Blockchain

Is Blockchain there for keeps?

Here’s a fact: Nowadays more and more companies, as well as countries, use blockchain technologies on a daily basis as a part of their routine. Is it because they are risky or because they understand that the era of such technologies is inevitable? For those who have taken blockchain courses the answer is obvious, but tet us try to clarify it once again in this article.

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The world was introduced to Blockchain in 2008, so it’s been out for only a decade. At first we knew it as a system that worked with Bitcoins, which made a lot of people hesitant about its firmness. Today both of these concepts are known to be real and valid, but we tend to remove the equal sign between them and talk about Blockchain as a technology that can be used in many different spheres.

What are the spheres? Let’s start from the obvious: finance and banking. Here it helps to make fast, secure, and transparent money transfers. The system works so that every transaction made is reflected in thousands of places simultaneously, so it is pretty hard to hack it or alter the transactions. Many banks have adopted the concept and started working on their own resembling technologies.

As Blockchain has proven itself to be a transparent and reliable system, many companies put their bets on its development. In their recent article, Harvard Business Review talks about the importance to develop such technologies in light of the struggles we’ve had with Covid-19. And it does not stop there.

The world community keeps talking about every sphere being improved by Blockchain. It should mean that all of those blockchain engineering courses are not only about the development of upgraded banking. What are they about then?

After the finance sector proved the system to be working, people took their next step: They started making smart contracts. Such contracts are stored in multiple datasets and are coded, which gives them an undeniable advantage: Apart from storing information on the agreements that cannot be edited, they can also carry out the actions listed once needed.

Smart contracts are a Blockchain technology, as the basic concept of the latter is that the information is being duplicated to many places at the same time and cannot be changed. Therefore, it can be used in multiple areas, such as healthcare, food safety, real estate, etc.

Let us list some of the most popular applications. In healthcare, it has become way easier to help patients. Many clinics started making digital profiles of their visitors a long time ago. However, all those documents could possibly be destroyed by some system error. Currently, a huge effort is being made to upgrade electronic health records so that all the information is kept securely. Real estate benefits in many different ways, from documents to payments transparency. Automated processes make everything comprehensive and easy to track. The list goes on.

If there is one thing that is clear, it is that this technology will definitely evolve. The fact that more and more universities offer their courses on blockchain serves as another sign that its story is not going to end any time soon. From our side, we just have to make sure to follow the progress and see how things will unfold.