The Impact of Blockchain Technology on Various Industries
Blockchain technology is one of the most impactful discoveries of recent years. Bitfortune’s blockchain disruptions infographic explains how this technology is used and its potential for emerging technologies.
Put simply, Blockchain is a P2P platform that takes out a centralised middle-man which can delay a transaction of digital information. So for instance, if one person from the US wanted to send money electronically to a cousin in Australia if done through a regular financial institution, could take anything from hours to days, because of all of the red tapes from the regulators of these financial institutes. If Blockchain technology is used instead, the sending of these funds can be next to instantaneous, cutting out the regulatory middle-man. This technology also then cuts the cost of the transaction, which is a win-win situation.
80% of the banking sector are expecting to use this technology by 2020, and a third of level C CEOs are also either using Blockchain or investigating how they can implement it within their companies.
Untapped Potential of Blockchain
There are other potential uses of this new and interesting technology, such as the government voting system. Since anybody can view the Blockchain transactions, although it keeps the user anonymous, Blockchain technology can be used during elections and the general public can independently monitor the process and ensure that governments are not tampering with the results.
IBM and Maersk are creating a new Blockchain company dedicated to the global shipping industry for their supply chains, expected to be implemented in 2018, and in 2016, IBM invested $200M in Blockchain technology. British Airways are also testing using Blockchain to better manage data regarding their flights between London, Geneva and Miami.
FedEx also launched a Blockchain-powered pilot which helps the company with customer disputes.
Currently, it has been changing the world for the better, and who knows what potential uses this technology has in store for the future. Explore the knowledge in the form of an infographic, present by Karthik Reddy.