Blockchain technology is quite new but for now. Yet, there are so many expectations and different areas where this technology is expected to serve mankind. At its core, blockchain is just a decentralized ledger in which records cannot be changed or altered. So, this can be a real game changer in terms of transparency, security, and a number of different factors.
At the moment, NFTs and cryptos are the most well-known examples of blockchain. But in the future with applications of blockchain in so many areas, all people will need is any of Spectrum Internet plans or some other connection and sign in with their unique credentials. Dive into this blog to have a good understanding of the potential of blockchain technology.
Table of Contents
Decentralized Finance
Decentralized finance is one of the applications of crypto that is already leveraged to a great extent in the form of cryptocurrencies and crypto wallets. But its future applications are expected to be far greater than today. Decentralized finance would remove the need for a single governing body controlling all types of credit, debit, and lending transactions.
Decentralization may face several challenges before its normalization. However, any type of inclusion of this technology can potentially make one’s transactions more secure than ever. And if they are adapted to their full potential, people will be able to save transaction fees and so much more.
Healthcare Industry
To provide the best care for patients, doctors need a patient’s history. Often when a patient is brought to the ER, doctors do not have information to depend on which can potentially put a patient’s life in danger. Oftentimes, patients end up losing their medical documents.
Creating a secure way to have one’s medical documents shared when required can help both doctors and patients. The application of blockchain for this purpose can bridge the gaps between hospitals in exchanging a patient’s history. Also, similar technologies may be used with IoT devices like glucometers and various others to protect a patient’s private data. Such blockchain technology-backed practices empowered by HIPAA compliance can help patients in many areas.
NGOs
A lot of times people are concerned about whether their donations even reach the needy or not. Every day, many cases of corruption by these organizations and embezzlement cases are uncovered in the news which damages the trust of people wanting to donate to humanitarian efforts.
The transparency aspect of blockchain technology can help people donate and track how their donations are used by NGOs. This can strengthen the trust of people in an NGO and help collect more funds to improve the conditions of those in need.
Cybersecurity
With the increasing trend of remote and hybrid working, the vulnerabilities and instances of digital attacks are skyrocketing. People often connect with any accessible connection of their home or public Wi-Fi connections that have poor security protocols making them easy targets. So, devices connected to these networks can be the weakest links in the overall network and make a company’s digital assets exposed.
Protecting a company’s digital assets with blockchain can very well bridge the gaps in cybersecurity and help with several challenges. The future applications of blockchain in cybersecurity may help CISOs sleep better at night.
Cloud Computing
In the past, all the data had to be stored and accessed from physical servers. Cloud computing gives businesses a shared virtual environment where multiple servers create a cloud network. Important files of a company are stored on this network instead of a singular server which ensures data is not lost in case of server failure.
Big corporations like Amazon, Google, and Microsoft are the most popular platforms for cloud computing. And these platforms leverage blockchain technology to increase security on different levels. Further use of blockchain technology may further help solidify security in the future.
Blockchain and Art
It is one of the areas where the applications of blockchain can be easily seen in action. NFTs ownership is one of the prime examples of blockchain. The use of similar technology for more art and music can help artists from content theft. Today, content theft is a common problem that a lot of artists face every day. With better protective measures and copyright laws in the future, this problem can be better dealt with.
Conclusion
Blockchain is an exciting technology with many potential applications expected in the future. This technology may help in several areas including healthcare, finance, art, cybersecurity, and cloud computing. All these applications may help overcome multiple problems people are facing across the globe.
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