Blockchain is a revolutionary system base. Its decentralized and highly secure nature means that it could have a significant impact on certain industries. There are many benefits to using blockchain, including increase security, verification, and data protection. While it could be utilized in almost any domain, some industries would benefit more than others from blockchain implementation.
How Blockchain Works
Blockchain is a decentralized database technology where each new transaction is built on top of the one before it. It is a distributed ledger technology based on peer-2-peer networks where every transaction is verified. Blockchain systems are extremely difficult to hack. Hackers have to access all of the computers on the network and put together the data pieces they find to see the information. They also cannot erase or alter the data once they have it.
Users can easily share data, but it cannot be erased or changed once added to the chain, only appended. The network automatically employs digital signature and encryption. Additionally, because a new transaction is built onto the one before it, transactions are automatically time-stamped. With these features in mind, here are ten industries that would benefit from the increased security and verifiability of blockchain.
1. Politics
A significant concern during elections is the possibility of voter fraud or interference from foreign countries. However, with a blockchain-based voting system, voters and governments could trust that their votes were secure, and the results are correct.
2. Legal
The storage, retrieval, and verification of legal documents are essential in the industry. The increased security of blockchain means that questions surrounding the integrity of a document could be eliminated. Additionally, blockchain’s automatic verification would allow those in the industry to track their data transactions easily.
3. Real Estate
Smart contracts are a significant feature of blockchain. They only execute once certain conditions are met, which could simplify buying and selling real estate. Relevant documents and data can also be stored securely to protect the integrity of the real estate transaction.
Another benefit of blockchain is its ability to remove the need for third-party intermediaries, which can dramatically reduce or eliminate fees. Those purchasing and selling real estate would spend less on agents and go-betweens.
4. Banking
Blockchain would store banking information securely, and it would also give users the ability to quickly and cheaply transfer money. The system’s decentralized nature would make it much more difficult for outsiders to access funds and data.
5. Healthcare
A major challenge that healthcare providers face is the inability to share and access patient records confidentially. Blockchain would allow providers to do so easily while maintaining high levels of security. Lifesaving information could be accessed quickly and securely, and patients outside of their usual care zone could ensure that their new provider could reach their files.
6. Rentals and Ride-Sharing Services
While companies like Uber and Airbnb have been extremely successful, with blockchain servers, the need for their intermediary services would be eliminated, along with their fees. True peer-2-peer networks could be created. Users could share services and goods without paying for go-between services.
7. Government
Practically every aspect of government could be improved with better security and verification. Aid programs and bureaucratic processes would be more secure and faster. Additionally, smart contracts could be used to release funds for contractors or foreign governments once conditions are met.
8. Charities
A significant concern of many charity donors is whether or not their money is reaching the intended target. With smart contracts, people would not need to worry about the misuse of funds. They could safely donate to charities and know that their money would reach the intended recipient.
9. Security
The data security industry could immensely benefit from blockchain technology. Blockchain is more reliable than traditional systems, and the verification and tracking of data would be simple. While blockchain networks are not impossible to hack, it is much more difficult than conventional encryption. Hackers would have to access all of the computers on the server and piece together the data. Even then, they would still be unable to erase information.
10. Education
Student records and grades could be kept more secure with a blockchain system. Not only would teachers and administrators be able to access the data securely, but potential employers and other educational institutions would be able to as well. Additionally, as online schooling grows more popular, blockchain technology can verify transcripts and records at a distance.
Final Thoughts
Blockchain can disrupt every industry. Right now, however, the ideal domains for blockchain implementation are ones that would benefit from high levels of security and a decentralized system. If you think blockchain technology could be useful for your organization, do some research into ways you might be able to implement it there.
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