The blockchain is ground-breaking and its incredible popularity is making it impossible for companies to resist. It offers new endless possibilities and industries not keen to adopt it are likely to be left behind. This technology is making waves across many sectors and markets of society.
Swift and transparent money transfer.
Previously sending money abroad has been a long, complex and frustrating process that takes several days to accomplish.
Money exchange operators and banks use middlemen which increases the costs of transferring money. Blockchain uses cryptography to automatically verify user identity and all documents required in a matter of seconds.
It also empowers senders and receivers by enabling them to connect directly removing middlemen and costs associated with them
Blockchain also removes the hacker vulnerability of banks (due to centralization) by making it difficult for the system to be penetrated. It doesn’t have a weak point utilised by hackers. Everything is tracked on blockchain ledger which prevents the introduction of fake data. Every block has a cryptographic hash, a time imprint, and the transaction data. This makes blockchain resilient to modification and alteration.
Friendly Real Estate business
Purchasing a home is one of the biggest investment individuals make in their lifetime. There is however little advancement to make the process more pleasant to lenders, buyers and sellers of homes.
Real estate transactions are known to be expensive, complicated, long and cumbersome and not a process many people want to experience. Add that to government bureaucracy and costs, restrictions on transfers, utility fees, inspection and you have an industry locking out a huge number of potential buyers and sellers.
Blockchain will positively impact financial verification of all real estate transactions and eliminate risk and fraud.
A distributed database will prove authenticity and remove third parties in the process of verification. Blockchain offers an incorruptible database where digital credentials are produced. These digital certificates are practically impossible to duplicate and they are directly linked to only one property in the system. This also means fraudsters cannot sell properties they don’t own.
A digital ID on a house and chain of ownership will ensure a seamless mortgage and eventual transfer of ownership.
Credit history and wages are verified promptly removing the numerous trips to the bank, real estate agents and lawyers.
Blockchain can reduce the long procedure of home buying with its safe and efficient payment methods, validation features and transfers.
Healing the health sector
Blockchain has a resolute vision to resolve issues that afflict the current health system.
Secure sharing of health information will provide health care professionals and other entities forum to verify the authenticity of data. This will ensure proper health care is provided.
With encryption, information reliability is assured by using proof of data integrity. Any authorized user can verify the data timestamps without the need using intermediation.
Blockchain will also provide a secure way to implement standards for dealing with insurance claims and data sharing of medical records.
A decentralized register stores all patients’ records in form of data blocks. Every legal device in the system has a copy of this block and the information is tamper proof. Smooth sharing of patient’s information among health care providers will allow precision in diagnosis, real research, effective treatment, and an efficient health ecosystem
Blockchain will also offer a solution in tracing real drugs and eliminating counterfeits. Once drugs leave the manufacturers premises to the retailer, data is uploaded on the blockchain. Since the records are immutable it is easier to verify the whole path and determine the chains are linked all the time.
Blockchain transfers trust and faith from intermediaries to the system. Power is disseminated to many entities (nodes) diminishing control of the centralized regulatory authority.
Most sectors of the society that regard security as paramount are looking into blockchain and are ready to spend millions in implementing it to fortify their systems. Those with digital assets to protect are willing to bet on blockchain for a legitimate use for the technology.
Only time will tell the extent the disruption blockchain will bring to the society as a whole.