What makes blockchain a game changer for several industries?
Cryptocurrencies and Blockchain are increasingly gaining traction as more and more people are becoming aware of its benefits, while others are afraid of its implications on the world economy. With blockchain technology, each user has access to all the transactions made. This makes it impossible to counterfeit as it relies on millions of other copies to verify a purchase or sale. In the future we can change the way we handle day-to-day business actions. Let’s now discuss in detail how cryptocurrencies are slowly disrupting and enhancing particular business sectors such as banking, retail, insurance, and even voting.
- Healthcare: Blockchain technology can change the healthcare industry by providing a secure way to collect, store and provide access to people’s health records keeping them invulnerable from hackers while maintaining accessibility. By making a blockchain between patients and healthcare institutions, major discrepancies can be avoided and the process could be made transparent and swift.
- Insurance: Companies such as Friendsurance could be the downfall of insurance companies. If the customers do not move away from traditional insurance companies, then cryptocurrencies such as Ethereum can revolutionize the insurance industry. It can achieve this by making claims and payouts effortless to verify payments and incidents using smart contracts. Smart contracts facilitate and verify the negotiations within the contract automatically.
- Online data storage: By making data storage incorruptible, secure and transparent, blockchain technology can and is revolutionizing the online data storage industry. Stroj –a burgeoning cloud data storage that ensures complete security and easy access to your data using the blockchain.
- Banking and payments: The banking sector is probably the best suited for the revolution launched by Satoshi Nakamoto with the design of Bitcoin. Efficiency would increase via the internet with almost instantaneous transactions safely from anywhere in the world. Currently, centralized ledgers are slow, tedious and costly mistakes are made due to human error. Unless banks adapt, like Barclays has done by adopting blockchain technology, they would fall behind by Bitcoin applications and companies like Abra (enables Bitcoin wallets in countries like USA and Canada). Furthermore, other intermediaries like VISA are looking for blockchain specialists to improve existing infrastructures.
- Supply chain management: Where data is stored from the first transaction till the last in separate blocks can be chained in order to verify and keep track of costs, labor, waste and even emissions. A decentralized blockchain mechanism will help keep track of every step of the chain and control the losses and also make the entire process transparent. Companies working to introduce blockchain technology into supply chain management include SkuChain and BlockVerify.
- Government: Government services could potentially be reshaped with the help of blockchain technology. By adopting cryptocurrency, the government could drastically increase the quality and the transparency in its services. Concurrently, it can increase productivity by saving time wasted from unnecessary delays by the government’s internal financial institutions. Creating, enforcing and implementing budgets can also be made extremely simple, practical and losses can be reduced.
- Voting: The greatest impact that blockchain can have is on the online voting system. By using a decentralized voting system, elections can be made completely transparent as voters will have the access to voter lists themselves and will be able to audit the records. No one user or computer will be able to manipulate the data or the result of the election. FollowMyVote is one such company that intends to apply blockchain technology to online voting systems.
- Retail Industry: Cryptocurrencies like Bitcoin has drastically revolutionized the retail industry by making e-commerce safe and easy. More people will opt for purchasing items online through retail websites using the risk-free and transparent digital currencies which will not only keep track of their payments but also help them save extra banking charges. From the consumer’s perspective, there is no need to input your name and credit card number, preventing fraud and maintaining anonymity.
- Artists & Musicians: Blockchain technology can help the music industry combat piracy by getting rid of the middlemen and allowing the artists and consumer to deal with each other directly. Also by using smart contracts, it could be ensured that only the person who paid for the music or movie gets to listen or watch its content and not upload it on the internet for free. Illegal music and movie downloads could be curbed using blockchain technology, making it possible for musicians and artists to get paid for their hard work. Musicoin is one of the startups working on making blockchain technology useful for the music industry.
- Real estate: This industry will most certainly be one of the most affected industries by the blockchain technology. Once in place, it will render brokers, title companies, escrow companies, inspectors and notary publics obsolete. Instead of dealing with six parties and paying them each a certain amount of money, the customer and the client can deal with one another. Once all ownership documents are decentralized, forging identity or documents become impossible to do, therefore eliminating the verification process. Third-party vendors are no longer required, and overall sales process will improve dramatically.
If there is an industry that involves any transactions, it will be affected by cryptocurrency and blockchain technology. It will make some industries inferior while streamlining others, however one thing is fairly certain – in the next five to ten years, the world wouldn’t be the same place as it is today. It will be more financially transparent and productive than it has ever been. Countries like Japan who are the leaders in adopting the new technology will have a head start over countries which did not innovate. Let’s hope that Canada will be at the forefront of researching and experimenting with the new technology towards a brighter future.
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