9 Industries That Blockchain Technology Will Revolutionise
All over the world today, people are exploring the advantages of technology, discovering new ways to use it to their benefit. The technological revolution has transformed our lives, from household to workplace, with better solutions discovered for just about everything we do in our daily lives. Amongst all the technological advances that we enjoy today, one of the biggest breakthroughs was the emergence of Blockchain. It’s a hot topic at the moment, with everyone exploring ways to integrate Blockchain technology into their business operations and development.
If you’re not familiar with the concept, Blockchain is a decentralized database which runs on millions of different computers at once, instead of a single machine. This is the exact opposite of a conventional spreadsheet system that keeps records on the same machine. However, it’s much more than a simple decentralized database, the technology has implications for almost every major industry. Let’s have a look at the industries that Blockchain technology will change the most.
Banking and payments are made easy thanks to Blockchain technology. It offers a simple and secure way to carry out day to day banking transactions. Apart from making transactions more accurate and secure, this will also eliminate middleman costs and exorbitant interest rates. What’s more, the speed of transactions will become faster than ever.
In the medical profession, a patient’s data is very important to keep safe. The use of Blockchain technology in the healthcare industry will disrupt the traditional way of storing and accessing a patient’s data. This technology will allow healthcare providers to easily and securely access a patient’s data and use it in all sorts of positive ways. Unlike the traditional method of storing data, Blockchain technology will keep your entire health record in one place, allowing for accurate tracking of a patient’s medical history. Regardless of how many different insurance systems and physicians you have, your medical records will be consistent and can be easily accessed anytime, which could be a life-saving initiative in an emergency. The industry as a whole will benefit from a secure, effective and inexpensive method of storing important health data.
3. Real Estate
The transactions and processes carried out by the real estate industry will be simplified using Blockchain technology. The traditional bulk of paperwork is inefficient and expensive. Once the industry has adapted to the new technology, the use of Blockchain will reduce the agent’s commission fee. Additionally, the storage of data will be easier and more secure.
Recounts and irregularities in voting are some of the most regular issues with the current voting system. Terrorists or rival parties can even hack the system, jeopardizing the result. The use of Blockchain technology in elections, however, is completely secure and will revolutionize how elections are held. There will be fewer disputes because the system will create accurate data from voters’ information, verify their identity and eventually tally the votes. It’s time to say goodbye to the old days of uncertain votes and endless recounts.
One of the pains often linked to the insurance industry is the verification of data, approval and timely release of insurance claims to the deserving parties. The introduction of Blockchain technology will help to speed up transactions, reduce risk and make access to accurate data possible, resulting in improved customer satisfaction. Etherisc and InsureX are amongst the platforms that are already using Blockchain technology.
Apart from the voting system, the use of Blockchain technology will improve government operations by reducing corruption and red tape bureaucracy. Government functions will be significantly improved with the use of Blockchain technology, allowing for improved transparency, efficiency and accountability. One example is the use of smart contracts, ensuring government funds are released when specific conditions are fulfilled. The use of Blockchain will also be helpful in the verification and distribution of government benefits.
The education system is quickly evolving, with the introduction of distance learning and online studies. The use of Blockchain technology will allow educational institutions and employers to have a secure and easy way to access students’ educational profile including their transcripts. Apart from taking advantage of online courses, universities and educational institutions will have stronger collaboration because grades and other school records can be immediately and easily transferred.
8. Supply Chain
The supply chain is one of the most valued industries in the world today but it faces several issues. But there are several ways in which this technology can help the industry grow. Companies like Smart Contracts, ShipChain and Vechain are already providing those solutions. Timely deliveries, accurate transport routes, eliminating the underestimating of resources and demand consumption are a few of the benefits that will be achieved with the incorporation of Blockchain technology. What’s more, the technology can help eliminate the role of the middlemen, directly connecting consumers with manufacturers.
There are various documents that must be carefully stored in the legal profession. The storage and retrieval of documents as well as the verification of the source of those documents are amongst the challenges faced by the industry. Blockchain technology offers the best solution to these problems. Disputes and issues on the legality of documents and legal wills will be put to an end because documents will be stored and verified securely. Likewise, issues on digital inheritance will also be eliminated because documents will be secured by the Blockchain technology.
Blockchain technology will transform many industries in the coming years. In fact, it has already begun to revolutionise traditional ways of working. For companies who aspire to develop and grow, now is the time to adopt Blockchain technology.
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