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BLOCKCHAIN - Coggle Diagram
BLOCKCHAIN
FUTURE PROSPECT
- Interconnectivity comes one step closer to reality
- Adjacent technologies will combine with blockchain to create a next level advantage
- Pragmatic governance will emerge
- Central banks will expand into wholesale and retail Central Bank Digital Currencies (CBDCs)
- Validation tools will begin to combat fraudulent data sources
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EXAMPLE
Bitcoin - digital currency that can be transferred securely directly from user to user without the need for intermediaries
SimplyVital Health - allow patients and providers to access, share and even move their healthcare data
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BENEFITS
Eliminates human error. The data verified quickly w/o humans involvement. So, the records more accurate.
Increased security. Anyone that has accessed to the chain is given unique ID linked to their account.
Easy global transaction as blockchain is decentralized. Money can be transferred all over the world with few issues
CURRENT PHENOMENON
- Only 40 million individuals are currently using it.
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respective responsibilities or obligations of each party relating to that condition are automatically triggered.
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- Companies are seriously taking into consideration of applying blockchain technology, such as changing the way assets are stored and transferred.
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- Be a significant player in the modernization of the back-end functions
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- Likely be a lot of problems while companies struggle
- Industries are adopting this technology and is set to cross $60 billion by 2024.