Blockchain is first known as a public ledger of several digital tokens. In that ledger, the information on specific details of a transaction is stored, including the time it was executed from sender to recipient, among others. Its storage is set in a way that no one can have the records changed without authorization. If so, the amendments are also recorded.
Suffice to say that the technology has transformed our everyday lives with the introduction of the first cryptocurrency, Bitcoin. And it is continuing to change our world as more cryptocurrencies roll out in the market amid the increasing believers of the blockchain technology.
In fact, several industries have been shifting into blockchain to personally witness and experience the economic potentials of cryptocurrency.
Although popularized as a ledger for Bitcoin and other cryptocurrencies today, blockchain technology that offers reliability and transparency is fast revolutionizing several sectors, and according to a Dutch Blockchain Conference article, it could be the next big thing since the internet. In fact, many startups are on the lookout for business ideas where the wild-moving cryptocurrency is not concerned.
Startups such as Democracy Earth and Follow My Vote are among the early-stage firms aimed at changing the way we vote, specifically on eradicating the corruption involved during elections. The firms make use of blockchain as an accurate public counter of votes. This way, alterations cannot be made, and results are more accurate.
Patients may soon be spared the burden of having to fill up long forms when admitted to a hospital. With blockchain, personal data may now be stored and shared in a way that authorized professionals can access them to fast-track the diagnosis process. Gem and Tierion are two startups that are using blockchain to improve gathering of medical records while ensuring the safety of personal data.
Startups such as Arcade City and La’Zooz aim to remove the need for third parties when booking for pool rides. Meanwhile, UBS is one of the early-stage companies today that has established an electronic wallet that can automatically pay for your parking tickets, among others, so as to ease the hassle when on the road.
What makes blockchain interesting among many business players is the fact that it is still in its infancy. This newness offers the opportunity to be transformed into something better and more valuable. And it seems it may take generations before we can maximize blockchain’s full potential.
(Featured image via DepositPhotos)
Roche is Awarded the Distribution of Reagents in Soria for Two Million Euros
Roche will be the company to distribute reagents in Soria. According to the budget application, the amount for the supply...
AZ Eltif ALICrowd Co Invests One Million in the Startup Fessura through Mamacrowd
Fussera's crowdfunding campaign launched on Mamacrowd has received the endowment of AZ Eltif ALICrowd. The company will invest one million...
Agricultural Aggregation: New Procedures for Granting Subsidies in Morocco
A new mechanism has been introduced for the ceilings and procedures for granting subsidies to agricultural aggregation projects. In case...
Junior Miner Rockridge Resources Untouched By China Copper Price War as Green Energy Transition Heats Up
The green energy transition is driving copper demand, prompting China to make threats to release some of its reserves to...
Entrepreneurship: the Region Laâyoune-Sakia El Hamra Launches the Program RIYADA
RIYADA, the integrated program of support for project leaders who can benefit from PIAFE funding comes to promote the entrepreneurial...