We are in the middle of the blockchain boom and many industries are starting to look up and take note about what this new technology might mean for them. Many businesses are excited by the long-term implications of the blockchain, but without any evidence, it is hard to understand the full potential of this new development.
At a basic level, the blockchain technology makes up a decentralized system for authenticating and managing information. No one owns any of the data in a blockchain, as algorithms supplement any need for third party involvement. Here you can see four industries that are likely to have the most imminent disruption by blockchain. The main use of this technology at the moment is the various processes associated with cryptocurrencies, such as crypto coin exchanges, Bitcoin gambling and the like, but there are many more applications of this tech that not that many people know about.
Cybersecurity – All the information stored on a blockchain network is secured and encrypted, meaning that it would be a very difficult target for any sort of cyber attack. Plus, because it is decentralized, there is no single point of entrance for the attack to take place. The less human input, the less chance of human error or any type of manipulation.
Real Estate – The real estate industry is full of inefficiencies and very time consuming, relying heavily on manual, paper-based processes. Some businesses have already found ways to use blockchain to their advantage. They enable real estate owners to issue tokens for a property so that they can be traded in liquid exchange.
Voting – The threat of mass voter fraud is a very real one, and there have already been many instances of it throughout history. In many ways, these frauds have only highlighted the number of error-prone processes involved in the voting sphere. In the next 20 years or sooner, it is likely that we will see the transition from paper-based voting to digital.
Healthcare – Healthcare is an industry that is in need of modernization when it comes to its record keeping. Although for the most part it is already digitized, there are issues with keeping this information from hackers. Blockchain technology promises to improve this data security in the near future.
These are only a few of the many industries that will be affected by blockchain in the near future, making life easier, cheaper, and faster.
Article created by the crypto specialists over at Bitfortune.net.