Understanding TheFuture Purpose Of Blockchain Concept

The blockchain technology might seem most applicable to the service-driven industries, but it has an equally important role in the manufacturing field too that are never meant to be underestimated. There exist two main areas to be considered where this technology can have the biggest impact and include

  • Supply chain: The opaque nature of current global manufacturing and marketing supply chains suffer from significant inefficiencies. To deal with this in a more proper way, blockchain concept can be adopted which can improve the transparency through effective and detailed identification management. It can even manage the product quality through verifiable transactions and make quick payments through smart contracts.
  • Internet of Things: The distributive nature of bc concept can be used to empower IoT units such as industrial smart sensors by connecting networks quickly bypassing the traditional hub in more resilient manner.

While considering the role bc can offer to healthcare units, it can transfer the anonymized clinical data of different patients who feel it uncomfortable to openly share their medical history. This process ensures the view of only relevant information maintaining the individuals’ confidentiality. These Healthcare companies generate around five percent of all the data generated globally.

Bc technology can offer a lot to the public service area and here goes the full review. As the government agencies have a huge collection of paper works of trusted records like the registration of marriages, births, and documents of a new firm, property transfers or so. Even where these records are stored virtually, databases work independently.  Bc can assist in integrating all these databases while using cryptography to maintain the integrity and security of all these databases.

Analysing the case of utilities, bc has a lot to offer that could enhance its growth prospects. For example, the smart grids that employ a decentralized nature and helps in generating small power of electricity resources like solar panels or energy storing devices like an electric car. These kinds of smart but small grids allow household need consumption and even allow selling the surplus electricity back to the grid. Bc could take this to the next level in future by allowing the peer end users electricity exchanges including both the real-time selling to consumers in the local area and collecting back payments via smart contracts.

The role that the bc technology can play in the sharing economy area is indeed surprising. The sharing economy includes ride-sharing or home-sharing services. These aspects have gained importance in the recent years. The explicit property of blockchain’s identity management scheme fit well with this economy. It can help maintain the trust by making networks more secure.