Blockchain Starts 2019 With A Bang

Posted by Vijeta Khurana on November 19th, 2018

It has been a decade - 10 full years since the white paper written by Satoshi Nakamoto was released on 31st October 2008 describing how the Bitcoin will work. It came and was forgotten until last year when its value hit a surging ,000 when it had started out at --content--.00076. But the technology behind Bitcoin - Blockchain, came and it came to stay.

Even the creator of Bitcoin (and hence Blockchain) hadn’t had imagined the kind of impact Blockchain technology will have on this world. Blockchain has managed to stay atop of latest technologies since its inception. Finding ways into various sectors, it has shown the world its applications in every field possible.

Looking at the growth of Blockchain in the previous year, it is certain that 2019 will be started off with a big bang in the technology. And the possibilities for that are endless. Blockchain has been a revolution in the Financial sector and a power-future for the e-commerce of the world. This is so because blockchain is capable of digitizing and decentralizing any and all public ledger of transactions of all the assets and digital currencies.

But there is so much more to Blockchain than just cryptocurrencies. Its digitization and decentralization of assets can be put to use in namely any industry in the world. Let us take a look at what can be the prospects of blockchain that can be put to practice or enhanced in the coming year to bring about a real revolution.

1. Healthcare:

Blockchain in healthcare is as disruptive as a technology can get. Things like health data Integrity, Proof of data, data transparency are crucial for the healthcare industry. As the number of patients is rising, so is the amount of data and the management of that huge amount of data is becoming more and more difficult each day. On the other hand, there is the issue about the security of the data as well. This data might consist of patients health information,   health records, medical insurance data, data recorded from monitoring systems and IoT.

Blockchain provides a decentralized database by recording all the transaction that is made through the system, this implements the concept of data transparency throughout the system. Also, the data stored on a blockchain is permanent and tamper-resistant.  

For proof of data, it allows secure sharing and saving of information to a public blockchain. This also includes the generation of proof of data timestamp so that any user can verify the data without the need to depend upon any third-party.

2. Banking

There can be a number of applications which can be seamlessly integrated into the banking sector which the help of Blockchain, but one of the most prominent ones can be fraud reduction.

As we have already declared that Blockchain can be used to store all the public information in a permanent manner which cannot be altered under any conditions.
So, by bringing all the data together on a decentralized, distributed ledger with a time stamp, this technology will make the banking system impenetrable. And with the time stamp, the breach will get highlighted.

3. IoT (Internet of things)

There is an ocean of learning and endless opportunities for innovations for blockchain developers and blockchain development companies when we integrate Blockchain with IoT or Internet of Things.

Internet of things refers to a mesh of interconnected hardware devices which can communicate with each other.
While bringing ease to the user’s life, IoT also brings in the vulnerability of too many openings to a network of devices which can be breached.

By introducing Blockchain with IoT, IoT sensors will exchange data only on a single blockchain instead of third-party sites. Also, blockchain allows access to full histories of the operations which can come in handy at the time of troubleshooting.

4. Smart Contract

Smart contracts are self-executing programs that are one of the most valuable offerings given by blockchain. Smart Contracts of Blockchain are designed in a way that they Check all the rules of the contract, verify them and process the transaction without finding the requirement of a third party or an intermediary presence.

Smart contracts can be used across a number of industries and different scenarios. They are one of the most reliable kinds of contracts to make deals with.

5. Supply Chain

Blockchain in Supply Chain works with the Identification of all the processes and personnel involved in the process. One of the biggest problems with Supply Chain management or SCM today is that there is not enough transparency in the system of any Supply chain and there are too many different points of contact for different levels of it.

By the year 2019, Blockchain will have a fairly large impact on Supply chain management by being a part of the process right from raw material stage till end delivery.

Blockchain has opened new pathways for Both, individual Blockchain developers and Blockchain app development companies. The popularity that it is gaining is not just because it is a new technology, it is because blockchain has shown practical applications in every field of the bay. And these applications are Only going to grow bigger every year. 2019 is going to be no different,