Blockchain is a shared digital ledger that stores each transaction records in a secure way. It makes use of established cryptographic techniques to enable every user in a network to store, exchange and view information. One attractive aspect about Blockchain technology is the absence of a central authority. In Blockchain the transaction records are stored and distributed amongst all network users.
The rise of Blockchain in recent years has been monumental; it is all set to pierce scores of industries and disrupt the traditional way of doing things. IT Job aspirants will do good enough with a certification in this area, as Blockchain training can help them to stay valid in this ever evolving IT space. Check out the following blockchain courses.
Let’s now have a brief look into some of the major industries that Blockchain is set to disrupt.
6 Industries That Blockchain Technology Is Set To Disrupt
Bank is one such industry that can benefit greatly from Blockchain technology. With this technology, banking can become more transparent and secured. Blockchain is inherently secure and tamper- free, evidenced by its permanent record of any transaction that takes place. This could lower the risk of theft or any malpractice in banking. Blockchain could also promote cheaper and faster cash transfer due to its decentralized nature.
Other than the area of payment, few areas in banking that could benefit with blockchain include clearing & settlement, trade finance, syndicated loans and identity verification of customers and counterparties.
Blockchain is a viable solution to the problem of paperworks apparent in a real- estate transaction. With this technology, all the documents and transaction records can be securely stored incurring less effort and less cost. Another way this technology can bring about more efficiency is by creating smart contracts that releases funding only when all the stipulated conditions are satisfied.
Moreover, Blockchain also addresses the problem of exorbitant commission rates in real-estate. Deedcoin, a blockchain product provides a cryptocurrency-powered platform where the commissions paid to agents are decentralized and tokenized. It will also supply people with tokens, thus facilitating a new network where real-estate operations function on a free market based on the market value of the Deedcoin. Thus,with Deedcoin homebuyers and owners are given power through the virtue of its tokenizing nature and elimination of middleman.
Blockchain technology has the potential to transform healthcare sector. The two areas it can contribute greatly is in the area of storage and interoperability.
Since long, healthcare sector has been in need of disruption in the area of sharing and storage of medical data and records. The frequent cases of error, fraud or loss when it comes to patient records has been a source of dissension between the consumers and healthcare providers. Blockchain technology can restore the trust by ensuring secure storage of medical records and safe access and transfer of it to those who are authorized.
Blockchain could also aid the healthcare industry in unlocking the potential of interoperability. Any system based on this technology can greatly reduce the friction and cost incurred from intermediaries. With Blockchain, this sector would also be able to connect fragmented systems to generate better insights and also to access the healthcare value.
Without any doubt, digital currency is the future of transactions. Blockchain technology ensures that it is recorded and transferred in a secure manner. A major drawback to this process is that the process of mining required for authenticating each single transaction utilizes a lot of computer power. This issue has aggravated in recent years leading to certain transactions fizzling out due to the large amount of computation required. This also has a strain on users time and money.
New developments in blockchain technology has come as a solution to these problems. Zen Protocol unlike other platforms, addresses the significant issues in the cryptocurrency arena. It makes use of smart contracts that has the predictive capability to assess how much computation each contract requires. This means that the contract will not run unless there is sufficient ’’gas’’ to support it.
With Blockchain, startups can search for their right investors without having to compromise the security of their ideas. This technology also helps investors in identifying the companies that they are interested in supporting.
Blockchain technology is beneficial in the startup space, as evidenced by companies such as Pitch Ventures which has enabled a secure way for startups to pitch their ideas to investors. Using Blockchain, entrepreneurs can create summaries of their products or services and investors can quickly sort and find those that they are interested in quickly. Another example is Ethereum’s Smart Contract address that provides a secure platform for pitches.
Politics is a field that could be revamped with Blockchain. One key concern in politics that crops up now and then all over the world relates to rigged election results. This can be completely curbed with the use of blockchain which would ensure the registration and verification of voter in a seamless manner. Blockchain would also take care of the counting of votes, strictly counting only the legitimate votes.
These examples of the impact of Blockchain reinforce how technology can be a tool to enhance and improve on the traditional way of accomplishing things.