Published on March 20th, 2020 | by Bibhuranjan0
Why Industry Leaders like Vancouver’s Kevin Hobbs Sees Continued Blockchain Disruption
Blockchain technology is going to disrupt many industries across the globe. Maybe not tomorrow or next week, but soon. And it’s going to keep happening.
Transferring money through a bank? Old news. Engaging a real estate agent to buy a home? Not any more. Using a company to facilitate an online transaction? Nope.
According to the experts, blockchain’s ability to secure data through the use of cryptography and establish trust through collaboration and code has the potential to significantly disrupt nearly every industry, changing countless long-standing paradigms along the way.
Actually, it’s already begun. Here are just three examples.
Supply Chain Management
This industry is well-positioned to become heavily reliant on blockchain technology, and the change could easily take place sooner than later. Blockchain creates an unchangeable record of transactions, which is what supply chain managers need. The technology would be perfect for tracking the origin of goods and establishing trust in shared supplier information.
Stuart Madnick, a professor of information technologies explains, “What blockchain brings to the table is the notion of immutability — nothing can ever be erased. It also goes back to the issue of trust — nothing is ever lost or altered.”
This adoption of technology certainly trickles down to the consumer; case in point, in an effort to prevent E. coli outbreaks, Walmart is now running a project with IBM’s Food Trust Solution to track lettuce from its suppliers to Walmart shelves. That hasn’t been possible to this extent before. New doors are being opened and new efficiencies are being created. Who in business doesn’t appreciate that?
You could consider blockchain an improved version of the Internet. It could even change how social media platforms work and how online business is conducted. If you’ve ever conducted a Google search or logged onto Facebook, then you know that your data is captured and released to the third party advertisers. That changes, though, once blockchain technology is implemented. Under this brave new technology, your data is now private and secure. Untouchable, except by those you allow to access it. Blockchain will also make identity verification easier and be highly instrumental in preventing identity theft.
Vancouver’s Kevin Hobbs says that social media privacy has become a growing concern, and that blockchain could be the answer internet users are looking for to stay safe online.
“Through blockchain, it’s impossible to copy or change information, and this alone ensures a high level of security for internet users,” explains Hobbs. “When you open an account on a major social media platform today, you may also be giving away your right to privacy. Right now, everything you do on social media can be recorded and used in different ways. Blockchain technology could eradicate these privacy issues,” Hobbs goes on to say.
Healthcare organizations around the world have faced high profile cyber-attacks, leading to patient information and health data being compromised. Since private patient data is stored in centrally located files, there’s no question that it can become susceptible to a security breach. Blockchain technology eliminates the need for a central authority and enables quick access to data.
This means that healthcare organizations will be able to store medical records containing sensitive personal information on blockchain-based systems. But that’s not all. In the medical environment, counterfeit medicine is another major concern among providers. Blockchain technology can control this by using supply chain management protocols to trace and keep track of meds.
Though there is no way of predicting what the future holds for blockchain technology, its applications are only limited by the imagination. As blockchain continues to expand and become adopted by every industry, the possibilities on what it can do next are endless.