Blockchain technology is one of these process-transforming advancements that is clearly here to stay and is changing how industries function. Originally developed as a means of facilitating virtual currencies, blockchain technology is an electronic transaction logging system that is completely digital and decentralized.
This peer-to-peer, uneditable data distribution system is cryptographically secured and validated against strict criteria across a vast network of nodes in the “chain.” Considered as ultra-secure, this technology has been adapted to suit a wide array of industrial applications.
Below are a few of the most transformative examples of blockchain technologies to watch in 2020.
Blockchain digital voting systems
Developing blockchain digital voting systems is one of the most transformative applications of blockchain technologies set to change our lives in 2020 and beyond. The main objective is to modernize voting and elections processes.
The traditional paper ballot voting system in America is costly, time-consuming and labor-intensive, yet a digital option has proven to be too easily manipulated. With the advent of secure blockchain digital voting systems, you could soon be able to vote online. This would greatly increase voter “turnout” while ensuring that your vote is counted and permanently logged, and ultimately truly reflect the will of the masses.
Internet of Things network management
With over 26 billion connected devices on the planet, the Internet of Things could benefit greatly from blockchain technology. From cars to refrigerators to wristwatches, WiFi-connected devices are growing in popularity, yet the fear of security breaches holds us back from putting all of our trust in this globally transformative concept.
By harnessing the extreme security measures provided by blockchain technology, life as we know it could improve significantly – from refrigerators that do our shopping for us to watches that can schedule our doctors’ appointments based on biofeedback.
Blockchain applications in the automotive industry
Whether it’s cars that talk to each other to prevent accidents or digitized auto maintenance programs, the automotive industry has a lot to gain by adopting blockchain technology. One example of how the automotive industry is already benefiting from blockchain technology is in the field of supply chain management.
This complex, multi-tiered system of suppliers, third-party logistics companies, and inventory management protocols is being overhauled to streamline the entire process using blockchain advancements to speed the process and enhance efficiency. Areas that will be impacted include the transfer of payments, smart contracts, automatic parts ordering, and just-in-time logistics that will shorten production time and reduce costs.