Finance Is Only the Beginning. Other Industries that Blockchain Technology will Soon Transform
Right now, blockchain is the biggest buzzword in technology. But why are all your friends talking about it?
This year marks the completion of ten long years since the inception of Bitcoin. This term has always remained in the front pages of many major publications all over the world. And perhaps blockchain has become even more interesting than Bitcoin.
In simple language, blockchain is a public and distributed ledger that keeps a record of all the transactions that are done in Bitcoin.
With volumes of bitcoin transactions, the popularity of blockchain will also grow as it has potential in various forms than just a medium of exchange or storing of values.
The application of blockchain technology is not simply limited to banking sectors or financial organizations. the nature of the platform can be customized to suit a variety of requirements. And the sooner investors realize this, the better it is for them.
So, here in this blog lets discuss how exactly blockchain can be applied to different industries and how it can transform them offering them a degree of clarity that can help to measure the potential of any project.
Here is a List of Few Industries That the Technology is Poised to Change:
Healthcare: Some biggest challenges faced by the healthcare industry can be solved by using the blockchain system. It allows the doctors to easily access the health records of patient securely and easily. Instead of maintaining the paper records, nowadays digital health records are created and stored in a myriad of different systems.
The records can be singular or complete irrespective of how many times you change either the doctor or the insurance systems. With blockchain, the health information can be immediately accessed and can save patients during emergency.
Politics and voting: In the nearby future, blockchain tools can easily serve as a foundational infrastructure that can support casting, counting and even tracking of votes, thereby eliminating the requirement for recounts and any other foul play off the table.
Since election needs authentication of voter’s identity, a secured record will help to keep track of the votes and also determine the winner without any cheating. By considering the votes as transactions through blockchain, voters and governments can verify the audit trail and ensure that no votes are removed or changed.
The real estate industry: The business of buying a house or an apartment, handling security deposits and completing the legal paper work is a painful task. Professionals working in this field are in desperate need of a solution that can make their transactions efficient and preferably without the involvement of any third party.
With blockchain technology, sellers can now list their property assets and once it is verified, they can tokenize the property value.
Supply chain management: Delayed shipping and human errors are the two biggest challenges that the supply chain management industry is facing.
But both these problems can be successfully addressed with blockchain. Manufacturers, wholesalers, purchasers can now access the transaction records through the decentralized ledger. Identifying the problems will be easier and the work will also be processed on time.
Cybersecurity: This industry will have a major transformation with the blockchain. It will help eliminate the middle man in various financial transactions and reduce the possible loopholes for hackers to exploit.
It will shift the focus from safeguarding the consumer devices as the Bitcoin wallets will be directly stored on their machines.
Education: With distance learning becoming popular day by day, the need for an independent way of verifying the student’s educational records and personal details will also become important. A blockchain based system can serve as a notary for all the educational documents and create a way for the employers to access secured transcripts and records.
The students don’t have to wait for a long time for the course as the records can be instantly transferred.
“Blockchain technology has touched countless industries and has made transactions efficient and secured for everyone. With more and more users, customers, students or other users can easily access their important documents even on the go.”