If you are reading this article, you probably have had a chance to interact with or hear about disruptive blockchain technology. For the less familiar, blockchain is a record or ledger of transactions cryptographically stored on a network – it is immutable, decentralized and most blockchains are public promoting transparency and trust.
While it’s the foundation of a new class of assets called cryptocurrencies such as Bitcoin, Ethereum, and XRP, blockchains offer other significant advantages to users, corporations, and governments too. In this piece, we discuss some of the important steps the blockchain ecosystem is taking to change the world for the better.
Blockchain as a disrupting force across world industries
Before kicking off our list on how blockchains are disrupting traditional ecosystems in finance, education, energy, payments, and energy, we need to understand what advantages blockchains offer and why they are so disruptive in the first place.
Why are blockchains so powerful?
Blockchain technology has revolutionized several industries in the past decade or so – helping industries keep immutable records and track every transaction made or changes made on the network. Whether it’s a public or private blockchain, real-time ledgers of records are stored in a distributed, peer-to-peer network, cutting out any middlemen. Additionally, security is also enhanced on a blockchain since every record is encrypted and time-stamped and users can only access and edit the block they “own” through a private key.
Blockchains are key in preserving records and securing them in a trustless manner. This means the advantages of blockchain across world industries are unmatched and the growth of this technology is going to disrupt many of the “centralized industries”.
One of the projects leading the blockchain revolution is the ESP Coin Project, led by Eric Loit, the managing director, who took shared with us how blockchain could impact some of the world industries today.
Blockchain technology disrupts world industries
At its core, Loit said blockchain technology ensures there’s “maximum transparency, reliability, and security without the need for an intermediary”. The technology increases the efficiency and security of records across various industries and businesses including education, finance, supply chains, energy, healthcare, and charity, etc.
According to Bernard Marr & Co., a business intelligence firm, blockchains will greatly help contract management industries such as finance, insurance, health, etc. using smart contract technology, embedded statements that are executed without the need for an intermediary. This will make contract signing and execution processes cheaper and faster.
Blockchains such as the ESP Coin Project are also building new payment structures using native tokens to ensure a “reduction in inflation pressures, improve financial price stability and reduce the unsound monetary policies” – as witnessed during this COVID 19 pandemic. Additionally, new payment structures on blockchains ensure that records are kept secure and public meaning governments will have an easier time in monitoring tax evasion, Loit further shared.
Blockchain technology is also disrupting the supply chain management industries, improving asset protection, and boosts the security of identification and personal record systems.
As blockchain technology continues to spread across the world, more industries are expected to benefit from its security, decentralized and immutable properties. There’s a vast ocean of practical uses whereby blockchains can be implemented to make institutions, businesses, and governments more efficient. As blockchain-based solutions continue to emerge, more industries will adopt the technology causing massive disruptions across these industries.