In the modern world, the prospects offered by the blockchain technology are limitless. Almost every industry across the globe is trying to find out use-cases of this technology in its framework. The decentralization aspect that this technology offers can completely revamp the global industrial system.
Talking to BlockPublisher, the founder and partner at Morgan Creek Digital Assets, Anthony Pompliano praised the blockchain technology stating:
The technology is highly compelling and stands to have a substantial impact in a number of industries.
In the modern world, this technology is starting to get more adoption in various industries with each passing day. Artists are trying to find out use-cases of this technology in their world. Countries are collaborating to reap full benefits of this technology. Naval air systems are looking for a way to incorporate this technology into their frameworks. Content creation arena is also starting to adopt this technology. Cyber security world is being enhanced by the usage of this nascent technological innovation. Blockchain technology is also being used to completely revamp the electoral system. The transparent and secure distributed framework that this technology provides can eliminate any kind of loopholes that are present in the current electoral system. Rigging and possible manipulation can be removed by properly employing this technology.
One of the greatest benefits that this technology provides is the ability to form global markets. Regarding this, Anthony added on to his statement saying:
The idea of automating trust is important, because it creates more efficient markets on a global scale.
The greatest advantage that blockchain technology offers is its ability deploy a decentralized peer-to-peer framework eliminating any intervention of a third party. In any industry where centralization is present, blockchain can certainly prove to be game-changing.
Social media is a very powerful tool in the modern age but even it is prone to threats owing to the centralization factor that is present in it. The centralized servers used by the platforms containing important information of users can be hacked by the hackers. Blockchain can eliminate this vulnerability by making the entire framework decentralized, transparent and anonymous. The technology can eliminate the requirement for the users to hand in their personal information to a central authority.
Similarly, in industries where transparency is a big requirement, blockchain can prove to be a cure-all. As all the proceedings taking place on a blockchain-based network are public and visible to all, the room for illegal activities narrows down.
Cryptocurrency is just one use-case of blockchain technology in the financial world, there is a world beyond it that still remains to be explored. The global industrial market can be completely restructured if this technology is used properly.