If you’ve done any studying on what the technology is behind bitcoin, then you already know how important blockchain is. Many people were once baffled over what this tech did, though it’s best defined as a distributed ledger technology for safer transactions.
While it’s been around as long as bitcoin has, it’s just now starting to become integrated into more business applications. As a result, you may have ability to overhaul how you use your apps to provide better security and removing the financial institution middle man.
If you think blockchain is only applicable to the banking or other financial industries, think again. It’s starting to spread to other applications, bringing some exciting potential for smaller businesses.
In other words, it could literally change how we use technology, especially in a time when security is so paramount.
Here’s a look at how you’ll be able to use blockchain throughout 2017.
Using Blockchain in Other Applications
Forbes recently noted that blockchain is beginning to integrate with many other applications related to business. In most cases, this means applications doing transaction processing. Service-related businesses are a good example where their apps could become decentralized to avoid processing red tape.
Almost all businesses have to deal with middlemen to allow any type of transaction. In the above Forbes piece, they note services like ride sharing could skip the financial bureaucracy with blockchain and bring a more direct payment system.
It works the same in industries you wouldn’t expect. The music industry is already looking at blockchain as a way for writers and music producers to receive money immediately rather than later. Using this technology ultimately lets those in the music industry create more power over how they sell music and how it’s shared.
These are both things you’ll see develop throughout this year with possible mainstream use by next year.
Using Blockchain Technology Overseas
Despite businesses like yours being a minority in using cryptocurrency, it’s sometimes frustrating how many countries haven’t taken on things like bitcoin. International regulations have also blocked blockchain from being used in some places.
Things are starting to change, including in Japan where they’re beginning to regulate bitcoin and other cryptocurrencies. Other countries have begun to look at what blockchain could do to change international transactions. In this regard, expect to see far more expansion of the technology.
Recently, two London startups linked up to help process more currency trades internationally with blockchain technology.
Blockchain in Smart Technologies
We’re seeing smart tech everywhere, and using blockchain as its backbone could bring far more control to the user, as well as improved security. Forbes notes a smart cities concept and how it’s starting to solve problems for urban areas. Exchanging data across cities could help bring far more efficiency in communication and in accomplishing important tasks.
Using blockchain for The Internet of Things in general could become ubiquitous this year. Some of this includes use in smart cars to curb the recent problem with security issues and hacking.
Blockchain for More Superior Security
There isn’t any doubt security is the biggest buzzword in the world when it comes to everything. A lot of effort is already underway to bring blockchain technology into security to bring secure connections and more privacy for every transaction.
Recently, Scientific American analyzed how this would work and concluded it could change how we view security systems. They surmised blockchain could improve all of our public records as well as finally providing solidly secure data transfers.
All of these uses are about to become reality before we call 2018 a new year, and maybe a new world.
Keep reading us at Blockchain Revolution as we explore how underestimated blockchain is in changing how we do things.