Ever since the world first came to terms with Bitcoin, future-oriented technologists have been mesmerized by the power blockchain technology represents. For Bitcoin, the blockchain platform offers cryptographic security to the problem of trust during financial transactions. In the past, banks and other financial institutions solved this problem – and took a not-so-small commission for themselves in the process.
Now, you can securely send and receive money anywhere in the world without having to depend on a third-party to verify and authorize the transaction. This creates an unprecedented opportunity for businesses to develop newly transparent workflows and solutions for their customers, partners, and shareholders.
What Problems Can Blockchain Development Solve?
Blockchain development is not a cure-all for the world’s problems, but it is a powerful tool for increasing trust and transparency. It gives individuals the power to own information that historically has been entrusted to institutions and authorities, who in turn have historically been less than cooperative when it comes to transparency.
This makes blockchain development valuable in any complex or tightly regulated industry.
- Bitcoin and hundreds of other cryptocurrencies have already initiated a fundamental shift to the financial industry.
- Blockchain technology offers a new model for solving longstanding interoperability issues in healthcare.
- Governments are incorporating blockchain solutions to build secure, trustworthy registries for interoperational efficiency – from the auto registry at the DMV to citizenship dossiers.
- Large retailers are investing in blockchain solutions to a broad range of trust and transparency-related issues. Walmart, for example, is implementing a blockchain-based supply chain and inventory solution for its massive worldwide store network.
- HR companies are working with universities and employee data verification agencies to allow for faster and more complete candidate verification. The appropriate blockchain solution could prevent job candidates from lying on their resumes.
But the developers working on these solutions would be the first to admit that they only represent the tip of the iceberg when it comes to the possibilities blockchain development offers. Any business that needs to ensure the data integrity of a large registry while making communication between different process owners simple can use the blockchain to do it.
Where is the Blockchain Going from Here?
Although many in the tech industry like to call blockchain a “disruptive” technology, the truth is that it is not. It is a foundational technology that has the potential to change the very structure of society once it matures.
In a blockchain-dominated world, the act of successfully lying – on anything from a resume to an insurance claim – may be so difficult as to make fraud almost obsolete. The act of stealing would be so complex as to make it nearly impossible, and the ability for individuals to trust one another without relying on large third-party institutions can revolutionize the foundation of modern civilization itself.
The most fascinating thing about these predictions is that they aren’t even particularly creative. These are just the low-hanging fruit when it comes to real-life application of blockchain development – the real creative work is up to startups and entrepreneurs with a vision for a transparent future.
Are you ready to start exploring the benefits of blockchain development? Contact us to learn more!