Talk about blockchain with an enthusiastic IT guy or an eager bitcoin “investor” and prepare to be trapped in their zealous gaze. Blockchain technology is becoming popular, and many are becoming keen on it, to the point of annoying some with their attempts to explain or discuss the topic.
This is not necessarily something you should shun, though. While discussing the topic of blockchain is boring, there’s no harm in getting acquainted with it especially since it is about to be applied in various industries or aspects of life.
Smart contracts
Smart contracts are digital contracts that follow an if-this-then-that code. They are self-executing contracts that can be used across industries. Initially proposed by Nick Szabo, a computer scientist, in 1994, smart contracts are computerized transaction protocols, which execute the terms of a contract, designed in extending the functionality of electronic means for conducting transactions such as POS or point of sales systems.
Smart contracts can be used in handling transactions across industries. They can be used in financial derivative algorithmic trading software, property law matters, the payment of insurance premiums, and crowdfunding agreements. They make it easy to deal with contracts that have complex term structures.
More secure data management
Data management at present already enjoys a good range of technological advantages making data collection, curation, and access efficient. Blockchain technology can improve these further especially when it comes to inter-organizational data management. In the context of blockchain’s versatility, those interested in diversifying their digital assets might consider options like buy litecoin, which represents another facet of blockchain’s financial applications. It is set to create a more secure system for collecting, maintaining, and enabling access to data. With it, data theft will become more difficult while making it easy for multiple authorized persons to gain access and contribute to the pool of data collected. The distributed ledger system of Blockchain also creates greater accountability in data management as tamper-proof records of data access, additions, and changes are securely maintained in the blockchain.
Creating audit trails
Businesses and governments will appreciate integrating blockchain technology into their systems for the sake of creating immutable audit trails. Current systems already implement means to facilitate auditing. However, these systems can be made better by ensuring that all transactions and activities are recorded in a ledger that cannot be manipulated by anyone.
Blockchain-based audit trails are automatically created every time something is conducted. It is not going to be optional. It’s not something employees or customers can avoid. Important details about a transaction can be automatically appended to the blockchain and will remain unmodified therein. When audit time comes, the auditor can simply go over the blockchain to verify the information.
Regulatory compliance automation
This idea may take quite some time to be adopted but blockchain can enhance regulatory compliance in both the private and public sectors. The blockchain can be configured to permit or reject a transaction if it fails to meet specific criteria. The blockchain may also be set to automatically report specific details or transmit information to authorities or the management board.
An example of this is a possible setup to ensure compliance with anti-money laundering laws. With blockchain, if a transaction reaches or exceeds a specified threshold, a report can be automatically sent to the central or bank or other authorities designated to monitor suspicious transactions. In the case of private companies, the blockchain may be configured to permit or prevent a transaction depending on whether or not a list of requirements are complied with. Companies usually use AML software to prevent having problems with all the transactions.
The blockchain itself can enforce compliance instead of simply providing reports or records of transactions. As blockchain technology continues to evolve, skilled dapp developers are in high demand due to their expertise in building decentralized applications that leverage the power of distributed networks.
Healthcare records management
Even healthcare can benefit from blockchain technology. Specifically, blockchain can improve the keeping and access to personal health records. These records are supposed to be confidential and should only be known to the physician and the individual patients. Blockchain can help ensure that they remain confidential and accessible only to those who are given due access.
Digital asset protection
Digital assets such as music, movies, games, and apps are easily pirated, causing huge losses to artists, developers, and publishers. Blockchain technology can provide an important augmentation to systems for digital asset sales by securing ownership rights, transparency, and royalty distribution.
Digital assets can be tied to blockchain to make sure that they are only accessed or used once they are already paid for or once the appropriate permissions are granted. The blockchain then maintains an indelible record of everything the digital assets go through. This can help address the problem of piracy or the illegal reproduction of copyrighted materials. In fact, a plan is already in place for Hollywood to release the first “blockchain movie.”
Enhancing election security and transparency
This may sound farfetched, but it is actually viable to use blockchain in securing elections. Blockchain’s security features can make it more difficult for hackers to tamper with election data and ensure that all election-related records are kept intact. It will make it easier to conduct audits on counting machines and other electronic equipment involved in the election process from start to finish.
Blockchain can also significantly improve election transparency. This idea has already been tried in an actual election. In Sierra Leone, authorities decided to put to use the blockchain tech developed by Leonardo Gammar of Agora. This technology makes it possible to anonymously store votes in a tamper-proof ledger that is made publicly available. This public availability of data allows anyone to quickly review, perform a count, and validate election results.
Gammar’s blockchain-powered election technology used in Sierra Leone did not serve as a complete voting record; it was more of a software proof of concept. It only covered 70% of the votes. However, it has adequately demonstrated the viability of using blockchain in securing elections and making them more transparent.
Blockchain can ultimately make elections more efficient and less expensive. The decentralization it allows is particularly beneficial to countries whose governments are plagued with geographical and bureaucratic challenges. It virtually eliminates the possibility of cheating with regard to election hardware and software systems.
Still years or decades away
Blockchain applications in various industries are indeed promising. However, it bears emphasizing that these applications may take several years or even decades to come to a level of maturity that can be considered useful, stable, and reliable enough. In the rapidly evolving world of finance, defi consulting has emerged as a crucial service, helping businesses navigate the complexities of decentralized finance.
According to a Cowen survey, it is estimated that blockchain applications will take around 5.9 years to reach widespread adoption. Some say it can take even more time depending on technological and policy developments. Cisco’s research indicates that it will take around a decade before blockchain gains wider adoption in supply chain management. On the other hand, experts believe that blockchain technology will deliver the best results when used in its pure open-source form. It has to remain publicly accessible and powered by users worldwide instead of getting used as a new system exclusive to a private enterprise.
Blockchain in the translation industry
Blockchain technology can be applied to the translation industry. It is expected that blockchain is going to change the translation market radically. This technology can vastly improve language translation, particularly in terms of speed and collaboration. It can improve translation by integrating supply chain authorizations into smart contracts, enhancing credentialing systems, and enabling supply chain transitions that protect ownership and payments.
Some say that the combination of neural machine translation and blockchain has the potential of disrupting the translation industry. However, this is unlikely going to be the case in the near future. In the next several years or even decades, matching the ability of human translators to precisely read into intention and context is still a tall order for machine translation. Human translators are still going to play the most significant role in connecting people of different languages, especially when it comes to translating critical government and business documents and interpreting for world leaders and international businessmen.
Blockchain, for the most part, is going to be an important aid for human translators as it can enhance collaborative translation efforts (in terms of access and data management). It can also help secure the work of translators, protecting their output from unauthorized access and providing a system that makes it easy to get paid and be given proper attribution.
If you’re looking to build your own blockchain platform, you can turn to a blockchain development company, which can help you create a customized blockchain that suits your business and meets all your requirements.
While we at Day Translations don’t employ blockchain technology for our services yet, we guarantee competent and precise language services and solutions for a wide range of industries including healthcare, banking and finance, automotive, retail, travel, manufacturing, games, technology, as well as the legal field. If you need high-quality translation and interpreting, Day Translations, Inc. can promptly provide the solutions you need.
Our company maintains a network of human translators in different parts of the world to handle all kinds of translation and interpreting needs proficiently. These native language translators are highly adept and experienced in their respective language specializations so you can be assured of the best language services possible. Don’t hesitate to contact us by telephone at 1-800-969-6853 or send us an email at Contact us. You can also use our official mobile app, Terpy, to learn more about our services and set an appointment. We will gladly provide the service you need 24/7.