Blockchain & The Future Of Blockchain Technology

 To Know the Future of Blockchain Technology, First, let us know What is Blockchain

What is Blockchain?

Blockchain is an information record system in a way that makes it difficult or impossible to change, hack or cheat the system. Blockchain technology creates a digital ledger to record transactions chronologically. Blockchain is more widely associated with cryptocurrencies such as bitcoin and is sometimes used to refer to cryptocurrencies. But blockchain is much more than a cryptocurrency. And although the terms are often used interchangeably, they are not the same. Blockchain is the technology on which most cryptocurrencies are based and is now used for many other applications as well.

Blockchain Ledger Technology-

The basic premise of blockchain is to establish trust in a peer-to-peer (P2P) network, avoiding the need for third-party administrators of any kind. As an example, bitcoin introduced a P2P monetary value transfer system that does not require any bank or any other financial institution to conduct value transfer transactions with anyone else on the bitcoin blockchain network.

Blockchain is a decentralized and distributed ledger used to record transactions and track digital assets. It is a shared and immutable ledger, which means that once a transaction is recorded on the blockchain, it cannot be modified. According to Statista, 33% of global organizations say that their companies are working to create digital currency using the technology. Another popular use case involves payments, which explains why the industry most affected by blockchain in the financial industry.

“Cryptocurrencies like bitcoin are perhaps the best-known example of blockchain technology. However, almost every industry has benefited from blockchain, from financial transactions and contracts to on-chain information and healthcare supplies,” says Zimmerman.

Blockchain in the Real Estate Sector

Recordkeeping, organizational asset management, and funding will be improved with the introduction of blockchain. Starting with transparent record-keeping, digitizing real estate documents, such as title deeds and deeds, will allow greater efficiency due to greater trust between organizations and immediate access to important documents due to an immutable ledger.

Blockchain in Supply Chain Management

Through the enhanced capabilities of a blockchain system, product information and data storage will be reconfigured to provide positive conclusive results. By addressing conflict-of-origin issues, a blockchain system can maintain product-specific information such as product identity, shelf life and location, and delivery time.

Blockchain in Digital Identity

Through the implementation of blockchain technology in the digital world, people are able to put "personal" back into personal identities in order to accurately manage their personal information. By using blockchain to create a digital profile, a person can easily access and control where their information goes. This is done through peer-to-peer verification of transactions, in which case, the transaction would be the use of our personal information between companies in the digital world.

Blockchain in Voting

Using blockchain to record a person's vote. Along with the blockchain's digital ledger, a voter could have their vote time-stamped, verified, and sent all from a phone or an app.

Blockchain in Banking and Finance

A bank can include cash, debit cards, credit cards, loans, and many other forms of payment that involve lengthy transaction processes. A decentralized system eliminates this lengthy process altogether by eliminating the need for an intermediary. By giving the consumer full access to financial information, the need for a bank will no longer be important to an individual's economic lifestyle.

Blockchain in Law

The importance of access and transparency is highly praised in a court of law as every detail counts. With the enhanced security measures of a blockchain, its unique peer-to-peer system can accurately store legal information, such as but not limited to transcripts, ledgers, and legal documents, that can be instantly shared with customers, organizations and governments can be shared between