As the technology behind the success of the cryptocurrency Bitcoin, Blockchain with its wide application capabilities is the future of information technology platform.
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What is Blockchain TechnologyA survey result conducted by The Economist on June 2018 found that 9 out of 10 government agencies in the world has admitted their plans to invest in blockchain to manage their financial, property, contract, and regulatory compliance. These plans are inclusively created to strike down problems laid in some typical fields such as healthcare, education, transportation, finance, e-commerce...
Medical and Healthcare
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The blockchain is able to create an advanced infrastructure for medical information management by digitizing medical records and empowering patients to control their own records without having an intermediary. With such facilities, by 2018, many of the world's leading health organizations have been piloting Blockchain technology in various projects, leading are the United States Delaware Medical Foundation, UnitedHealth Group & Humana, Change Healthcare, and Medicalchain & Patientory.
Education
Blockchain application, undoubtedly, will transform the current education system, made the teaching model more transparency, secured, and “smarter”
Logistic and Transportation
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In fact, manufacturers, buyers, and banks would love to say a farewell to the current Bill of Lading system due to its overwhelming paperwork. Blockchain emerged as a solution that helped the industry achieve two goals: transparency and the elimination of cumbersome paperwork. Capturing that, giants in the field of transport have been keeping pace with Blockchain technology. The collaboration of Maersk - IBM or FedEx - Biotech, has initially yielded good results beyond expectations.
Finance
The technology is seen as a way to cut costs and time for inter-bank transactions, as well as create a safer trading system for users. These facilities have led to the Blockchain adoption in major organizations from developed countries around the world, which are, for example, Mizuho Bank, Sumitomo Mitsui Banking, Bank of Tokyo-Mitsubishi UFJ or OCBC Bank. At this point, many financial institutions are forming new alliances to commercialize blockchain technology. The most significant case is the R3 coalition of three largest banks in Australia, including Westpac, Commonwealth, and the NAB, along with 40 banks and other financial institutions around the world.
E-commerce
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Online shopping trend is climbing to the heyday with global sales expected to reach 4.4 trillion dollars by 2021, but there are still inadequacies. The lack of consumer trust and the high distribution cost are major challenges that need to be addressed by businesses. People believed that Blockchain will create significant changes in the e-commerce industry, especially the three bosses of the field: Alibaba, Amazon, and eBay.
The emergence of Blockchain, just like the creation of personal computer or Internet, will change our concept of society and other fields such as logistics, electronics, telecommunication, etc. The picture of Blockchain being the core value of organizations will soon be.
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blockchain platformEdited by user Friday, October 19, 2018 12:19:50 PM(UTC)
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