The possibilities of blockchain are growing daily. It seems as-fast-as humans can fathom one new use, another joins the party.
Blockchain was originally designed for Bitcoin to be an incorruptible digital ledger, programmed to record financial transactions. As recently as 2015, The World Bank estimated that in the US alone, people transferred $430 billion.
With blockchain technology, middlemen are being cut out of the picture while security is significantly increased. Finance was one of the first use cases of blockchain technology but that is rapidly changing.
Today there are hundreds of cryptocurrency coins available and just as many uses, with more on the horizon. We have not fully experienced how much this technology is on track to change our daily lives. It will be as-much, if not more than, the internet or smartphones. And, the transformation is coming very soon.
While things around us change at a rapid pace, we can remain confident. When we involve blockchain technology, we acquire all the security, reliability, and privacy it provides. It also gives us product transparency to ensure integrity:
To understand these new applications of blockchain, let’s take something that is rapidly growing around us, and that people do not take much note of--the Internet of Things (IoT).
Areas blockchain integrity will enhance the IoT
Simply put, the IoT is a system of machines or objects outfitted with data-collecting technologies such as sensors that allow these devices to communicate with one another. This technology provides a way to determine the health and status of things, inanimate or living.
Blockchain will protect data and eliminate corruption within these processes by removing intermediaries and providing transparency to those transacting.
A smart home can alert you when the cooling system turns on, or the downstairs laundry room window is open.
Other uses can be found in hospitals or doctors’ offices where healthcare providers can be constantly monitored before administering care, and alerting them to the possible presence of bacteria, viruses or even funguses before contact with a patient happens. Data concerning each visit could be stored for future reference.
In another case, the IoT is being used to impede deforestation in the Amazon rainforest. Sensors are placed in trees in protected areas. When a tree is cut or moved, law enforcement receives a message with its GPS location, allowing authorities to track down the illegally removed tree.
Salinity, temperature, water depth, and chemistry can be monitored in fragile coral reefs to help sustain the life, health, and longevity of the reef. Between 30 and 50 billion IoT devices will come online in the next few years and the possibilities are endless.
Blockchain will allow us to securely track devices, services, and even precious natural resources automatically, and will ensure that the information we access is reliable.