Blockchain- The ultimate near future!

We live in a world full of inefficiencies. From Standing in a queue to get veggies to paying commissions to intermediaries to get a loan sanctioned. Most of these inefficiencies tend to affect the overall productivity of individuals. So in order to create value for society, technology should remove the inefficiencies faced by the people.

Internet came and removed the inefficiencies in the process of accessing information and social networking.

Now, a new wave of technology called Blockchain is taking over the entire internet and is expected to remove the traditional inefficiencies in the basic day-to-day activities.

But, the sky is not the limit even for Blockchain technology. There are certain limitations to its applications but the blockchain is still a game-changing piece of technology whose applications are countless.

These applications are best explained by the ‘FITS Framework’ which clearly defines the areas where blockchain can be used.

The FITS Framework

F- Fraud. If a system has a high risk and history of fraud, replace the system with a blockchain. The current financial system is a great example of this. Many bank account hacks, Fake Credit card scams can be avoided when the system is replaced by a blockchain.

I- Intermediaries. If a system has a lot of unnecessary intermediaries involved, replace the system with a blockchain. A good example of this is the Real Estate industry. Several lakhs can be saved on commissions if a smart contract-based(Ethereum) blockchain is used.

T-Throughput. Throughput is the number of transactions per second. If a system involves a large volume of transactions, replace the system with a blockchain. The banking industry is a good example of this. Banks can use a blockchain to store all the transactions.

S- Stable data. If a system contains a lot of stable data( land ownership details, personal information, citizen identity data, university grades ), replace the system with a blockchain. Blockchain can hold the data for a really long period of time without any risk of tampering.