Blockchain technology has grown far beyond its birth as the basis of Bitcoin and other cryptocurrencies. Many industries are now starting to discover the virtually endless uses of this completely transparent and fraud-resistant register. A wave of sectors is discovering ground-breaking answers to what is blockchain and the many ways it can help them innovate.
5 Industries Revolutionised by the Blockchain
The blockchain’s decentralised nature allows a truly dispersed consensus that doesn’t rely on any single authority. It holds the potential to modernize business infrastructures that can facilitate smart contracts, more trustworthy business models, independent transactions, and more.
Below are five industries set to benefit from the blockchain in the next few years:
The healthcare industry still lacks unified and secure standards when it comes to information transfer and the management of patient data.
Fortunately, the immutable capabilities of the digital asset blockchain can help medical professionals and facilities to access and share patient files without the hassle of dealing with paper documents. Digital records can be safely and efficiently accessed over a distributed cloud network so that patients can receive well-informed treatments no matter which facility they check into.
Elections all over the world have long struggled with counting errors and issues with voter identities such as imposters and duplicates. The blockchain can make voting fraud almost impossible to commit. A dedicated audit trail based on the blockchain can be used to verify every voter and ensure that they can only cast one vote. This untainted and unbiased blockchain voting system can help eliminate electoral issues for good.
- Real Estate
Blockchain technology companies can build automated methods that can securely store real estate titles and property details. This open filing system not only reduces paperwork but also eliminates the escrow through the use of smart contracts. Removing the third party from real estate transactions lowers costs and time spent to buy, sell, and transfer properties.
- Music Streaming
Through the blockchain network, artists can bypass record labels and directly transact with their audience. They can run ads to promote their music, or charge consumers for their work without having to pay intermediaries. In addition, the blockchain systems provides concrete and official statistics on streams, hits, and ad revenues. This technology paves the way for equal opportunities, more practical alternatives, and better earning potential for artists everywhere.
Blockchain solutions are poised to transform the landscape for agricultural operations. Farmers can use the technology to remove middlemen and interact directly with regulatory authorities to get data on market trends, weather, prices, and more.
Farmers can also use the blockchain to create co-op farms that operate on a transparent and protected platform, as well as track their products through smart contracts at every stage of the supply chain.
Blockchain: Using the Technology of the Future Today
The blockchain’s breakthrough technology offers functional solutions for many industries. Creating secure information transactions, reducing costs, and eliminating third parties are just the beginning of what is blockchain and what it can do for businesses all over the world.