Question

What is the difference between industry before and after using the block chain?

Answer 1

--> Blockchain is a very powerful and reliable technology that is here to stay.The word blockchain is associated with many applications and the major one is cryptocurrency.

--> Blockchain initial purpose was to trade crypto but now developers and people are utilizing the power of this decentralized technology and realizing its impact on the world.

--> The main features that makes blockchain better than the traditional system are.

• Anonymity
• Faster transfer speed
• Transparency
• Data integrity
• Immutability

Industries using BLOCKCHAIN

--> Banking : After the breakthrough of the decentralized digital currency and its acceptance by the people, blockchain technology now holds the power to change the 4000 years old banking system. blockchain now provides a reliable, secure, transparent and tamper proof platform for transaction that does not require a centralized authority to manage it. Banking is one of the Industries using Blockchain to totally transform itself.

--> Artificial Intelligence : Artificial intelligence and blockchain are at the cutting edge of technology. Even after so much advancement in the AI field, their actual potential is just getting realized. Since we know that the more accurate the data sets, the more accurate results your AI learning will give you. Having these things in mind, the trust, security and integrity of the blockchain will give an infinite effectiveness in the AI learning mechanism. The more accurate the data will be the more better results will the AI produce.

--> Agriculture : Blockchain will improve the agriculture by providing transparency to understand, identify and record the life cycle of every product from its production to its journey and purchase. Blockchain will make sure that every step of the product’s life cycle is immutably recorded. Agriculture is one of the Industries using Blockchain to totally transform itself. FarmShare, Filament and Skuchain are noted companies realizing the application of blockchain in agriculture.

--> Healthcare : Blockchain technology can be used to end the fake drugs industry by shifting the whole medicine supply chain on to the blockchain ledger and making it transparent and immutable. The authenticity of every single box and every single tablet can be checked and then purchased. As discussed in the AI section an AI doctor that has been created can get its accurate data from a blockchain. Health is one of the Industries using Blockchain to totally transform itself.

--> Education : Education is another industry that is using blockchain with much enthusiasm. e.g. There are projects for storing educational records and certificates in blockchain an in immutable way. Two important projects for this usage are Blockcerts and OpenCerts.

--> Voting Systems : Blockchain is immutable so the voters can be free from the fear of their votes getting changed after the cast and also due to its transparency people can at all times see their votes and other votes and a fair election system can take place.

--> Supply Chain : The lack of transparency and accessibility in the infrastructure of current supply chain is the root cause of misplacement, damage and delay in shipments, and corruption. Whereas blockchain’s unalterable nature could provide transparency to it, with real-time updates on the ledgers, which eliminates. IBM supports this technology and backs it by making partnership with Maerks to create “Degitised global trade” using blockchain. Supply chain is one of the Industries using Blockchain to totally transform itself.

Over the next 10 years all the above mentioned industries totally transformed using Blockchain and many more will benefit from the blockchain technology.