Role of blockchain in digital transformation
Digital transformation plays a vital role in every sector. Many governments have been really trying hard to do the digital transformation. It is not an easy move. The Indian government also tried forcing digitalization a few years back by announcing one of the most popular FIAT currencies will not work anymore. The decision was made overnight. From the government's perspective, they say it worked very well in identifying black money and bringing them out, and from the public's perspective, they say the decision made people suffer and it did not help. My opinion stands between both parties.
I personally think that digital transformation is very important and at the same time we should not be too much dependent on technology alone. Imagine an AI system fully controls the oxygen supply in the hospital and what if there is a glitch and people die because they don't get enough oxygen. So this is one sector where digital transformation can end up fatal. But at the same time, we should not be reluctant as well.
That's why I say my opinion stands in between digital transformation and manual. There are some places where digitalization is ideal and it should definitely happen. With the help of blockchain technology, we can definitely come up with innovations to digitalize some important things. Below are some of the sectors in which digital transformation can be a possibility with the help of blockchain technology.
Votings and Elections
There are so many places where elections and votings happen. The main place where elections and votings happen is the government representative elections. But this is a big one and the government may not be happy to fully transform elections and voting to the blockchain. They might be hesitant to experiment with this. But there are other places where elections happen. For example, clubs, schools, colleges TV shows, communities, etc are some of the places where elections happen. These are some of the areas where blockchain can be explored and people can also slowly get onboarded to the blockchain.
Rewarding models
There are many rewarding models currently available in several applications. One good example is the rewards we get for using our credit cards. For example, I use my ICICI credit card and I receive Payback points for the same and I can make use of those points to purchase something or convert them to cash. This is one good use case that can be quickly brought inside the blockchain and the rewards can be in the form of crypto tokens. People will also get an opportunity to trade those tokens along with earning. There can even be investors who would be interested to purchase the token and hold them long-term. The investment made by others can also be used as a fund to improve and grow the company.
Securing transactions
There are some common transactions that happen from banks to banks or from banks to individuals. If by any chance this can be converted into a smart contract, there is a high possibility that these transactions can be made more secure. Encryption can also be made to ensure the transactions are visible and understandable only for authorized individuals. There are many banks already using blockchain for their cross-border transactions. Some banks use Ripple as their medium and other banks use different methods this is something that is already in place but I think more banks should bring their transactions inside the blockchain and make use of this technology.
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