The Impact of Blockchain
Techterms.com coins blockchain as “a digital record of transactions”. The name comes from its structure, in which individual records, called blocks, are linked together in single list, called a chain. Blockchains are used for recording transactions made with cryptocurrencies, such as Bitcoin, and have many other applications.”
For those who know, this intriguing technology has impacted industries with its beginnings in cryptocurrency. It has changed how people perceived banking and financial technology by decentralizing digital currencies, lessening the need for a pivotal administrator. With the changes it has made for a legacy industry, Blockchain can definitely make more significant changes in the future. Here, we shall briefly discuss industries that this technology can improve in the next few years.
1. Governance
Fair and democratic governance may perhaps be the most crucial application for blockchain technology that will provide public service via improved processes and transparency. Through its encrypted transactions, democratic exercises such as voting can be secured through voter registration and identification and real-time electronic counting. Another application is its ability to alleviate bureaucracy. Blockchain can automate processes to increase the efficiency, productivity, and transparency of government operations. Through this, we are paving the road towards sustainable political progress that will ultimately improve the country. The Department of Science and Technology, as the lead agency in innovating technology, provides transparency in all its services including laboratory testing, packaging assistance and trainings and even upgrading system for MSMEs. Check out DOST’s website at www.dost.gov.ph
2. Strengthened Cybersecurity
Innovations nowadays are fast-paced, but undesirable elements and people are keeping up. To avert possible problems, blockchain can prevent them from happening. One of the features of this technology, as mentioned, is that its records are publicly accessible to concerned parties in order to maintain transparency. Data integrity is maintained in the system via verification and cryptography processes. By doing so, unauthorized changes would be impossible. Blockchain technology edges out the middlemen, making processes more efficient, with less hands handling critical data. All around the world cybercrimes have been rampant. By using structures developed by this technology, our digital ecosystems can continue to grow without concerns.
3. More Efficient Supply Chain Management
With e-commerce taking the mainstream and brick & mortar businesses going into the back burner, supply chain management will become an essential part of the economic and technological ecosystem. One of its challenges is monitoring and documenting transactions in order to be collected and analyzed to create actionable data. Using blockchain, such transactions can be documented in a decentralized, permanent record and can be monitored transparently and securely. Automation can also lend a big hand, because it reduces time delays and human error. Furthermore, it can be used to audit labor, costs, and even wastes (even emissions) within the critical points of the supply chain. One notable project of DOST that embraced the power of e-commerce is OneStore.ph. Here, you’ll see different goods made locally here in the Philippines. More and more Filipino entrepreneurs explore OneStore as it showcases a variety of Filipino-made items that are rarely seen in mainstream supermarkets. Through blockchain and more innovation in technology, you can order in just a click of a button. Interesting, right? Check out www.onestore.ph and order now!
With these examples, blockchain is clearly promising. It offers security, efficiency, productivity, and transparency for our daily challenges. Its applications work towards creating a more digital world, gearing towards a better tomorrow. As DOST would always say, Science for the People!
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