We are living in an era where emerging technologies like Blockchain are widely implicated in various applications to bring comfort in our lives. Blockchain is in its infancy, but holds the potential of revolutionizing the way present world functions and is capable of building new ecosphere. If sufficient time is invested in remodelling of certain systems by enforcing Blockchain, the future will be full of new advancements. The internet came in 1990s and smartphones came in 2000s, creating a world that is heavily dependent on them. Confiscate any teenager’s smartphone and you can see their routine going haywire and losing confidence at the same instance, demonstrating the extent of addiction of certain technologies. Blockchain has the capability to create the same effect especially in operations sectors.
Our future generation would be reaping the advantages, if we understand the importance of Blockchain technology today.
Blockchain refers to a decentralized database that stores transactional records and has an exclusive cryptography, virtually impossible to decrypt that record without the private key. The real disruption happens when trust is established through collaboration and code, rather than a central authority.
We can easily say that we would no longer need a bank to transfer money around the globe. An escrow account will no longer be needed to buy a home, or a real estate agent to facilitate the transaction. There would not be any requirement of a company or central authority to authorize a government transaction. This revolutionary adoption has the potential to transform every industry for good.
Some can easily be seen in the light of Blockchain Technology:
Pharma companies needs to track the movement of their drugs, to keep a check on drugs from the manufacturer to end consumers in the supply chain. When Blockchain is implemented on the pharma supply chain, it keeps a record of all the transactions and notes every detail of location, quality, price etc. Hence, data is not only visible to all concerned parties, implementation of this technology reduces the tempering during the transit. The process is made transparent, secure, decentralized and verifiable in the supply of authentic medicines and trimming costs involved in detecting faulty areas. Alteration of any detail is difficult as the system is decentralized and provides real-time updates to all parties through the incorporation of IoT devices. The
is an exquisite platform to increase transparency and trust, with customers being able to keep a track of pharmaceutical products throughout the supply chain. The stakeholders are given rights to add on the said Blockchain. Manufacturers and consumers can scan the barcode and view the history related to the product received.
Security in the voting system is the priority for governments at present, as terrorist organizations and rival governments are always a threat. Rigged votes and ‘voting irregularities’ are commonly observed in the politically disturbed regions. Blockchain can induce high security and make the voting systems completely hack proof. From voter registration & identity verification to tallying votes, the system would be indisputable.
- Real Estate
The paperwork is always dreading before and after purchase of a house, Blockchain can simplify the process and eliminate escrow altogether. By deployment of Blockchain, basis completion of predefined conditions, the smart contracts are triggered to complete the pre-programmed actions, including funding. With transactional data stored on Blockchain, the paperwork cost will reduce. Additionally, the elimination of intermediaries will decrease the commission rate exponentially.
Aside from voting systems, Blockchain technology can be used to help reduce and eliminate bureaucratic red tape and corruption in governments. Welfare, disability, veterans, and unemployment benefits can be more easily verified and distributed, eliminating fraud and waste. Smart contracts will ensure that the tax money is dispensed to the government, once the pre-defined conditions are met, making the functionality of governments secure, transparent and efficient.
- Charities and Aid Organizations
People are always willing to help the needy through charity organisations, but recurring doubts about whether their money is reaching the one who truly needs it are always there. Charities can regain the trust of people through smart contracts and online reputation management systems. This will help in streamlining the process and building trust in donors, ensuring them that the money is reaching the intended recipients. The U.N.’s World Food Programme is implementing a Blockchain based system that allows refugees to get food with an Iris scan, instead of relying on cash, credit, or vouchers, all of which can be stolen.
- Financial services
Blockchain could potentially save banks billions in cash by dramatically reducing processing costs. Banks are salivating at the opportunity to reduce transaction costs and the amount of paper that they process. Implementing Blockchain would make banks increasingly profitable and valuable. Santander, a bank based in Spain, have savings through Blockchain at $20 billion a year. Alternatively, the market has been introduced with many startups working with Blockchain becoming the banks for future. Financial institutions are also embracing recent developments at a larger scale, by directly investing in FinTech startups. As per KPMG report – 2016, venture capital funding to global FinTech companies reached a record $13.6 billion, while overall investment in FinTech companies was total $24.7 billion.
LALA World is one of the progressive FinTech organizations, which believes in the alternating strength of Blockchain, redefining the Banking and other financial services – Remittance, Lending, etc. The trust, efficiency and security can be significantly increased by deploying Blockchain in a sustainable ecosystem for the future of FinTech industry. LALA World has successfully incubated various products to meet the rising demands of the current and future generations. We are able to provide them with high-security and high-capability products, holding the potential to make the financial aspects simpler.