As it appears from the latest trends, Blockchain is much more than just a technology to be used in the world of cryptocurrencies. The endless benefits it brings can significantly help other industries like banking, healthcare, and real estate. This is said to be the technology of the future to dramatically change the way people perform their daily tasks. Let us examine its main applications for other industries.
5 Industries Disrupted by Blockchain
Real Estate. When it comes to renting or purchasing property, there is lack of transparency, countless fees, stacks of paperwork to be filled out, and intermediaries needed to negotiate transactions and thus making them more expensive. It seems that Blockchain offers an ultimate solution to eliminate those pains and significantly improve efficiency. The application of the technology here is that no one can change information once it is processed.
Blockchain technology may create access to the following information needed for real estate decision-making:
- data on past records of inspection,
- data as to damages incurred,
- the conducted renovation and respective costs,
- what is included in a rental property.
Banking. Blockchain inherently has a secure system that would provide permanent records of the millions of transactions that take place in the banking industry each day. This ledger system could significantly lower the risk by providing secure records. Furthermore, money could be transferred cheaper and faster by the decentralization provided by blockchain. This would be of benefit to both customers as well as banks, due to the reduction of transaction costs.
Such technology also allows sending digital assets securely, and making payments without any involvement of the third parties. Moreover, it does considerably reduce operational costs and gives companies more liquidity for fundraising. It is nothing but an efficient and secure way of borrowing money at lower interest rates and better conditions.
Healthcare. The healthcare industry is one of the most important aspects of the general welfare worldwide, and has to adopt the best possible technologies to increase its efficiency. One major need for modern healthcare system is a principally new approach to sharing and storing medical data and records. High probabilities of errors, frauds, and lost records have long been creating the feeling of distrust between consumers and healthcare providers.
Nowadays, there is a crucial need to revamp this trust by securely storing medical records and safely transferring between the doctors and people authorized thereto. Blockchain can aid in the authorization and identification of people. In fact, there is already one startup called Ontology which is working to make positive, multi-source identification a reality across all industries, including healthcare, using the technology in question.
All in all, there is a number of opportunities for Blockchain to improve the way things are done in the majority of fields. Nowadays, there is a number of problems people encounter almost everywhere they go, from banks to medical institutions, which can be solved through the Blockchain technology. Now, with the blockchain technology it becomes possible to live in the world of transparency, security, decentralization, cost reduction, and privacy.