The Future Of Blockchain Innovation
Blockchain has gotten everyone talking about its reliability, potential, and future implications. What became popular as the technology behind cryptocurrencies is now revamping into one of the strongest tech-force. From financial institutions to healthcare, it is everywhere. But, its association with cryptocurrencies raises a question on its sustainability. Blockchain is working to fight the reputation, and let’s admit that it has been successful so far.
The Current Status of Blockchain
Pharmaceutical
Various industries are actively exploiting Blockchain. The pharmaceutical industry is ambitious to foster drug integrity via Blockchain. The technology will help healthcare companies protect medicines and equipment from production to consumption. Each item will be recorded in the system, scanning and verifying at every point of contact. Currently, Accenture and DHL are partnering for a serialization system that tracks and traces items. It handles 7 billion pharmaceutical serial numbers and over 1500 transactions per second.
‘We see especially exciting potential for Blockchain in pharmaceuticals, which is why we focused our proof of concept with Accenture on the life sciences and healthcare industry’ – Keith Turner, Chief Information Officer at DHL
Immigrants and Refugees
With war-wrecks in different regions of the world, like Syria, the number of refugees is increasing. Safer countries have to open their arms for the refugees. Canada alone welcomes over 200,000 immigrants and refugees every year. Other countries that allow refugees include Russia, Germany, and others.
However, host countries face several economic and social challenges. Among refugees are families and children, but among them can also be terrorists, criminals, or thieves. If not, criminals can accompany refugees and enter host countries. It is difficult to track them individually while their survival is at stake.
The United Nations is working to use Blockchain and create verifiable and secure roads of people. Hence, each individual can be checked for their social records, such as criminal history. Similarly, with education degrees stored via Blockchain, refugees can find jobs according to their skills and education.
The United Nations has successfully utilized Blockchain for its World Food Programs. The refugees can purchase food through eye scan.
Supply Chain Tracking
The blockchain is of great help for tracking items, enhancing transparency and reliability of goods and services. Every finished good can have a verifiable record of producers, suppliers, retailers, distributors, and consumers.
Tracking is beneficial for perishable goods, such as food and medicines. The World Wildlife Fund is using Blockchain for tracking seafood to ensure that it isn’t coming from illegal fisheries. Transparency makes it easier for consumers to trust the brand.
Similarly, Computer Generated Solutions, Inc. is helping fashion brands in aligning the supply chain journey of products. Streamlining helps consumers feel the journey of the product.
‘Consumers are going from blind trust to a full understanding of the journey of that garment. With blockchain, sustainability and compliance of an item can be tracked on the raw materials and manufacturing processes’ – Ajay Chidrawar, VP of Global Product Management and Customer Service at CGS
Blockchain has engraved its mark in various industries, and the storm will take over many other sectors in the coming years. Let’s have a look at how Blockchain will look in the next five years.
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Blockchain Will Hit New Industries
More industries are falling under the umbrella of Blockchain. The next few years will be game changers for several industries. In this section, we will discuss the potential of Blockchain to revamp multiple industries.
Automotive Industry
Source: FX Empire
The automotive revolution is coming, and it’s going to be built on the blockchain. A number of automotive startups have already implemented Blockchain technology, indicating the positive future of Blockchain in this industry.
The introduction of Blockchain technology in the automotive industry will create new aspects, and self-driving cars are on the top.
Autonomous cars have been the talk of the town and Blockchain technology will make remarkable contributions to its safety.
The self-driving technology comprises highly responsive sensors and cameras equipped with the latest technology in AI and Machine Learning.
The concept of autonomous cars is highly related to the big data that has to be gathered, analyzed and utilized in seconds with high precision.
This is where Blockchain will come in the space to ensure data accuracy, transparency while protecting it against manipulation.
Malicious cyber-attacks are considered as a great challenge to the adoption of autonomous car technology. AI and machine learning will solve the problems related to a collision that occurs due to a technical error, but they will not be enough to solve technology’s vulnerability against hacking.
The Blockchain technology will come forward with the concept of a transparent and decentralized ledger where data can be verified and stored safely without being hacked. It will continuously help autonomous cars by verifying the accuracy of collected data, and this will assure minimal technical errors.
The Block-chain powered self-driving car will face no downtimes because of the decentralized system. Services like Uber often encounter connectivity issues due to the centralized system. With Blockchain, there is a likelihood of reduced system failures.
It is anticipated that the combination of AI, machine learning and Blockchain will perfectly support the invention of driverless cars.
Travel Industry
Source: Refvine
Travel is the next prime target to benefit from Blockchain technology. However, the industry has not yet benefited from the glory of Blockchain. There are some interesting projects that will minimize travel pain points.
Every year the travel industry generates over 10% of the global GDP. and the figure is expected to grow in the years to come. Blockchain will boost growth.
Blockchain is going to be a requisite for the travel industry because of its decentralized nature. The decentralized nature of the blockchain means that information can never go ‘offline’ or be lost through accidental deletion or a malicious cyber attack, ensuring transactions are always traceable.
Here, we take a more detailed look at the various ways in which blockchain will transform the travel industry.
- Baggage Tracking
Delayed or missing luggage is a major problem with travelers around the world. Most of the times, luggage changes hands while traveling. This is further complicated with large travel plans with lots of transfers and stopovers.
The incorporation of a decentralized Blockchain technology will prove to be very beneficial. With a decentralized Blockchain solution, baggage tracking becomes more reliable. Every point where luggage passes through can be systematically recorded. It will promote an easy tracing even if there are multiple transfers involved. - Payment Systems
Blockchain optimization in payment systems can generate more value in the travel industry. Travel companies can make payment transactions even easier by implementing DLT-based systems in the future.
These systems work with Crypto coins that are able to be transferred anywhere without any hassle of currency exchange. This means you can go abroad without exchanging numerous currencies and using foreign exchange platforms. - Identification
The execution of Blockchain technology in identification systems will shape the future of travel. Airport experience is entirely daunting when it comes to airport security, check-in counters and immigration.
The Blockchain ledger application can make it easier with completely identifiable and shareable traveler information.
This system will prove its worth by speeding up the airport screening process and will make identification easier with just a fingerprint or retina scan. - Reward Systems
Blockchain technology can assist reward systems for travel companies in the near future. A number of travel companies use reward programs to encourage booking constantly.
With Blockchain technology, customers can easily access their points in a transparent way. Crypto leverage trading tokens will be useful and probably used to purchase future accommodation or tickets.
Banking Industry
Source: Blockchains Expert
Blockchain technology always took center stage when it comes to the banking sector.
As we are entering into the new digital era, chances are the Blockchain technology will transform the way banks work.
Since Blockchain involves a decentralized approach, therefore, it omits third parties involvement as a result, services will be available to the customers at lower costs.
Blockchain will transform most of the banking aspects, and some of the expected transformations include:
- Client Identification System
Blockchain technology will be implemented in the banking industry to support a decentralized client identification system.
This could be a suitable approach because all credit organizations require KYC (Know Your Client) process before installing any applications.
The Blockchain technology will power up single occasion user identification and will store required information at a location that is easier to access for all the banks in the system. - Payment
Using Blockchain technology in the banking sector will compel reduced costs and can speed up international and bank-to-bank transfers. It is expected that soon Blockchain technology will revolutionize SWIFT bank transfers. - Loans and Credits
Banking and financial activities are directly related to ensuring deposits and loans. These banking functions are often criticized for being vulnerable and unreliable. Today, state regulators are supervising private bank deposits through traditional currencies. This where Blockchain technology can change the way banks work. A ledger-based technology, dedicated to loans and deposits will be entirely decentralized and immune to bankruptcy because deposits are not controlled by one organization. - Insurance
Blockchain technology will support a diverse range of banking processes. Blockchain technology is able to provide complete accountability, transparency, and superior security. It is expected to significantly enhance traditional insurance through an automated payment system.
With the execution of automatic smart contracts, the long bureaucratic delays will be reduced, and people will be able to receive payments instantly.
Real Estate Industry
Source: Inc
Due to its smarter, smoother, faster contract management process, Blockchain will hugely impact the commercial real estate industry.
Buying and selling property is a real effort that involves too much paperwork, bureaucracy, lack of transparency, fraud, and mistakes in public records.
Implementing Blockchain technology will drastically speed up transactions by lessening the need for paper-based record keeping and will make housing arrangements simple and efficient without any third-party involvement.
The execution of Blockchain will not only act as the secured platform for real estate record-keeping but will constantly support tracking, verifying ownership, ensuring the accuracy of documents, and transferring property deeds.
Aside from record-keeping, the Blockchain-based platform, Deedcoin, is emerging as great support for homeowners. Deedcoin helps its customers in better deciding the future commission costs based on the free market price of DEED.
The end-to-end transactions system will provide a powerful future of the Blockchain in the real estate industry.
End-to-end transactions system can manage all real estate aspects from sales, listings, and auctions to settlement and transfer.
Legal Industry
Source: Information Age
Blockchain technology continues to become an ultimate element that could transform the entire legal industry. It will soon create tamper-proof and legally incontestable documents with smart contracts technology.
Blockchain technology could be a newer, better and more sophisticated way of doing things that will surely turn things around.
Since the legal industry is struggling in various sectors; Blockchain technology could emerge as a powerful solution against numerous shortcomings.
The technology will persistently offer massive opportunities as it could reduce the cost of notary services, FOIA requests, and corporate filings, while restructuring and improving several other sides of the legal industry.
The Blockchain Is Here To Stay
Lastly, Blockchain technology could benefit security systems with more trust and reliability. Its basis is connected with decentralization that ultimately relates to the secure ways of storing, verifying, and encrypting data.
The decentralized storage in the cloud could expand the potential security conveniences since it totally eliminates a number of shortcomings related to data hacks that have been observed over the last few years.
The Blockchain technology is not stopping anywhere in the future of security, in fact, implementation of Blockchain could potentially eliminate the audits required by internal systems and processes, will save both time and cost.
Blockchain has the real potential to change economics, business, and society. This technology will not only power banking services, but it will introduce an entirely new market environment for a number of industries.
Author Bio: Hamas Hassan is a Digital Marketing Executive working for Cubix, a software development company in Washington, DC. He writes about Digital Marketing, Blockchain Development, Game Development, and Artificial Intelligence.