How Blockchain Affects Various Industries

No more will we only associate blockchain technology with cryptocurrencies. Various industries are working on ways to implement blockchain technology’s innovative features within their business operations. However, before we can fully appreciate the blockchain’s disruptive power, we need to fully grasp the concept of it.

Simply put, the blockchain enables decentralized transactions across a peer-to-peer network. Transactions are recorded on a ledger and then distributed to all the nodes on that network. To put it in simple English, the data is stored across all the computers on the network. This ensures that the system is transparent, immutable, and free from hacks. How? Because the data is not stored on one single computer, it’s not under the control of one single organization. To delete the chain, you’d have to delete it from all the computers within the network.

In addition, for any data to be added to the chain, you need the consensus of the majority of nodes in the network. That means that hackers would have to take control of at least 51% of all the computers in order to just add data. That’s a tough ask when you’re dealing with a sizeable network like Bitcoin.

It goes further than that, though. Once on the chain, the data cannot be deleted. That’s because every block added is linked to the one before. There’s no way to change a single block without changing all the blocks that come after it. That’s why we say that the chain is immutable.

At first, we limited the application of distributed ledger technology to cryptocurrencies, since the blockchain became famous due to Bitcoin. However, further study and a better understanding of how the technology works show its unlimited possibilities. Now, the blockchain is one of the most researched and implemented technologies in the world. What has led to the wide acceptance of blockchain technology in even the most traditional industries? This may be due to the fact that it has successfully optimized the way we do business. According to the infographic, it’s possible to save 70% on potential operating costs by utilizing this tech. Also, if we consider that the blockchain is still a nascent technology, it is safe to conclude that we have not yet experienced its full capacity.

The disruptive power of the blockchain is already at work in critical industries. At the moment, the healthcare sector is witnessing an emergence of blockchain-based applications that are specially designed to resolve some of the issues plaguing the industry.

Also, the traditional voting system could be gradually replaced by more transparent and immutable systems powered by the blockchain. There’s been considerable progress made in the supply chain sector as a result of the various blockchain product trackers introduced in the space.

Clearly, the blockchain has stood out as one of the most promising technologies in recent history. You can check out the infographic that follows for detailed facts on its disruptive nature, which will surely play a major role in the next industrial revolution.