Blockchain technology is easily the most promising in the world. The idea blockchain technology represents, holds power, and distributes the power simultaneously. While it still isn’t as popular as proponents would prefer, blockchain technology has a real chance to change the way we interact with each other, and the rest of the world.
Blockchain is basically a way of holding data, that ensures the highest levels of transparency, security, and decentralization. Today, cryptocurrency is still the most popular use of blockchain technology. However, the technology can find a lot more use than Bitcoin and other digital assets. Here are just a few ways blockchain technology can transform the world as we currently know it.
Blockchain technology can help significantly with employment. The number of people who work remotely has been increasing steadily, over the last few years. However, with the coronavirus pandemic, this growth spiked involuntarily.
Many analysts have predicted that remote work will be the order of the day, and blockchain is the best way to ensure that it runs smoothly. There are currently a few platforms that allow people to work remotely. However, a new platform, LaborX, improves on this via blockchain technology.
LaborX is a blockchain-secured platform for easy on-demand employment. It is a global recruitment platform that connects job seekers to offers best-suited for them. In addition to securing the whole process via blockchain technology, LaborX also ensures that people are paid through crypto.
With LaborX, employers and employees can send out and receive work and also decide the terms under which the tasks will be completed. LaborX also allows several modes, depending on preference, which keeps the relationship between employers and employees as optimum as possible. LaborX supports payment in Ether (ETH), USDT, and other assets.
Blockchain technology powers cryptocurrencies like Bitcoin and Ether. Crypto is already changing the world’s financial atmosphere, especially with cross-border payments. Typically, payments like this could take several days to settle. With crypto, over a blockchain network, payments can be initiated and settled within just a few seconds.
These solutions are already being explored by traditional institutions all over the world. Blockchain company Ripple is already in partnership with hundreds of financial companies that use its crypto-based offerings, for cross-border transactions.
One way blockchain technology can transform life is via healthcare. Hospitals and healthcare workers keep patients records, adding to these records at every visit. Medical records help doctors see patients, and recommend treatments based on history. However, one problem with this is how to share this information across several platforms.
Blockchain technology can quickly provide a general way for doctors and other healthcare workers to access a person’s medical files, without compromising the details. This could help if a patient has to visit a different hospital or see a different doctor.
Worldwide, there are still several problems with elections. There are reported cases of void votes because voters did not thumbprint properly. In places where that might not be a problem, penetration is an issue. Setting up polling booths in remote areas can be difficult, meaning that a good number of people do not have access to voting.
Voting can be done remotely. The problem with remote voting has always been the possibility of a breach. However, using blockchain technology, there is little to no possibility that voters’ data and selections can be altered.
India is already considering blockchain voting.
In theory, the benefits and uses of blockchain technology are endless. Anything that can be executed via blockchain technology and with enough adoption, will transform the particular sector and the entire world as we know it.