The COVID-19 pandemic vaulted society into a new age. The Information Age marks a time when information and data are currency. Data drives decision making and technology is the epicenter of how people interact with each other and how society functions. 2020 shifted society toward technological innovation- AI and machine learning, predictive technology, 5G, IoT, and blockchain are some of the major implementations of technological innovations today.
Did you know that the COVID-19 vaccine utilized the blockchain for its processes? Companies are constantly striving to save money and time. Blockchain, in tandem with IoT (devices working in conjunction with one another), AI(Artificial Intelligence), and 5G(increased network connectivity), enables premium capabilities at an efficient level.
Blockchain mitigates privacy concerns and allows for increased privacy because it is a shared ledger among members of the network. Blockchain uses encryption – hashing enables the system to maintain its integrity, thus it cannot be changed. The Genesis block will always remain the same, no matter the blockchain.
People often equate blockchain to cryptocurrency. Although the cryptocurrency ecosystem’s underlying technology is the blockchain, blockchain has been a concept since the 1980s. The major implementation of blockchain is in the supply chain – aiding in the authenticity of products. Blockchain use cases in the cryptocurrency space center around the concept of circumventing middlemen. Billions of people worldwide do not have access to banking or financial resources, cryptocurrency enables entry into the financial system.
As society divulges further into the Information Age that stems from mass technology adoption worldwide, the blockchain makes it easier for information to be stored. A music artist or painter can mint their projects onto the blockchain. A person in South Sudan can now have access to finances via the blockchain. The global supply chain becomes more efficient utilizing new technologies- AI, IoT, and blockchain. Blockchain will lead society into the next stage of the internet — decentralized networks.