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Blockchain is always being called revolutionary, but the truth is that most people just assume that it's revolutionary because it's new. Novelty alone isn't the reason why people are going crazy over blockchain technology. It's not even just the potential that makes people go nuts over it, either.
Wherever you look, you can find real-world examples of how blockchain is changing our world for the better—and at times, disrupting entire industries along with it. Don't believe it? Let's take a look at some of the more impressive ways our world is changing thanks to this new digital ledger technology.
Blockchain is already being used to keep health records safe.
One of the most astounding real-world examples of how blockchain is changing our world can be found in Estonia. Recently, cybersecurity company Guardtime has created a keyless entry system based on blockchain technology.
Guardtime's invention has created a cybersecurity wave that is now being used to protect all of Estonia's medical records. It's proven to be one of the first uses of blockchain for health—and is far from the last, from what we're seeing.
The CDC is now using blockchain technology to monitor disease outbreaks.
If that's not impressive, you will be shocked to hear one of the other major ways people are using blockchain technology in the healthcare field. The Center for Disease Control, along with the help of cybersecurity company Gem, is now using blockchain to track disease outbreaks.
This might be one of the most important real-world examples of how blockchain is changing our world. If this gives professionals in the CDC the ability to quickly react to disease, then we may avoid having serious problems in the event of a major outbreak.
REMME is using a new blockchain-based way to avoid problems with SSL and also reduce the need for passwords.
It's hard to imagine, but these days, you might actually start seeing an internet where passwords are no longer needed. Because blockchain is revolutionizing cybersecurity in so many ways, companies like REMME are now starting to tinker with blockchain in hopes of making passwords a thing of the past.
Smart contracts and other blockchain-based solutions could mean our day-to-day life is no longer burdened by remembering dozens of passwords. I need not explain why this is awesome, right?
Insurance companies have also been tinkering with blockchain to streamline thier business.
Much of the work involving the insurance industry requires incredibly detailed recordkeeping—and those records have to stay secure and tamper-proof. Blockchain's hacker-proof nature is what makes it so attractive to insurance companies and users alike.
Right now, one of the more surprising real-world examples of how blockchain is changing our world can be seen with Maersk. The logistics company recently announced it'd be using blockchain to streamline its marine insurance sector.
Should things work out, it's very possible that other companies will end up following suit.
Laws are also starting to change.
Blockchain technology is now forcing laws to change around the world, and that means that we are seeing real-world examples of how blockchain is changing our world every day.
Lawmakers in China have decided to curb cryptocurrency mining due to the electrical drain it was placing on their country. The IRS already expects you to pay taxes on gains done by cryptocurrency trading, too.
As regulations increasingly improve the way people feel about blockchain, more people than ever before will start using this technology in their day-to-day life.
It's also having a huge impact on stock markets.
It's not surprising that all the investment and effort put into blockchain would have a ripple effect on stock markets. Stocks involving companies that make Bitcoin mining products like NVIDIA are going through the roof.
Realistically, what we are seeing now is a major stock market boost due to a cryptocurrency boom. It's becoming so deeply entrenched in our system that major banks are now backing cryptocurrency. Some mutual funds being made right now are even based on cryptocurrency investment portfolios!
We also should point out there are also crazy amounts of apps that have been created by blockchain's boom.
Blockchain technology inspired a huge array of apps that are now floating around on the market. If you ever need real-world examples of how blockchain is changing our world, just go onto your smartphone and look up cryptocurrency apps.
Whether it's a crypto trading app like Coinbase or a game for kids that lets you pretend you're a blockchain billionaire, it's easy to see how this has impacted the lives of programmers.
Augur is using it to create blockchain-based predictions in the finance market.
Predictive technology is reaching a fever pitch in the finance world, but the hardest part about it all is reaching a way to have consensus-based predictions that can't be influenced by the wrong people. A company by the name of Augur is trying to make that happen using blockchain.
Should this work, predictive methods of investing will be totally revolutionized.
SKUChain is using blockchain to help streamline supply line tracking.
Supply line logistics is one that's fraught with problems. From errors in ledgers to corruption that results in "lost" supplies, it's been very difficult to get full and error-free transparency in supply line models. It's been said that blockchain's digital ledger and decentralization could help this industry out.
SKUChain is a company that's making that happen—and if what they're doing works out, most consumers will likely see slightly lower prices on certain goods.
Finally, one of the best real-world examples of how blockchain is changing our world is cryptocurrency.
It's not fair to have an entire list of real-life examples of how blockchain is making waves throughout the world without addressing the elephant in the room. The elephant, of course, is cryptocurrency trading.
The fact that there are entire markets for Bitcoin, Ether, and other cryptocurrencies says it all: blockchain has changed the way our world works and will continue to do so.