Blockchain technologies are impacting so many businesses. In fact, this technology has disrupted entire industries and changed the way business is done.
To understand how blockchain is disrupting industries worldwide, here are 4 leading sectors which have been impacted by this revolutionary technology.
Blockchain technology can solve many problems faced by the banking industry. An inherently secure system, it creates a permanent record of millions of transactions taking place in the banking industry every day. Providing secure records, it can lower the risk, and cost of transferring money, all on account of the decentralisation provided by the blockchain. Many financial firms have invested in blockchain technology as it sends digital assets in a secure manner. Additionally, payment is automated, eliminating the need for third-party approvals for transactions, reducing operational costs for consumers. It also provides more liquidity for raising funds. It even provides an additional layer of security while borrowing money at low-interest rates.
#2 Real Estate
Blockchain can address the common headaches and pitfalls of the traditional rental models. The function permits prospective tenants to bid on offered prices, bringing transparency into the process of rent auctions. Use of e-signatures and smart contracts cover monetary transactions such as bills and rents permitting payments to occur in reliable ways. By deploying blockchain, all the documents and transaction records can be securely stored with lower cost and less work. Blockchain can also eliminate the escrow process. Smart contracts will release funding only when conditions are met. When it concerns real estate, there are countless fees and a lot of transparency.
Blockchain technology offers easy access to information such as inspection of past records, damage incurred and renovation as well as costs. Blockchain is further tamper-proof. Issues in selling and buying real estate can be resolved quite easily. Blockchain technology can spur transactions, by lowering the need for record keeping. It also helps in tracking, verifying ownership, ensuring document accuracy and transferring property deeds.
Blockchain will create a potential for IoT-equipped smart cities. Traffic lights, vehicles, street signs and other stationary and mobile targets are equipped with sensors. These could gather and send data to systems and reroute traffic movement resulting in not just less congestion, but also quicker commutes and reduced carbon emissions. Blockchain-secured data from sensors can also guide vehicles towards open parking spots or change terminals, report accidents, maintenance issues or pay traffic tickets.
Blockchain can carve out a future where all health data is secured and shared from doctor to doctor. This includes medical visit records, ER visits, shots, insurance data, and X-rays, along with other documentation.
Hospitals face a lack of security when it comes to storing and sharing data on platforms. Blockchain technology can permit hospitals to store data safely and share this with personnel/patients. Blockchain has the potential to transform the healthcare industry, when it comes to disruption, and sharing and storing medical records and data. Potential for errors, lost records, and frauds create a problem between healthcare providers and customers.
Blockchain technology can secure medical records and offer safe transfer and access to authorised doctors and people. Blockchain will lead to authorisation and identification of people. Blockchain has the potential to innovate healthcare by providing the way to increase security, expedite insurance claims, provide cost-efficient care and increase security. Patients can access medical records in a single place, get a more accurate diagnosis, have control over where medical history is shared, afford medical insurance, and expedite prescription fills.
Blockchain, a digital ledger system used to securely record transactions, is disrupting a wide range of sectors. It clearly has the potential to solve many problems faced across different industries.
Disclaimer: “This article was contributed by the CEO of Blackmore Group, Phillip Nunn. Entrepreneur, financial expert, corporate evangelist, fintech and crypto trading authority, Phillip is an industry speaker and renowned thought leader on topics such as Fintech, Cryptocurrency, and Blockchain technologies. Follow his blog at https://phillipnunn.co.uk/phillips-blog/ ”