Future impact of Blockchain on industry

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To be a fruitful internet business person, you need to think in an unexpected way. The core inquiry you should pose to yourself is, How future impact of blockchain on industry? How does technology improve your innovations? In this article, you can understand how blockchain could impact future technology?

First, we look at the problem with traditional system

  • Central control
  • Need to trust
  • 3rd party / Middle man involve
  • No transparency
  • Mutable

Blockchain technology can improve the transparency of the entire sytem and deepen the accountability system. At present, almost all industries have companies using blockchain technology to track and trace the source of materials, prove the authenticity and source, avoid product recall problems, and speed up the flow of goods.

What are the possible application scenarios of blockchain in the future?

Blockchain technology can also eliminate middlemen links, help companies save money, and get more benefits from it. With blockchain, companies verify and execute secure transactions directly. In general, transactions can be completed without lawyers, bankers, brokers and other intermediaries and in a more interactive way because anyone in the chain can make changes to the data and then View and verify changes by other participants.

 Today’s business costs are very high. For example, a contract has been signed between two companies, and many mechanisms need to be established to ensure the smooth execution of the contract. When one party breaches the contract, the court, lawyers, and police are needed to assist us in making the judgment and promoting the execution.

 1. Smart Contract

 In the blockchain world, smart contracts can be used to automatically execute similar contracts, which can help us save a lot of labour and time costs. People hardly need to worry about accidents at any node, and no one can maliciously destroy or tamper.

How Blockchain changes the world?

Blockchain changes the world by upgrading the three cornerstones of modern business society: ·

  •      Double entry

The traditional double-entry accounting has become a distributed ledger.

  •     Limited system company

The limited company system has become a DAO distributed autonomous organization

  •      Legal system

The legal system to protect private property has become a smart contract.

Through these brand-new operating methods, our entire commercial society develops in a brand-new direction. In fact, from my perspective, there are many smart friends who are doing various attempts.

At present, blockchain has many explorations in payment, settlement, securities trading, as well as in medical care, insurance, and the Internet of Things.

2. Imapct of Blockchain on Medical:

The medical field is also an explosive point, which may not be expected by many peopleIn the early days, everyone’s medical records, such as: height, blood sugar, blood pressure, if these data are lost, everyone does not think it will cause a lot of trouble. But in the future, some biological data must not be lost, such as your iris and fingerprints.

If your fingerprint information flows out on a large scale, it may not be a medical disaster, but a disaster for the entire financial system.

In other words, your important data is hierarchical, shared and protected at different levels by you, your family, your doctor, and your friends. The leakage of one of the nodes will not cause the entire database crash.

3. Impact of Blockchain technology on supply chain:

One area where blockchain is really widely used in the food chain, which is used to track the entire process of perishable food from the farm to the table. Through the permission blockchain, food manufacturers can invite anyone they want to invite to join the network, such as catering platforms, sustainable farms, and even individual growers.

Agricultural products are assigned a QR code when they are harvested, which contains various information, including the place of origin, the grower’s name, and whether it is organic or from a fair-trade company. These data will be encoded into the blockchain and updated according to the latest information generated by the advancement of the supply chain process.

In this way, if there is a product that needs to be recalled, the manufacturer can use the blockchain to accurately find the batch involved, thereby reducing the waste and cost caused by a large-scale recall. Once the product is delivered, retailers and consumers can use the QR code to view the key information of the product and even view the key information of the various fruits in the milkshake.

In addition to food tracking, tracking medical supplies is also a potential application field. There are already blockchain tracking systems that can support medical service providers, pharmacies and drug sellers to verify the process of drug transportation. The global pharmaceutical company Boehringer Ingelheim is using this system to identify pharmaceutical products and help combat counterfeit drugs.

Conclusion:

In short, in the future, I think the application scenarios of blockchain will be gradually enriched. It brings us more than just a technology, but more of this kind of thinking or the idea of ​​distributed business.

 Based on this understanding, many people have proposed that blockchain is likely to be the only solution at present. Because the blockchain can not only prevent tampering, but also provide complex management with multiple permissions.


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