January 28, 2023

Top 7 industries that blockchain can revolutionize

If the future is truly decentralized, then the blockchain will undoubtedly be at the heart of this future. IN in the end, the concept and ideas of decentralization were born thanks to the advent of blockchain.

Satoshi Nakamoto, still an unknown Bitcoin developer, published a whitewater in the 4th quarter of 2008. Then, only a few imagined a possible future.

Today, after 10 years, the blockchain is widelyA common idea, at least in the technology industry. Techies are trying to apply different ideas to eliminate central government and revolutionize different industries - of course, for their own benefit.

It is impossible to know exactly which industries will succeed in revolutionizing, and where failure will occur, but those where the probability of revolutionary changes is highest:

Banking

Let's start with the obvious: banking.

Banking (and financial services) is perhapspriority when it comes to the use of blockchain in established industries. Such concepts as commissions, time spent, bureaucracy, fraud, etc. are traditionally associated with the banking industry. And the blockchain proposes to eliminate these stereotypes.

Transfer fee, international feeTransactions, exchange rates and the time required for the money to appear on the account of the counterparty are just some of the obstacles that end users do not like. Cryptocurrencies such as Bitcoin are able to eliminate central control in such cases. Thanks to Bitcoin or any other currency “Decentralized registry for payments” You can transfer millions of dollars anywhere with a minimum commission and very quickly.

For example, Ashton Kutcher made an instant transaction of almost $ 4 million using Ripple on the air.

Other significant parts of the banking industry, such as clearing and settlement, loans and borrowings, trade finance, etc., can also benefit from the use of blockchain.

The property

Real estate is probably the most remarkable asset class that can revolutionize the blockchain.

With blockchain, you can overcome the traditionalobstacles in real estate, such as accessibility only for high-income people, lack of transparency, lack of liquidity, commission of realtors and banks, transaction speed, fraud, etc.

Blockchain is decentralized and secure.a sequence of immutable records with timestamps. This means that if someone puts up for sale their proven property, then anyone can find out the details about the owner, that is, fraud is impossible.

Smart contracts eliminate middlemen,such as banks, lawyers and realtors. And this means a reduction in costs of 3-5%. In addition, the use of blockchain is also accompanied by banking benefits, such as speed and unlimited transactions.

Another blockchain advantage for both parties- this is tokenization. A low-income buyer may own a share in real estate, which means that the seller will receive cash immediately, without waiting for someone to buy the whole property.

In general, blockchain has a lot to offer in the real estate industry.

Supply chain

Images: Unsplash

Supply chains are a complex industry. There can be hundreds of stages in global supply chains — cargo ships, trains, warehouses, etc. And a distributed digital registry can be incredibly valuable here.

Blockchain has practical use inensuring transparency, contracts, tracking and payments throughout the supply chain. For example, each participant in the supply chain may have access to the details of the previous block and other relevant information.

Big players like Walmart are already using blockchain in their supply chain and are reaping the rewards.

Intellectual property

Theft of original creations and / or ideasdistributed throughout the world. People constantly use intellectual property for personal and commercial purposes, and the creators are in no hurry to seek legal protection. Why? They will need to provide evidence, such as a patent, trademark, or copyright to a publicly accessible creation, which will take time and money.

Digital Registry Technology Can Helpprotect intellectual property. Thanks to the immutable and safe blockchain system with timestamps, you can record your discovery or creation in the digital registry. This can serve as an ideal proof in case of legal issues.

Thus, the blockchain will prevent digital thieves from cheating and stealing intellectual property.

Healthcare

Blockchain can save lives. It may be said loudly, but it really has that potential.

Firstly, the use of blockchain in medicalsupply chains can prevent the sale of fake drugs. All legal pharmaceutical companies and pharmacies can be registered on a common blockchain with access to their databases. Thanks to the transparency and immutability of the blockchain, fraud can be detected if the numbers do not match.

Blockchain can also save lives in hospitals. If you create a global blockchain with medical data for all patients that will be available to legitimate doctors, this will save lives in emergency cases. Moreover, based on the patient’s history, you can choose the perfect medicine for him.

In addition, health insurance companies can also prevent fraudulent claims.

Education

Online education and distance learning is already a reality, and blockchain can help take the next step.

Thanks to the blockchain, all education dataeach person, as well as his achievements and skills, can be made available to institutions and students. These records will be unchangeable, transparent and verifiable, which will allow institutions and organizations to select the right people and weed out impostors.

Moreover, it will help institutes and students incooperation. In this way, blockchain can help wherever someone needs to be tested. It also promotes learning anywhere in the world.

Cybersecurity

The last industry on our list where blockchain can be useful is cybersecurity.

Blockchain offers decentralized solutionsstorage, which means that it is not stored on any particular server. Although registry blocks are publicly available, advanced cryptography keeps sensitive data safe from hackers.

This concept allows you to protect the Internet of things, private messages, etc. from cyber threats.

Conclusion

Blockchain is capable of revolutionizing anyan industry that deals with transactions, data transfer, and security. The above are the industries that he can revolutionize in the first place, thanks to such characteristics as immutability, cryptography and decentralization.