Why The Blockchain Is A Game Changer?

2017 was the year of cryptocurrencies, Bitcoin, Ethereum and Ripple all came to the surface last year and became known among the masses. Although Bitcoin is experiencing extreme price changes yet it is by far the most valuable cryptocurrency in the market. Initially Bitcoin and blockchain technology were both considered one and the same thing by some but now as the technology is growing and people are becoming more aware, we all now know blockchain is actually the underlying technology that all cryptocurrencies are based on not just Bitcoin.

Blockchain technology is here to stay with cryptocurrencies continue rising in value every year which raises a very important question.

How is this technology a game changer like its users and advertisers claim it to be?

Blockchain technology basically is a distributed digital database that is shared and continuously resolved. Traditional databases which are authorised and managed by a single trusted party, every user in a blockchain system holds the equal authority over the data and has a copy of that database. Every party in a blockchain system is required to approve every transaction which reduces the cost of a central party or intermediary. Blockchain systems are more secure and reliable since there is no central party and hence no one point of entry for hackers that could put the entire system at risk.

Blockchain looks to be a disruptive technology because of its ability to digitize, decentralize, secure and incentivize the validation of transactions. In every blockchain system every agreement, process, task and payment has a digital record that cannot be tampered by any party involved and it could be identified, validated, stored and shared among all the parties involved. Since blockchain systems are decentralised, the data and information stored and shared on any blockchain system would be high secure and cannot be breached. Decentralised systems where every party holds equal authority over a database remove the need of intermediaries like lawyers, brokers and bankers who would no longer be necessary to overlook processes and transactions. Individuals, organizations and machines would freely transact with one another.

That being said, number of mobile app companies like incubasys.com are now working on blockchain related apps as wide range of industries are assessing blockchain technology to determine how it can bring value to their business. Industries that could be disrupted include financial services, healthcare, aviation, logistics, transportation, music, manufacturing, security, media, identity management, land use and government.

• Trade Finance: traditional methods of trade financing are a major pain point for businesses because of the processes being slow and transactions taking days to complete. A financial transaction done through blockchain technology on the other hand takes only minutes.

• Insurance: Smart contracts allow customers and insurers to manage claims in a highly transparent and secure way. A smart contract is based on a sequence of coding and software program that encodes terms and conditions which are to be met by all parties involved in that blockchain system. All smart contracts and claims could be recorded on the blockchain and validated by the network, which would eliminate invalid claims.

• Healthcare: Patients’ general information like age, gender, and potentially basic medical history data like immunization history or vital signs could be saved on a blockchain system that can be accessed by numerous individuals like doctors, patients and anyone involved without any undue privacy concerns.

As blockchain technology evolves and grows it will attract more attention and interest from industries willing to adapt and make their systems and processes more secure and efficient while reducing costs.