For those that care to observe, the blockchain technology and its various applications have revolutionized the ways several things are done in various sectors. Industrial applications of blockchain include:

Banking and Finance

Real Estate

Crowd Funding

Retail

Cyber Security

Supply Chain Management

Forecasting

Networking and IOT (Internet Of Things)

Insurance

Voting

Blockchain stands to revolutionize the way we interact with each other in the following manners:

The way it tracks and store information

A typical blockchain stores our data and information in chronological order in order to make their retrieval easier. Information are usually stored in blocks that are in serial array.

The trust that it creates in data

The entire network of computers in the blockchain system verify the PoW (Proof of Work) that is received from the first computer that solve the puzzle in the network before a new block is added to the existing chain of blocks. This gives great credence to any data/ information that is stored in the blockchain.

The elimination of intermediaries

It has been proven that the service of property lawyers in verifying document titles that are store in the blockchain becomes unnecessary because of the trust in the data and the indelible nature of the store information. Any document that is stored in the blockchain cannot be tampered with or altered.

The flexibility it offers in implementation

The user of blockchain can choose to implement it in different ways to achieve a specific goal. For instance, a goal could be best realized with private blockchain, while another goal might require public blockchain or even hybrid (mixture of private and public) blockchain.

Thus, cryptocurrencies like Bitcoin, Ethereum and several other coins/tokens that most of us are familiar with are just like the tip of iceberg when it comes to the deliverables of blockchain technology. The future of fiat (USD, GBP, EUR, etc) lies in the cryptocurrencies, and the future in already here. Success efforts have been made to make cryptocurrencies to be used as a means of payments. This is part of the future that we are talking about.

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