sony is one company interested in blockchain and it has adopted it. Sony Global Education is a platform that has been built in conjunction with IBM employing blockchain to help in storing and sharing students’ records securely.
Among the fastest growing sectors in adopting blockchain and among the early adopters of the technology is the retail industry. Blockchain has helped in bridging the gap between sellers and buyers by minimizing the interference of intermediaries or third parties. The technology has yielded blockchain wallets that allow peer-to-peer payments among participating parties or a buyer and seller. In addition, blockchain had improved security and transparency when it comes to retail processes through what is known as Smart Contracts.
6. Public Transport
Blockchain has been potential in changing the public transport landscape and the ride-sharing economy. Talk of services like Lyft and Uber, they are founded on blockchain and they are expanding so fast. Blockchain-powered apps encourage people to commute via public transport and be awarded rewards such as crypto-tokens. Blockchain has also a decentralized ride-sharing economy like Uber and Lyft. Drivers can riders are able to set their rates, provide additional services such as roadside assistance and create a user-driven valued-oriented ride-sharing market. Arcade City is a good example of the apps that prove handy in this industry and it’s based on blockchain technology.
7. Supply Chain and Logistics
The supply chain and logistics are very complex market but blockchain has been able to improve the scenario. The technology allows companies to record every single transaction and process whether it’s manufacturing, sales, storage, or shipments within decentralized blocks. The records provide crucial information that can help determine where particular goods or items are made from, which company manufactured them, who shipped the items, and who offers the seal of acceptance or quality assurance into the country. Blockchain helps lower the risks of having counterfeits, time delays, as well as human errors in manufacturing, sales, shipments, and storage of goods.
Another sector that has seen the adoption of blockchain technology in agriculture. In this sector, blockchain has brought in a decentralized mechanism allowing easy tracing of crops and other products. There is trust between farmers and other merchants like fertilizer suppliers, lending institutions, crop buyers and other parties without necessarily involving third parties. When it comes to agriculture, third-parties have been able to take advantage of farmers by purchasing products at low prices and selling them at higher costs. The farmers were left suffering yet he toiled in farming or tiling the land. Blockchain also helps enhance the transaction pace while cutting down costs associated with the transactions. AgriDigital is one company that highlights how blockchain technology is able to transform the agricultural world.
When it comes to cybersecurity, blockchain is gaining traction. The technology empowers users to keep their unique, immutable records that cannot be interpreted or changed by other people without having permission. Blockchain also helps in preventing DDoS attack, it helps add an extra layer in private messages since people can send messages anonymously. Guardtime is an ideal example of a company within the cybersecurity space that has adopted blockchain technology. Guardtime helps create keyless signatures that go with the US Department of Defense’s requirements for cybersecurity. Guardtime also helps secure health records for millions of citizens in Estonia.
There are a lot of expectations in blockchain when it comes to politics and voting. The mess that has previously been seen in voting may be eased with the technology. Blockchain will change the lives of people by bringing in better infrastructure for vote casting and tracking as well as counting. Blockchain has brought in vote capturing on blockchain as transactions meaning that there is a reduced risk of fraud voting utilizing the characteristic of transparency, immutability, and authentication.
In essence, blockchain has changed the way we do business often streamlining processes. The technology has changed the lives of many people because they find solutions to problems they have lived with for many years. Blockchain development India team can help when it comes to building apps based on blockchain for your industry or business.