Blockchain is a decentralised database that powers cryptocurrencies. Being decentralised in nature it does not require the authority of any central body to operate hence, trust is developed based on codes. Blockchain has made a widespread impact in several industries. One does not need a bank any longer to interchange money, one no longer needs an escrow account to purchase a property.
Moreover, the requirement of a central authority has been reduced by blockchain. Blockchain is revolutionary and has the power to transform many sectors and industries besides cryptocurrencies.
Industries that could be transformed by Blockchain:
One of the most insurgent technologies in recent times is the blockchain as it has the potential to change some industries forever.
1) Real estate industry – in this sector blockchain technology can surprise people with its application. It could enhance the transaction speed and the interchanging of property papers among parties.
- With the use of blockchain technology in the real estate industry, all the transactions records and important documents could be securely stored to be used by authorized people when in need.
- The CEO of Crypto Realty Group, Piper Moretti, also firmly believes that the implementation of blockchain in the real estate industry has the strength to eradicate the escrow process. Trading Bitcoin for beginners needs experience and guidance, the BitQT can be of some help.
2) Educational institutions – another industry that can be transformed through blockchain is educational institutions. The infrastructure regarding storing credentials of students could be managed greatly with blockchain.
- Uploading data and transcripts and further authenticating them one by one is both a tiresome and time-consuming task. Implementing blockchain could speed up the procedure and save costs and energy as well.
- Researchers and students work endlessly to write documents and papers. The procedure of publishing is extremely chaotic and could bring down the morale of new writers. Publishing through blockchain could be a direct solution to this problem and encourage writers.
3) Healthcare – the healthcare industry has needed a change in terms of storing medical data and the medical records of a patient.
- For a brief time, fraud cases and losing of documents have been a part of this industry which led to mistrust among consumers and healthcare providers.
- Blockchain has changed the scenario by keeping the medical records safely that could only be accessed by the authorized people ensuring safety from fraud people. A patient’s medical history can be accessed easily without any delays by service providers.
4) Start-ups and investors – every start-up require to invest huge amounts and money and is the most important aspect of a business. New methods and ideas are generated by thousands of people and in the market of competition stealing ideas is a common thing.
- Blockchain can be beneficial in this kind of scenario as it will connect investors and start-ups even without having to meet them in person.
5) Video industry – the video industry could be benefitted by implementing blockchain. Recently, video represents a huge amount of traffic on the net, and with more exposure to YouTube, conventional media like television has been replaced.
- Blockchain could be used to decentralize the infrastructure of video permitting, video encoding, and storing them also reduces the distribution cost.
6) Voting – blockchain has the potential to change the domain of voting and politics. Implementing blockchain into the system can include more transparency in the procedure and reduce corruption to some extent. Blockchain could be used to ensure that voting results are correct and not altered by any outside source. In this way, peace can be maintained in a nation as corrupted people will have nothing to do with the procedure of voting.
Not only cryptocurrency, but also the blockchain system has several other applications, for example, in money transferring, data sharing, piracy, copyrights, and lastly, food safety. Blockchain technology is the new path towards a revolution that was needed by several industries. It not only upgrades the infrastructure but also enables transparency into the system.