The rate at which the developments are being made in the blockchain world is mind-boggling. Cash flow in this arena has also risen to an exceptional level in the past few years. So what is it all about?
Blockchain technology essentially presents forward a framework using which the need of a third-party in a centralized framework is eliminated. Users come in control of the network. It presents forward the features of decentralization, immutability, transparency, and trustlessness. The users do not have to rely on a third-party for a certain task and as a result, a trustless and transparent system of operation is put in place.
The technology is already finding its strong use-cases in the arena of finance where transparency is of prime importance. But besides finance, are there any other industries which can get benefits from this tech? BlockPublisher recently got in touch with Founder and CEO of Aliant Payment Systems, Eric Brown, as he expressed his thoughts regarding this technology.
- Which industries can benefit from blockchain?
Eric: “Blockchain technology will be used in government, especially with taxes (this is already being implemented), private sector, and medical, as well as aerospace. Blockchain will also become commonly used for everyday transactions, including home and car titles, legal contracts, government contracts, retail inventory and distribution. I could go on and on.”
- How do you see it evolving in the future?
Eric: “Blockchain payment technology will continue to advance, and be one of the biggest trends in 2019. This year, merchants from a wide variety of industries begin offering cryptocurrency payments, and the technology has come a long way in a short amount of time. Not only are merchants now able to accept payments in crypto online, but also in retail settings through the use of QR codes.”
Transparency and decentralization are two of the most important traits of this nascent technology. In any centralized framework where there is a strong need for transparency and trust, blockchain can prove to be helpful. The governmental operations, such as elections, which require transparency can also greatly benefit from this tech.
Although the blockchain world is still in its evolutionary stage and there are a lot of issues associated with it that need to be fixed, it sure seems that it does possess the capacity to impact our future lives in a very significant way. As issues like scalability are solved, it will be interesting to see how the adoption of this technology proceeds further.