A core disruptive feature of blockchain technology is the automatic provision of a digital ledger of both parties who engaged in a transaction.
Blockchain technology has taken the world by storm. However, most know of blockchain as a technology, which enables cryptocurrency trading across the world. Well, it is so much more than that.
A core disruptive feature of blockchain technology is the automatic provision of a digital ledger of both parties who engaged in a transaction. Blockchain is also known as distributed ledger technology. It’s like a distributed database, that millions of computers around the world have access to and are constantly updating. This means that all data stored on the network is transparent; it is public by default. This also means that all the data in the blockchain network cannot be corrupted or deleted.
Believe it or not, Blockchain is already gaining or has gained ground in several sectors of our everyday lives and it is closer to you than you think. There has been growing acceptance of blockchain technology among entrepreneurs and innovative companies as ‘The future’. Going forward, blockchain technology will be about a lot more than Bitcoin. Here are some industries, which can massively benefit by adopting to blockchain:
Banking is just the beginning. But from a macro perspective, banks serve as the critical storehouses and transfer hubs of value. As a digitized, secure, and tamper-proof ledger, blockchain could serve the same function, injecting enhanced accuracy and information sharing into the financial services ecosystem.
Government (Identities & Voting):
In the current system, it’s difficult to establish your true identity, and your personal information lives on government servers for apps you use with little inter-operability. There’s a blockchain future where your identity can be easily carried with you around the internet. Using blockchain for instance, a user will access apps atop decentralized networks, and have perfect portability of their data. By capturing votes as transactions through blockchain, governments and voters would have a verifiable audit trail, ensuring no votes are changed or removed and no illegitimate votes are added.
Education & Academia:
By nature, academic credentials must be universally recognized and verifiable. In both the primary/secondary schooling and university environments, verifying academic credentials remains largely a manual process (heavy on paper documentation and case-by-case checking). Deploying blockchain solutions in education could streamline verification procedures – thus reducing fraudulent claims of un-earned educational credits.
Pain points for buying and selling property include a lack of transparency during and after transactions, copious amounts of paperwork, possible fraud, and errors in public records. Blockchain offers a way to reduce the need for paper-based record keeping and speed up transactions — helping stakeholders improve efficiency and reduce transaction costs on all sides of the transaction. Real estate blockchain applications can help record, track, and transfer land titles, property deeds, liens, and more, and can help ensure that all documents are accurate and verifiable.
Healthcare institutions suffer from an inability to securely share data across platforms. Better data collaboration between providers could ultimately mean higher probability of accurate diagnoses, higher likelihood of effective treatments, and the overall increased ability of healthcare systems to deliver cost-effective care. Use of blockchain technology could allow hospitals, payers, and other parties in the healthcare value chain to share access to their networks without compromising data security and integrity.