Since the year 2018 started, everyone seems to have a Bitcoin story. Remember the guy who actually made it to the headlines because he became a millionaire overnight? But the Bitcoin story is much more significant than this. Blockchain, the technology underlying and enabling Bitcoin, has the unique ability to change the world. Why? Because it is an open, distributed database of transactions, it is like an unhackable digital accounting book with endless of possibilities in making everything we do securely, efficiently and quickly.
Through Blockchain, we could create a future where all our health data – patients’ records, doctor prescriptions, emergency room visits, al, sort of shots, X-rays and insurance data — is secured and can be easily shared from doctor to doctor. Almost everyone changes doctors throughout their lifetime. Just imagine having a seamless network of secured records that would ensure that your information travels with you, from birth to end of life.
This system could also save your life and could also be revolutionary in improving health outcomes in some developing countries that do not currently have access to a centralized or digitized health record database.
Through Blockchain, we could create the potential for the Internet of Things–enabled smart cities. Street and road signs, traffic lights, cars and other moving and static objects would be embedded with sensors, which would collect and send data to a system that would re-route buses, emergency vehicles and other municipal vehicles to find quick routes and avoid traffic. The end result? Less congestion, faster commutes and lower carbon emissions.
As a demand for MOOCs and distance education grows, we need the best system in verifying graduates’ educational records. Through Blockchain, we could essentially act as a notary, to ensure that people can’t forge diplomas and fool prospective employers. Transcript of records, diplomas and certificates could also be secured and stored by blockchain and at the same time, it could be easily sent out to employers and other academic institutions. This would aid in boosting the credentials and reputation of nontraditional educational organizations, and help employers ensure they are hiring the right person for the job.
Multitude of industries would eventually feel the positive impact of blockchain. Some will move faster than the others, but many industries will eventually need blockchain. The future is as wide as the horizon, and the opportunities are sky’s the limit. But, the most difficult truth about blockchain isn’t actually growth; it is human adaptation and its ability to hire great technology talents for these new companies.