Blockchain is changing numerous industries in its core. It is said that this novelty in the IT world is “a revolutionary technology that has made everything possible.” It is anticipated that blockchain, just like the internet, will further alter our lives, so it will be explored by banks and governments of many countries in particular.
For the informed, this “decentralized database” is “a secure second-generation Internet”. Simply put, blockchain allows fast, cheap and secure transfer of valuable shipments without intermediaries and almost excludes hacking. It is predicted that blockchain will change many industries in the next five to ten years. First of all – banking and insurance.
Potential for using block technology
Data storage – when a file is very important to us, we do a backup. Blockchain can have thousands of up-to-date copies of the complete database at any time. Still, we saw it public ones have limited capacity in terms of the amount of data they can store, while private may not be reliable enough for that. Data Integrity – as we learned, data in the block is almost impossible to change. When it is important for us to be sure that some information will be preserved exactly as it is and that nobody will be able to alter it, the blockchain is the perfect solution.
Consumer control – all transactions that have ever happened are visible to the block, so we are able to monitor whether certain funds have been spent exactly the way it was planned. Time Determination – With each transaction recorded in the block, the time is recorded when it is
happened so that the course of events can always be precisely determined.
New technologies are also being applied in sectors were doing that has not even been considered in some new, revolutionary ways of doing business. Walmart has developed a blockchain-based management system that is able to trace the food from the farm to the shelf in the shop.
In every sector, in every niche, this technology is being applied and you will not make a mistake wherever you choose to invest. Our advice is to go for a niche in which you have the previous knowledge.