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Can Technology Keep Up With Blockchain Advances?

Disrupt: to radically alter or destroy an underlying structure or industry.

It’s also a term that has all too often been thrown around by start-up CEOs and entrepreneurs looking to impress potential investors.

So much so, the term disruption has become a byword for any technology – regardless of its effectiveness.

Thus, this is why you’d be forgiven for thinking that blockchain tech is just another wagon on the hype train. But the matter is that blockchain most definitely has the power to transform the way we interact with the world around us.

Rather than leaving current technology behind, the blockchain concept has a symbiotic relationship with it. That’s because it opens up a whole new world of possibilities for all areas of technology.

Let’s take a look at some examples:

  1. Decentralized Finance (DeFi)

Consumers could only rely on banks and other financial institutions to provide them with financial products and services in the past. This highly-centralized system ensured that governments and a select few businesses would have a stranglehold on the finance sector.

However, all of that would change with the development of decentralized finance or DeFi. DeFi utilizes blockchain technology to store, send, and receive funds from customers.

This is made possible with cryptocurrencies like Bitcoin and Ripple allows an individual to transfer or accept funds from anywhere around the world without using a bank account.

All of this can be done instantly without incurring high costs from service fees that banks usually charge. In response, banks have turned to blockchain technology to provide their customers with decentralized financial services.

Some banks have turned to companies like Ripple Labs and used Ripple XRP crypto to transfer funds quickly. So you might want to take a look into this article where Tezro provides an overview of the best crypto wallets, before it’s too late to jump on the wagon.

  1. Blockchain tech for better governance

Blockchain technology isn’t just valuable for the private sector alone. In Estonia, the government’s Guardtime agency uses blockchain technology to store healthcare records securely.

Meanwhile, the Follow My Vote initiative works with the United Nations to ensure free, fair, and transparent elections can be held in countries worldwide.

Follow My Vote allows voters to follow their votes from the ballot box to the counting stage, thus ensuring that every vote is correctly accounted for.

And in Sweden, the government has worked with Accenture and Riksbank to issue the e-krona, a type of bank-issued digital currency.

  1. The logistics sector

As we’ve seen from the COVID-19 pandemic, effective supply chain management is critical for business continuity, no matter the circumstances. And this is where blockchain technology has an important role to play.

Decentralized record keeping allows for a much greater degree of transparency and accountability – all of which are vital in the logistics sector.

For example, companies like Slync.io use blockchain technology to give their clients real-time updates on the locations of all shipments. Thus, this makes it possible for logistics planners and schedulers to operate with greater precision.

Additionally, the introduction of automated processes increases efficiencies and eliminates productivity bottlenecks.

  1. Blockchain in medicine

The medical industry is one sector that stands to profit immensely from implementing blockchain technology due to the highly confidential nature of data routinely handled by healthcare professionals.

By implementing blockchain tech, companies allow patient records to be stored securely and accurately. Thus, this also allows medical professionals to quickly retrieve patient information for referral, reducing patient wait times and lowering the risk of medical errors.

Closing Thoughts

As can be seen, blockchain technology offers so much more than just cryptocurrencies. It allows users to easily store secure information for easy retrieval – a critical trait in today’s data-driven world.

In the days to come, we can surely expect blockchain tech to become a regular part of our lives.

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