Blockchain is a decentralized database. It has become very powerful in the last decade. It has grown in popularity because collaboration in code is taking over central authority. Here are a list of five industries that will possibly be disrupted by blockchain.
The term blockchain is simultaneously familiar to bitcoin in many people’s minds. However, blockchain offers a more secure way to store records for banking and transfer money much faster and cheaper. The risks are also very low that the system of blockchain will collapse. It has no need for a central vault and can give each customer a private vault that they can only access.
Healthcare faces many huge challenges, but can also possibly be solved by a blockchain system. Health care providers and doctors would be allowed to tap into your health records easily and more securely. With the Blockchain system your personal health records could be one file that travels with you from the time you are born, no matter how many insurance or doctors you have. Another possible feature is that you would have access to your health information instantly, no matter where you are and at anytime. In case of an emergency all doctors have access to life-saving information.
With all the grumbling about voting irregularities, blockchain would make this go away and even fight off terrorist threats from hacking votes and rival government. Voting systems under a blockchain technology is completely unhackable. Its ability to verify data and tally votes will be fairly easy to do.
Everyone knows when you buy a home there’s a lot of paperwork involved. Blockchain would simply eliminates that process as well as escrow. You can design smart contracts that dispersed only when requirements are met and have funding. All documents would be stored securely with no worries.
Finding documents and storing them is vital when it comes to the legal industry. With applying blockchain technologies to this issue, legal documents or haggling over wills would cease with a more secured system that verifies in stores the document.
With blockchain growing over the years, it is a system that many professionals and businesses are considering. As shown above, a blockchain base system can provide the security of peace of mind many customers may not believe it’s possible. The technology is seamless and can prevent any tampering or hacks from outside sources. It is highly beneficial for consumers to begin thinking about other ways to effectively secure their documents and personal information.
Blockchain is on the rise to possibly transform general businesses and their services we have come to rely on for years. The future is around the corner and the discussion of blockchain seems to be appropriate. Old technology needs an upgrade. A blockchain system offers that and much more. Experts expect a transformation is underway as companies continue to fight for customer bases and seek their trust in their practices.