Blockchain is groundbreaking and its incredible popularity has made many companies irresistible. It offers endless possibilities that industries unwilling to adopt may be abandoned. This technology has caused great waves in many industries and markets in the society.
Fast and transparent transfers
Sending money abroad used to be a long, complicated and frustrating process that took days to complete.
Money changers and banks use middlemen, increasing the cost of transferring money. The blockchain uses encryption to automatically verify the identity of the user and all documents in just a few seconds.
It also empowers senders and receivers to connect directly, eliminating the middlemen and costs associated with it.
Blockchain also removes the hacker vulnerability of the banking system (due to centralization) making the system very difficult to penetrate. It has no weaknesses to be exploited by hackers. All data is tracked on the blockchain ledger to prevent the introduction of fake data. Each block has a cryptographic hash, imprint, and transaction data. This makes the blockchain resilient to modifications and changes.
Friendly real estate business
Buying a home is one of the biggest investments in an individual's life. Regardless, the process is a small step up for lenders, buyers and sellers alike.
Real estate transactions are notoriously expensive, complicated, long and tedious, and many people don’t want to go through the process. Add to that government bureaucracy, costs, transfer restrictions, utility fees, inspections, and more, and the industry shuts out a large number of potential buyers and sellers.
Blockchain will positively impact the financial audit of all real estate transactions, eliminating risk and fraud.
The distributed database will prove authenticity and remove third parties during the verification process. Blockchain provides an indestructible database in which digital credentials are generated. These digital certificates are nearly impossible to duplicate, and they only link directly to one property in the system. It also means that scammers can't sell properties they don't own.
A digital ID on the home and title chain will ensure seamless mortgage and eventual transfer of title.
Credit history and wages are verified in a timely manner, saving you the hassle of multiple trips to banks, real estate agents and lawyers.
With its safe and efficient payment methods, verification functions and transfer functions, blockchain can shorten the long process of buying a house.
save the health sector
Blockchain has a firm vision to solve the problems plaguing the current health system.
The secure sharing of health information will provide a forum for health care professionals and other entities to verify the authenticity of the data. This will ensure proper medical care is provided.
With encryption, information reliability is assured through the use of evidence of data integrity. Any authorized user can verify timestamp data without using an intermediary.
Blockchain will also provide a secure way to enforce standards for processing insurance claims and sharing medical record data.
Blockchain will also provide a secure way to enforce standards for processing insurance claims and sharing medical record data. Decentralized registers store all patient records in blocks of data. Every legitimate device in the system has a copy of this block, and the information is tamper-proof. The smooth sharing of patient information among health care providers will allow for more precise diagnosis, practical research, effective treatment, and an effective health ecosystem.
Blockchain will also provide a solution to track genuine medicines and eliminate counterfeit medicines. Once the drug is handed over to the retailer, the data is uploaded to the blockchain. Self-records are immutable and make it easier to verify the entire path and confirm that the blockchain is connected.
in conclusion
Blockchain transfers trust and belief from intermediaries into the system. Decentralization of power to many entities (nodes) weakens control over a central regulator.
Most sectors of society that see security as a top priority are investigating blockchain and are prepared to spend millions to implement it to strengthen their systems. Those who need to secure digital assets are willing to bet on the blockchain for legitimate use of the technology.
Only time will tell the impact blockchain will have on society as a whole.
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