Blockchain is hailed as the technology of the future by many of its proponents in the game. It is already revolutionizing the arena of finance worldwide in the form of its biggest use-case, cryptocurrencies. But besides finance, what other areas of the modern world can benefit from it? A more appropriate question would be, what are the requirements under which blockchain can prove to be useful, irrespective of the area?
The problems that blockchain solves are related to trust, transparency, and security. Blockchain-based networks do not contain central parties that control the flow of the network and keep all the records. Rather, nodes participating in the network are in charge of maintaining the network. In an open-ledger blockchain-based network, everyone can access the record of all the happenings and as a result, a fabric of transparency is established. The aspect of immutability also makes it more valuable to the user’s eye.
A blockchain network is trustless, meaning the users do not have to put their trust in any other party that can access and store their data. This solves a lot of issues that are currently associated with platforms like Facebook, Google etc., which are often accused of leaking sensitive user data. So, apparently, it is a specific set of problems that can be solved using blockchain, irrespective of the sector they belong to.
Sebastian Martinez, the Head of Nisum Blockchain Lab recently got in touch with BlockPublisher as he gave his insight on this technology.
- Which industries can benefit from blockchain?
Sebastian: “I think the most accurate answer would be that Blockchain can benefit scenarios where confidence, transparency, and security are needed. So far, based on our research, Blockchain has applicability in any type of industry. Specifically, in my company, Nisum’s client requests, we have focused more on industries such as retail, FinTech, energy and legal services.”
- Is it the new internet?
Sebastian: “I think it’s going to change how it works, the internet was born on the basis of being an open democratic system, we all know that it turned into just the opposite. Blockchain and the concept of decentralization I hope it helps how information and systems are handled.”
- How do you see it evolving in the future?
Sebastian: “Although it can credit its boom to the cryptocurrencies, nowadays I see a more logical evolution. Great efforts are being made to improve the technology and connectivity between different types of Blockchain. I think that when it is possible to apply it to large systems and improve connectivity, adoption will be exponential.”
Developments are already being made to incorporate blockchain in areas like healthcare, logistics, governmental operations etc. Blockchain is opening up an entirely new world of possibilities in this highly centralized world of ours. It presents forward the solutions to some of the most serious problems faced by the modern man, especially when it comes to sensitive data. With all the prospects that it provides, it sure seems to be the technology of the future. Let’s see much does it impact our lives moving forward.