One of the main ideas presented forward by blockchain technology is the establishment of a trustless framework. A framework in which the users do not have to trust a centralized third-party in order avail a certain service or to carry out a certain task.
So which industries can benefit from this technology? In any centralized framework where there is a strong need for transparency and trust in the network, blockchain can prove to be a cure-all. Since an open-ledger is maintained, everybody can see the activities of a blockchain-based decentralized network and hence, the need for transparency is fulfilled. Since a blockchain is also immutable and no single party controls it, a tamper-proof record is maintained fulfilling the need for trust.
Duncan McIntyre, the Chief Operating Officer of FansUnite, recently got in touch with BlockPublisher as he expressed his thoughts regarding this evolving technology. FansUnite Entertainment Inc. is essentially a sports, gaming, and entertainment company utilizing the technology of blockchain.
Talking about this tech, Duncan said,
As with the emergence of any technology, there is an education process which must take place. I do not think that blockchain is the solution, or even a necessity, for all businesses, but blockchain technology can significantly reduce a requirement of trust. I believe that the public conflation of bitcoin, cryptocurrency or other digital assets with blockchain technology has created unnecessary confusion. Blockchains are the underpinning, the foundational infrastructure which allows for digital ecosystems featuring digital assets. Nevertheless, a blockchain does not require a digital asset (cryptocurrency) to be utilized thereon and can instead be used as a simple private database or a distributed ledger.
Besides being used in the crypto arena, blockchain does possess the potential to act as a private database or as a distributed ledger in various other areas, as suggested by Duncan here. Adding on to his statements, he also said,
However, a blockchain can significantly reduce the necessity of trust and can even be taken as far as creating a trustless ecosystem. Most industries would certainly benefit from a reduction of required trust in centralized third parties.
Besides finance, there are many other sectors that can be totally reshaped if blockchain is used at their cores. Some of these sectors include healthcare, content-creation, logistics, governmental operations (such as elections) etc. It just seems to be only a matter of time before this technology takes off and integrates itself into the modern workflows. Some even go as far as to call blockchain the ‘new internet’. If it is the new internet, one can imagine how it is about to impact our lives moving forward.