The two “B” words, “Blockchain” and “Bitcoin” have been grabbing most of the headlines lately. But, are they two the same thing? Most people are lumping “blockchain” into the same category “cryptocurrency.” While, we can’t deny the two are related. They are most definitely not the same thing.
So, what exactly is blockchain?
Blockchain is what logs every digital transaction happening anywhere in the world, be it private data or the cryptocurrency transaction. To make it a tad-bit simpler, imagine there is a global spreadsheet which is running on millions of computers at the same time. Everyone can see all the transactions being made because its a “peer-to-peer system.” What so different about it? The middlemen is excluded and there is direct access.
It is predicted that by 2022, the market for blockchain related products and services will hit a $7.7 billion. Woah! That’s a lot of zeros in there.
Now, blockchain is doing some catching up! It’s reaching out a hand outside the financial sector. What’s really great? More industries are acknowledging this ground-breaking technology and eager to have a much more efficient transparent system. It’s a tough competition out there and no one wants to be left behind. You’ll have to read below to find out who’s in it to win it!
In 2014 the American Recovery and Reinvestment Act required all the eligible health cares to adopt the ‘meaningful’ use of electronic media records. The Affordable care Act, also known as ‘Obamacare’ needed hospital to implement the electronic health records (EHRs.) A fund of $28 billion was allocated for an effective managerial system.
The results? DISAPPOINTING. A secure effective protocol was not in sight, after all the efforts made to share the data across providers. Clearly, there were various disruptions in the system, including the medical records, supply chains and smart contracts for payments.
It’s happening! MedRec is an MIT backed system to create family medical history for patients. It will be passed on to the future generations. Making the future better as we speak of it. Literally. It uses Ethereum blockchain and the technology’s smart contracts to execute scripts on the blockchain.
We know the process is in its initial stages, but we have our hopes up for this one! Afterall, healthcare is some serious business, the effective it is the more beneficial for us in times of need!
We all love music! But, what about the artists and all those music labels? They bring the music to us and without them we’ll have no good music and that’s the truth my friend! Technology has its pros and cons. In this scenario there is a conflict of interest.
Ever since the trend of online streaming took off, it’s been great for us! The artists and music labels? Not so much. They have had to face financial loses. So, Imogene Heap, a British musician decided to take things into his own hands by starting a mission to empower and sustain the music industry through ‘Myceria’. A blockchain platform for musicians, for the sharing of free-trade music using push smart contracts which ensured that the money goes back to the artist. It’s a win-win for all. Afterall, the artists deserve all the love for bringing us music for every occasion in our lives. Breakup? In love? Party? Plenty of music for everything.
HR workers spend a lot of time in investigating employment history, their backgrounds and identities. If the blockchain technology can revolutionize the music industry, it has some solutions rolled up it sleeve for human resources. It shows a way to simplify payrolls, certification and digital-process management.
You know how the business world is. Every business is looking to expand globally. But, with expansion comes difficulty in management. It has become extremely difficult to carry transactions all over the world because of different banks and their so many many rules. Let’s be honest, it makes things complicated and the process even slower.
But, through blockchain, the method of sending payrolls is simplified as there is no third party involvement. For example. Bitwage uses the blockchain system to send their payroll overseas in the respective currencies as blockchain also handles the required conversions.
So, the blockchain technology is taking over everywhere and making things better for everyone!