Have you ever thought about the importance of future technology – (Blockchain) that is now being a buzzword for numerous sectors and professionals? Or the possibility of it impacting our daily lives; both professionally and personally? In this article, we are diving into the importance of Blockchain, not merely in real-life scenarios, but for enterprises to big corporations from the year 2020 and beyond.
As a general audience, your mind would process the popularity of the Bitcoin prices whenever the word Blockchain would even be spoken about. But, today, we are going all out on the whole sector of what is the real-deal of Blockchain technology.
As a distributed ledger based peer-to-peer network, it drives the key aspect of it being immune, transparent and having overall digital freedom that one dreams of having for eternity.
Before we get deeper into the system, let’s get ourselves on the same page on the significance of future technology; solely called Blockchain. One of the prominent parts of the technology is the ordeal of proving that no other technology can wipe off the information that is already on the system, which means no amendments can be done as the information is there for good.
As a matter of fact, it starts from identification to transactions of anything that are being serviced or exchanged; which then would go towards validation that is only verified through the information which can involve cryptocurrency, records of data to contracts.
A new block of data will then be created for the ledger which is added to the existing chain of blocks in the system and everything will be there permanently and unalterable.
If we were to compare the records and data being tracked all this while; for instance in the healthcare industry, papers are highly utilised despite computers as a tool to record data every now and then. The only downside is that; the security can be questionable to some as the data can be altered, stolen or worse – hacked. If this has never happened to you, consider yourself extremely lucky.
Despite all of that, Blockchain technology exists not to dismiss all the usage of what human force can do, but to give a total control of the sensitive digital records that we can secure entirely, for good.
Truth be told, 40 percent of Health Executives see blockchain as one of their top priorities as reported by Health Care Weekly. Thus, having the fundamental human basic rights of freedom is a solid golden opportunity for all.
When the Internet Explorer became the centralised innovation of all almost a decade ago, none of us knew the impact it would have created until now. Tuning in towards Blockchain, the simplest way to put it is that; everything is on the tip of our fingers. It is all part of us, data and transaction to activities.
Once we connect to the router of Blockchain, one point to another becomes transparent and traceable for all, and those who have access to the information; especially when it is a private ledger distribution.
The essence of the technology alone creates a new horizon of possibilities and overall flexibility in the technology for the future mankind. There is no doubt that it is now a revolution that is growing rapidly and when the technology is being adapted to all, assets are no longer seen or owned by a single person or an entity, but will be traceable and transparent for every single blockchain-er.
At the end of the day, if the importance of future technology is still being learned and adapted, time will tell and the pivotal moment will appear when it is meant to be, for anyone. To wrap up my endeavour of getting you or your team well versed in the ecosystem, Blockchain is a brand new technology that is going to humanise every single stream and possibility ever imagined.
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Nurul Zamrè is an ardent writer for the past 15 years of her living tenure on science & technology, agriculture, health, communities, management and more. She is also a News Anchor at RTM, a general manager of AHVN, a model, VO artist, emcee, gymnast, ballerina and a lover of everything chocolates.
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