You’ve probably heard about blockchain by now, the decentralized ledger that keeps track of a wide range of transactions in a fast, transparent manner. Many believe it is positioned to have a profound impact on a wide range of sectors. But why? What do analysts think blockchain will do for us in the future?
1. Blockchain Will Change the Way We Think About Money
With transactions transparent and unalterable, it’s ideal for tracking and managing currencies while protecting banks, investors, businesses, and individuals against fraudulent transactions. More than that, though, using this technology has already facilitated the development of cryptocurrencies (like Bitcoin) and stands to shake up financial transactions in ways we have not yet imagined.
2. Blockchains Make “Middlemen” Obsolete
Because all participants in a blockchain transaction have access to the records, there’s no way to alter records or do questionable side deals. Contract lawyers, notaries and the like will need to rethink their job descriptions when we no longer need someone ‘impartial’ to oversee our business dealings and transactions.
3. Every Industry Can Benefit from Blockchain in Unique Ways
Healthcare is an excellent example of this. As developers work on implementing strategies like tying biometric markets to individual healthcare records and protecting those records by using the secure, decentralized, anonymous capabilities of the blockchain, we may see new efficiencies and safeguards that, ultimately, will lead to better patient care.
4. Influential Organizations Are Investing in Blockchain Innovation
Take note of the huge corporations that are banking on the future of blockchain. IBM, for example, is developing a tool that will track products all the way along the retail chain. Spotify is investigating how best to use the technology for managing copyright, and VISA, Google, and Deloitte all have projects underway exploring how best to use it. These are just a few examples among many.
5. Social Media and Blockchain Will Grow Together
TraDove is not the only company facilitating payments through the blockchain, however, it is a unique example of just how many applications blockchains can have -- and how seamlessly it can integrate with other innovations. TraDove is a B2B social media network that rigorously verifies users in order to create a quality professional community. TraDove uses artificial intelligence in order to match potential buyers and sellers, helping to reduce costs and inconveniences traditionally associated with the supply chain. Buyers and sellers who do connect through the platform can make transactions over the blockchain. Also making TraDove unique: the details of blockchain transactions are visible only to buyers and sellers, ensuring privacy and security.