Blockchain Has The Power To Shape 21st Century?
To understand the emerging technology “Blockchain” we need to look at the Internet in the '90s. No one was ready to accept the Internet, no one was ready to accept new technology but now in 2019, from groceries to online cab everything is dependent on the same Internet. The Internet has changed our lives, our businesses, communications, and commerce but still, there is a double-spend problem on the Internet. We can’t send money, tickets, bonds or stocks through the Internet because a copy of the ticket or stock is being sent on the internet instead of original ones and this is where the Blockchain came for help.
To understand word Blockchain, Let’s consider a 25 line sheet that can be filled with any type of data like Vote, medical record or transaction record. After getting filled the sheet is added to the stack of previously validated sheets. Every time the new sheet is started it’s been embedded with the data of the previous sheet. All sheets are linked together and thus cannot be tempered. The sheet on which we are filling data can be known as Block and the stack of previously validated sheets embedded with each other can be known as Chain thus it becomes Blockchain.
This 25 lines sheet can never be tempered and can be filled with anything like the record, vote, voting results, medical record or land titling.
In today’s blog, I am going to discuss four important blockchain use-cases that can help people of the 21st century to innovate.
Blockchain For Elections:
Elections ensure the active participation of the people where the citizens get the chance to choose their government but the election’s turnout in under developing countries like Pakistan is below 50%. Rigging and integrity is also a big problem in elections, putting a question mark on the law enforcement agencies.
Because the data on Blockchain is immutable, transparent and accurate. It can help the governments in reducing the cost of elections, putting elections rigg free and can help in increasing the turnout.
Blockchain For Cross-Border Payments:
Settling payments between banks in different countries is a complicated and time-consuming process. Transactions between accounts need to be conducted through a third party. Multiple requirements to prove identity, fees to send payments, currency conversions, and managing liquidity in different jurisdictions delay a cross border payments 3–5 days.
Blockchain cross border payment solutions like Ripple, Monero and Dash are offering cross border payments with 10 times lower fees, no requirements to prove identity, and reducing 5 days transfer time of assets from 5 days to 0.5 minutes.
Blockchain For Government Organizations:
From securing the data of citizens to putting all government record on the blockchain. There is no doubt that Blockchain is a game-changer for the government of any country. The government can simply go paperless by putting its important record on Blockchain which will help the government to make important data immutable and secure for the future.
Smart Dubai 2021 is a new initiative by the Dubai government to go paperless by 2020 and to put all government record on a blockchain.
Blockchain For HealthCare:
No matter what we say, it will be impossible for us to overstate the importance of our data. Our data should be used with our permission is now a dream in the digital age of Google and Microsoft. But with the help of Blockchain our data is not only secured but only we have a right to share it with anyone we want.
New platforms like Medchain and Factom are creating new healthcare infrastructure. Enabling healthcare record storage to be only accessible by owners and Dapp infrastructure for the users first time in history.