Introduction
Technology has been a key figure in our world today, undergoing a series of evolutions and upgrades over the years. From analog to digital and hybrid, humans have been able to bring things together in order to turn imagination into reality. With further advancements in technology, we've been able to develop the internet, the web, and digital computers, all of which serve and will continue to serve better purposes for mankind. The continuous discovery of all these is due to humanity's curiosity.
Just as technology continues to evolve, we've begun to see new advancements and their applications around us. Artificial intelligence, Web 3.0, quantum computing, and Blockchain technology are now making exploits, as they tend to be more advanced and serve greater purposes for humans.
Blockchain technology
According to oracle.com
Blockchain is defined as a ledger of decentralized data that is securely shared. Blockchain technology enables a collective group of select participants to share data.
But I prefer to define Blockchain technology as a new way of transacting value on the internet. It is widely and popularly used in the crypto space for storing transaction values. Blockchain technology has proven to have greater and future applications that extend far beyond financial matters.
While focusing on the potential future applications of Blockchain, we have to understand that massive adoption would be a driving force. The adoption of Blockchain technology won't happen automatically, as it must pass through different phases such as unrealism, doubt, and possibility before earning the trust of many. Most importantly, for Blockchain technology to grow, people have to understand what they can do with it. Understanding what we can do with it would determine the areas it can be applied to.
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Future Application Of Blockchain Technology
I have been able to compose possible future applications of Blockchain technology base on what humans can do with it beyond finance.
The automobile industry happens to be a fast-growing industry due to the increase in means of transportation. Vehicles have become a necessity due to the ease they offer compared to walking on foot. According to my research, which was cited by Scalingparrots, blockchain technology can serve various applications in the automobile industry, such as:
- delivery
- lessen paperwork
- identifying source of component/parts
- vehicle fingerprinting, etc.
I know you must be wondering what education has to do with blockchain technology, but remember I stated that people have to understand what they can do with it. The issue of certificate forgery in the education system is very common. Issuing certificates in the form of non-fungible tokens (NFTs) could reduce certificate forgery, as NFTs tend to have similarities but unique values. If these certificates are issued in the form of NFTs and are stored on the blockchain, owners would be able to access them at any point in time without fear of losing them.
just as Blockchain technology helps to store unique values, there is a possibility of storing unique identities in the Blockchain. According to Wikipedia, The world population is approximately 8billion, Which means we might be hitting 9 to 10billion few decades from now. Blockchain technology can store everyone's national identity, driver's license, voters card, etc as a single unique value that can't be altered for selfish reasons. Update for every information would still be possible, but would be added as new without modifying the old ones.
I think this would be a very difficult application due to the transparency it will bring to democracy. Instead of using the ballot/web2 voting system, votes can be cast by voters and sent to the Blockchain to create a transparent voting system
This application actually comprises all that has been mentioned. According to Oracle.com, we have three major types of Blockchain: Public, Private, and Consortium. This Blockchain can be used in different companies or organizations to store records that are only accessible to those who fall under those categories.
There are other interesting areas where blockchain technology can be applied, such as smart contracts and real estate management.
In Conclusion
The majority of blockchain users are only focused on its usage in the crypto space and nothing more. We've underestimated how powerful blockchain technology can be and how it will impact our world in the future. In order for blockchain to achieve mass adoption and have many applications, we have to figure out what we can do with it, especially in our daily lives.
Do well to share your contribution.
Oracle source: https://www.oracle.com/ng/blockchain/what-is-blockchain/
Scalingparrots source: https://www.scalingparrots.com/en/blockchain-and-automotive-examples/
Wikipedia source: https://en.m.wikipedia.org/wiki/World_population