By Sandra Quinn
Today, as March kicks off in earnest, we decided to take a look at whether or not we are marching towards a tech evolution with the use of blockchain technology in everyday life.
Five years ago, blockchain technology was largely an unknown area – it was something only highly tech-savvy people were aware of and there was very little understanding of it in sectors outside of niche blockchain innovation companies.
Now, however, there are articles about blockchain technology in national newspapers on a daily basis, most people on the streets will be aware of the blockchain, even if they do not know exactly what it is and it is also used in many sectors, which affect our everyday lives.
Blockchain innovations are being used in sectors like healthcare, finance, security, investment opportunities, telecommunications, and more.
Looking to the future, here are some of the possible applications of blockchain technology;
- Preventing identity fraud by verifying identities and protecting personal information across the distributed ledger, which cannot be changed or tampered with.
- It could reduce and possibly eliminate piracy in things like music and home entertainment.
- It could be used to eliminate corruption from the area of voting in elections (we previously explored this topic here; https://blog.horizon-globex.com/can-the-blockchain-bring-honesty-to-political-elections/).
- It could be used within the property sector to establish quickly and efficiently who owns a building, which could help to prevent fraud and keep track of property transfers or inheritances.