Beyond Bitcoin: The New Industrial Revolution and the Blockchain Technology
Blockchain technology is usually associated with Bitcoin and other cryptocurrency forms. Which has come into being with the advent of blockchain development technology? But the reality is it has transformed not finance industry only. Its applications go beyond it. The blockchain is, in common terminology, an electronic ledger. It keeps the record of transactions, stores that data not on a centralized network. But distributes it across the spectrum of networks! Hence, ensuring decentralized data distribution for better security and making it tamper-proof.
Its true potential came to the fore only recently. When it began to revolutionize other industries, too! Going beyond Bitcoin and transforming other domains. Including copyrights, smart contracts, charity organizations, elections, counterfeit industry and more! Hence, leading to commentators calling advent of Blockchain technology the new industrial revolution!
The similarity between blockchain technology and industrial revolution has the following roots. 18th century England, which saw social transformation with the advent of machine technology! Resulting in replacement of hand labor! In a similar manner, blockchain technology has commenced a second social transformation. It is due to blockchain technology advancing and developing into a game-changer.
In its earlier days, Bitcoin got people on their feet. After all, it was for the first time concept of cryptocurrency became a reality. What followed was a developer, starting to contribute towards making it a grand phenomenon. In fact, the aura around blockchain technology is not confined to a digital transaction. That it enables us to send money via digital means to one another. Its aura is for its potential to transform the way we do business online. Or the way we interact with each other or do transactions.
Few Stand Out Features of Blockchain Technology
It has many features that make it a standalone technology in today’s world. Few of them we can discuss below to get a glimpse into why people out there back it.
- Any transaction that blockchain network validates cannot be ever modified or edited. You can add nothing, subtracting nothing, and that makes it unchallengeable. Someone may for sure try to make a new entry into the database. But, for modification to show up in the transaction, what do you need? It needs bringing changes across various transactions stored across various blockchain networks.
- The data you add to the blockchain network gets distributed across its nodes. So the database remains confined not to any single network but spread over many networks. It is for this feature that blockchain is also called distributed digital ledger.
- There is no specific organization, governmental or private, that controls the blockchain technology. And that makes it decentralized. It is first of its kind when it comes to an emerging technology that has no central authority to govern it.
- Another stand out feature of blockchain technology is security it ensures. Due to its deployment of cryptographic keys, it is secure to extreme levels. To access your data, a user would need to have a public key as well as a private key. These keys determine how others interact with your data on the blockchain network. Hence gives your data added security!
These exciting blockchain technology features make it a driving force towards industrial revolution. Let us now move to another part of the article. This is, to discuss industries likely to transform because of blockchain technology.
- Counterfeit and Adulterated Products –The major challenge facing the industry, society, is the counterfeit industry. It might not look a serious problem but it causes a severe economic damage to the economy of the world. Apart from costing billions of dollars to the global economy, it poses threat to the society. Because counterfeit industry fuels the selling of adulterating drugs and expired foods! But the blockchain has the potential to reform and eradicate counterfeiting of products. Manufacturers now register their products on blockchain network for the public to access. Once on a network of the blockchain, a product`s journey gets recorded. From manufacture to shipment, to the hands of the consumers, its stores all. This information helps product consumers to see whether the product is original. Tracing its journey back to the producing industry, a consumer can see originality. Hence, curbing the consumption of duplicate items! It also allows curbing contaminated or counterfeited items.
- Charity –If anything motivates a person not to donate, it`s lack of information. Information such as expenditure records of donated money. It is quite obvious when people spend money they want to see results; they want to see how the money is being spent. But the sad fact is no such information available for public access. With blockchain coming into the business of charity, donors can follow their donations. It keeps open before people where and how their money is being used. It can go a long way into regaining the trust that people have lost on charity organizations.
- Voting –The tamper-proof nature of blockchain makes it best bet when it comes to elections. Fair voting is the promise of blockchain technology. Such a thing is possible only when you have a tamper-proof voting machine. This is not possible to get unless and until you get blockchain technology onboard. And let voters vote on networks of the blockchain. It goes on to add more power to the democracy by making it fair and open. Its decentralized nature ensures it cannot get influenced by outside forces.
- Management of the Supply Chain –Reliance on manual labor, paperwork, makes system inefficient. Due to lack of integrated supply chain management inefficiency keeps on mounting. But the inefficiency gets eradicated with ease once blockchain gets deployed. It undertakes the task of tracking shipments and other related processes. It brings to the process a digital revolution and spares too much reliance on paper-work. Added benefits come with its smart contracts.
- Copyrights Infringement –Main issue publishers and music producers face is, copyrights violation. After the grand-scale popularity of the internet, copyright violations have become a headache. Here, too, it is blockchain that has emerged as the powerful platform that can curb such kinds of breaches.
In short, blockchain technology has got features that make new industrial revolution possible. As it goes on to reform industries and institutions, one can sense that a new revolution is not far away. It is around the corner. After all, what blockchain technology is promising is security, decentralized system, distributed data. The leak-proof and tamper-free platform is another respite. If it can revolutionize cryptocurrency, with certainty it can transform any other industry.
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