Published on May 12th, 2019 | by Bibhuranjan0
What Will be The Impact Of Blockchain On Future Technology
Blockchain technology spurred the fantastic growth of crypto-currencies and is now part and parcel of the insurance, banking, financial, and real estate sectors. They interface with most emerging technologies and have transformed the very way financial transactions are digitally conducted making financial transactions transparent, instantaneous, secure and reliable. Future technology and blockchain technology courses should be a consideration for individuals who are willing to work on sectors where these technologies are used extensively. Here are a few areas where these technologies will show the most impact:
Areas where blockchain plays a crucial role:
Predictive Analysis and Standardization of Big Data
Compliance standards using the traditional architecture of data, standardization and its infrastructure will receive increased importance making data accountable and usable for trend forecasting, predictive analysis, and predictive technology.
Customers can chat with the AI to organize their accounts better, get information that is relevant to them and is slowly replacing manual customer-service tasks. It doesn’t only speed up things but also saves the organization a lot of time and money, that would otherwise be wasted. A few key areas where it is cemented now includes but not limited to chatbots, shopping assistants, virtual home assistants, vehicle infotainment, etc.
Financial solutions offered by and to banks, financial and NBFCs, as well as individual clients take many days at present. Transfers will become instantaneous. Account details, balance, statements and such will be made available in real-time. There will be no more fees charged for drafts etc.Wow!
Some areas where smart contracts are secure, scalable and flexibly used are in automated loan-processing which can be done with a few clicks. Royalty-distributions of movies, publishing and entertainment industry can be effectively and accurately managed. Public-transportation, traffic signals and scheduling based on pre-programmed rules or demand, are set to see improvement using smart contracts. Property transactions, maintaining/ accessing of records and property-records transfer and management is accurate, immutable and irrefutable using smart contracts feature of blockchains.
Industrial Connected Car
Supply-chain management can be improved with task automation, encryption, and effective distribution to facilitate trend-based supplies. The storage of critical Big Data on secure clouds, inventory control, scheduling and transport of deliveries, vehicle location-tracing, maintenance, and automated operation of vehicles are areas that will see huge use of blockchains. Cybersecurity for V2V/ V2I data, cloud-servers, hosting, OEM services, and such services will also benefit.
Predicting and detecting failures in compliance, risk management, and reporting applications are some of the many opportunities. For example deliveries of perishables can be monitored without opening the package, ensuring compliance and Regtech measures can be monitored in real-time and reporting and managing of risks like vehicle/equipment breakdowns can be effectively predicted.
Record maintenance, surgical records, and results, the security of health records are some areas that have developmental-scope. This is a touchy issue and is set to provide integrated records and take tele-medicine to the grassroots level.
Internet of Things (IoT)
IoT services are set to be safe, secure, accurate, fast and reliable. Examples are tracking in real-time the completion and survey of smart cities, effective power-pooling and demand-based distribution, the use of data in controlling crime and for law-enforcement, and record-verification, police certificates, verifying a candidates credentials etc become simple tasks.
Passports and Visas
Opportunities exist in the digitization of passports and visas that can reduce wait times, implement alerts immediately, reduce check-in formalities and verification, and track information across a very large database. From the perspective of the millions who use these documents on a regular basic, blockchain technology can be a boon for them.
Wills and Marriage Certificates
Wills, recording of marriages and certificates, documentation of property documents etc are latent opportunities where blockchain can be of extreme help. With this new technology a further layer of security and authenticity can be added on.
Opportunities will be in processing, time-efficiency, improved risk-management, detection of fraud, history-records and disbursements. Most of these metrics will improve once blockchain is leveraged fully. Although changes in this sector generally takes into effect at a slow pace, we can be sure that change is nigh.
The technology can help in detecting or predicting compliance failures, reporting and risk- management applications.
Some interesting predictions regarding the blockchain technology by 2030 are that
- Over the next decade governments globally will adopt or create virtual currencies: Companies like Tether, Maker, BitShares, Basecoin, Stably, Carbon, Havven, TrueUSD, Kowala, Arccy, Augmint, Sweetbridge, Fragments, and Petro among the others are working on just such technology.
- Protocols will be normally a trillion-dollar worth: The norm of trillion-dollar companies is set to be the standard measure of success. With token issues crossing and a trillion dollars being the norm we are sure to see the formation of mega-corporations where smaller token issues and like-product issues get amalgamated.
- Blockchain ll be a unique identifier of all: Individual, virtual assets and entities will have unique blockchain identities by 2030. Blockchains have the potential to become universal and across-borders identifiers of digital assets, identities and solutions that are verifiable and completely secure. The issues of data-piracy as on Facebook can be easily resolved. The e-mail boom wanes in comparison.
- Trade will be on a platform enabled by Blockchains: Trade will leverage technology. The entire financial transaction world is set to adopt this technology and errors, frauds, inefficiencies etc in supply-chain management, insurance, real estate and banking sectors will be revamped. Trust between transacting parties will revamp global trade and end real-time issues like
- Pharmaceutical industries counterfeit medications.
- Adulterated products in the food-supply-chain.
- Products like fake Gucci, Louis Vuitton, Adidas etc in Asian markets.
- North American counterfeits in automobile spare-parts.
- Electronic, IT enterprise and medical equipment in the grey-market.
In conclusion, the impact of blockchain and its related applications will be felt by everyone and across every industry or segment, you can name. It has already begun to manifest in large scale corporate integration and will eventually filter down into more simpler and generic areas, it is only a matter of time.