Blockchain technology is the central infrastructure used to build cryptocurrency, Bitcoin, by creating decentralized public ledgers of thousands of nodes introduced by Satoshi Nakamoto of 2008. It has been regarded as part of the fourth industrial revolution following the advent of steam engines, electricity, and digital technology. This innovative technology would have a huge effect on the national government, governmental structures, company processes, employment, and our daily lives in the 21st century. It has the potential to transform the current Internet from the Internet of Information Sharing to the Internet of Value Exchange. Blockchain technology is expected to revolutionize the operating modes of trade, industry, and education, as well as to promote the rapid development of the knowledge-based economy on a global scale.
Because to its immutability, simplicity and efficiency for all activities carried out on a blockchain network, this revolutionary platform has several future applications. At the early stages of its existence, blockchain technology was unable to gain much interest. However, while Bitcoin proceeds to work efficiently and consistently throughout the years, the organization has also become convinced of the tremendous potential of the underlying technologies of this innovation in its application not just to cryptocurrencies, but indeed to several many fields.
As blockchain technology expands, security-based payment-type investment companies and investment firms — including Chainalysis, which develops countermeasure technology for money laundering — are showing interest and putting their faith in the technology.
Blockchain Technology for Practical Use
Major institutions are expected to launch blockchain in 2020 to avoid large-scale leakage of information and Internet fraud. IBM provides a blockchain-specific accelerator system. China has approved the implementation of blockchain in such companies as ICBC (China Industrial and Commercial Bank), Alibaba Group, China Southern Airlines, etc. Blockchain is to be put to practical use by 2020.
Some Practical Applications of Blockchain technology
Latest estimates indicate that the asset management industry could slash costs by $2.7 billion a year by switching to blockchain technology. Practical uses of blockchain in the financial services sector include customer scanning and on-boarding, record tracking, data protection and security, and market management.
2- In Smart Contracts
Blockchain and smart contract systems operate well in situations where civil contracts are needed to protect property rights and data protection laws. These dynamic, self-executing smart contracts on the blockchain will conveniently be controlled by both stakeholders. Things related to property interests and profits are popular within the movie industry. In order to resolve these concerns, blockchain technology provides an unchangeable, traceable, real-time storage and monitoring network for those concerned. e.g. Ujomusic app
3- Blockchain Internet of Things (IoT):
Gartner expects that 20.4 billion IoT-connected systems will be operational by the end of 2020, with some projections suggesting that the IoT industry would hit $3 trillion annually by 2026.
Blockchain-enabled IoT systems can work quicker and more efficiently for both consumers and enterprises, providing fewer bureaucratic power over the finance system, internet access, and ownership rights.
For educators, some of the advantages of implementing blockchain technologies in the design of smart contact-based learning practices can be verifiable, reliable and traceable. This accountability aspect offers great security for teachers who have done a successful job. In turn, school administration in the evaluation of teaching success will also be updated in order to incorporate this modern technology.