Blockchain is one of the most revolutionary technologies of recent years.
In this article, we explore what blockchain can be used for besides cryptocurrency, and explore industries that may be changing forever.
” Blockchain, the disruptive technology behind Bitcoin, has been slowly gaining the fame it deserves. Proclaimed to be one of the most breakthrough technologies of recent decades, blockchain technology underpins the transition from a centralized, server-based Internet system to a cryptographically transparent one network.” – inc42.com.
What can blockchain be used for?
Blockchain is not only a cryptocurrency, it could also have many other great applications. According to The Motley Fool, it could, for example, be used for:
- Payment processing and remittances
- Supply chain management
- Digital identifiers
- Data exchange
- Copyright and royalty protection
- Food security
- Data backup
Which industries will blockchain change?
1. The real estate industry can be revolutionized
Anyone who has ever had to deal with the problem of buying real estate knows exactly how much paperwork and bureaucracy is involved. It can be a real headache and slow the process down to a snail’s pace.
Real estate is an area where blockchain technology can do wonders for speeding up transactions and transferring ownership between parties. Using it, all necessary documentation and other transaction records can be securely stored for access by all authorized parties when needed.
Piper Moretti, CEO of Crypto Realty Group and a licensed realtor, also believes that using blockchain can also potentially eliminate the escrow process. That’s because it can be used to create smart contracts in which funds are released only when certain conditions are met.
It could also help save buyers and sellers from paying exorbitant commissions from various specialists in the ongoing process.
2. Education can be changed forever
Education could be another industry that will be reshaped by blockchain. It could be greatly improved by a breakthrough in the use of a new form of the Internet that combines blockchain, cryptocurrency, and virtual reality.
This new iteration of the network, dubbed “3DInternet,” could have enormous potential to create global classrooms like none before it.
One company working on it, called Socratescoin, believes it will be a game-changer. They hope to create a global community of faculty, students, campuses, and academic programs.
Blockchain will help provide a safe, secure, and auditable ledger for all education-related data and transactions.
3. Healthcare needs blockchain technology
Healthcare may be another industry that will change forever. Many industry professionals have long believed that the industry needs a revolution when it comes to sharing and storing medical data and records.
In addition, errors, fraud, and lost records have long been a problem for the medical profession. This has created a level of distrust between consumers and healthcare providers.
This is where this technology can change that situation forever. By protecting medical records reliably, accurately, and securely, authorized professionals can quickly and easily access a patient’s medical history with minimal delay.
Blockchain should also eliminate the possibility of healthcare fraud.
4. The legal industry will be shaken up
In some ways related to real estate, the rest of the legal industry could also be undermined. Its ability to allow professionals and clients to store and verify documents and other data could be revolutionary.
“For example, litigation to resolve deceased wills or any other documentation could be eliminated.
Records (including wills) stored on the blockchain would be quickly and reliably verified. Any changes to documents will be authenticated and stored.” – inc.com
Other areas, such as dealing with inheritance issues, could lead to the development of cryptocurrency assets in the long run. It could also eliminate lengthy court battles.
5. Startups and investors can benefit
Money is the lifeblood of business, and nowhere is it more important than for startups. Thousands of people need investment every year, and they have few ways to get their business ideas directly to the right investors.
Especially in a way that prevents their ideas from being stolen or copied. This also works both ways, since many investors want their money to work for them.
Blockchain will offer both investors and startups the ability to connect in ways they’ve never seen before.
“Companies like Pitch Ventures are creating a safe way for startups to introduce investors live. Entrepreneurs create a summary of their product or service, and investors can quickly sort through and find potential opportunities. The Ethereum smart contract address provides a secure environment for presentations, so privacy is maintained,” inc.com
6. Policies and voting can be changed
Another area that could change things forever is politics and voting. As accusations of voter fraud become more and more common, perhaps blockchain could be the answer.
It would no longer be a problem, as voting lists could be created that would be protected from manipulation. It could also be used for the actual voting process and to ensure the accuracy and validity of the results.
Recounting would be a thing of the past.
7. Video Industry
Blockchain could be used to revolutionize the video industry in the not-too-distant future. Video currently represents a large amount of traffic on the Web, and sites such as YouTube are largely replacing more traditional media such as television.
It is possible to use video infrastructure to decentralize, which would greatly reduce the cost of encoding, storing, and distributing video.
Some startups are already working on this, including VideoCoin. They are trying to fulfill their promise of creating innovative ecosystems to bring new video applications to market.
Which companies use Blockchain technology?
Various companies are already either using or actively investing in blockchain technology in their organizations. These include, but are not limited to courtesy of blockchain-council.org
- Burger King Russia.