Block chain is a technology that has a huge impact on the financial industry. And it is mandatory to say that this impact is mostly considered to be ‘disruptive’. But before getting into the ability of block chain and its far-reaching effect in the future of humanity let us first delve into the matter of what blockchain actually is. It is not to be confused with cryptocurrency. It is rather the process or method in which cryptocurrency is created; such as: BTC and ETH.

Blockchain has the potential to miraculously change the way we do things each day. Such as: voting, going on a trip and even listening to music. Prior to diving deep into the impacts of blockchain we firstly need to dismiss some misconceptions that we have about blockchain.



Misconceptions encircling blockchain

• Blockchain is in no way a single inseparable platform. There can be many types of blockchain platforms. An experienced developer who has sufficient skill can create any type of small or large blockchain system that might be necessary for private, public or any other type of use. Each blockchain is necessarily different from the other.

• Many of us consider block chain to be completely secure. To be perfectly honest, there is nothing that can be called 100% secure. A hacker of a high level of intelligence can actually crack it. But, one of the best things about blockchain is that, it can record everything that occurs within it. So, if a hacker tries to tamper with it most certainly won’t go unnoticed.

• Blockchains can be both private or public. Just because it can be open for public use doesn’t mean it will always reveal all its internal data to everyone. That entirely depends on how it is developed. Another thing to be acknowledged is that, blockchain is not only limited to cryptocurrencies. It can be used in almost every sphere of life. Being a safe medium a storage, it also becomes a cheap alternative to many other expensive and complex software.Whether it be banking, safe storage or any other industrial business, blockchain has its own secure smart contract system that makes a solid documentation which simply cannot be falsified.

Today’s blockchain and its future

• Let us now discuss about the timeless potential of blockchain. The unique design of this technology makes it very ideal for various situations.When it comes to security, transparency and collaboration, blockchain has indeed become almost irreplaceable. In the virtual premise, blockchain has made most transactions almost tamper proof. Hackers are having a very hard time to crack into things as it is almost like a one-way access to data that is highly protected by a hundred guards.

• Besides each block is visible to all members in a trade and it builds up trusted relationships.Besides, any kind of transaction is now possible as secure collaboration between parties is now very much possible regarding any kind of transactions. All these features make block chain very much potent for current time as well as the far-reaching future.

The possibilities of blockchain in the future

Blockchain sheds light on future possibilities as its effectiveness is still unmatched to many other methods on any platform whatsoever. Let’s discuss:

• The blockchain system can indeed be used both in business transactions, marketing platforms and even in the administration process of the government itself. This certainly guarantees the increase transparency between parties, eliminates possibilities of corruption and streamlines bureaucracy. All blockchain related transactions are secure and tamper proof, plus they are practically open to the bare vision of the public. Which means equity can be promised starting from small business agreements to critical national elections.

• Advantages and immense improvement can also be offered in the medical sector as well. Patient health records can be distributed with safety and speed between healthcare institutions and doctors. This will result in effective diagnoses and massive development in holistic treatment measures for each individual patient.

• Sophisticated research regarding remedies, medical research and getting more insight for better treatments will become significantly easier if blockchain is implemented in these sectors.If block chain is implemented properly then current generation plagues like identity theft will surely become a thing of the past. With the combination of blockchain and biometrics personal ID information, passport related security, educational records and even the information included in driving licenses will be securely placed in the blockchain. If this data is infused with biometrics, then any kind of forgery or fraud will become extinct.

Aside from the discussed possibilities, blockchain has the potential to have a huge impact on every facet of our current and future lifestyle.

@OP hope you have found all of you query in a concised version .


Thank you.