4 Industries That Will Soon Be Disrupted By Blockchain
In many industries, companies will need to adapt or be replaced.
Let's face it. Many people are resistant to technological changes in both their personal lives and at the office. However, what they often lack is the vision to see how the new technology they are resisting will improve their lives in the future.
Emerging technologies are exciting and bring innovation and new opportunities across the globe. They change our life by altering the way we think and operate on a daily basis.
Technological innovation can impact a lot more than our daily lives. In fact, it can disrupt entire industries and change the way we do business.
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As new technologies are developed, affected industries are forced to adapt or be replaced.
The newest technology that is quickly becoming the next major disruption is blockchain technology.
Blockchain is a digital ledger system used to securely record transactions. It is poised to impact the way business is done across the globe.
Here are four prominent industries that are slated to be overhauled by blockchain technology in the near future.
1. The Banking Industry
Blockchain technology has the potential to solve several significant problems faced by the banking industry today. Right now banks store money for their customers, and they also handle the transfer of that money.
Blockchain inherently has a secure system that would provide permanent records of the millions of transactions that take place in the banking industry each day. This ledger system could significantly lower the risk by providing secure records. Furthermore, money could be transferred cheaper and faster by the decentralization provided by blockchain.
2. The Real Estate Industry
Anyone who has ever purchased or sold a home knows just how much paperwork is involved in a real estate transaction. Blockchain technology can completely change the current headache that all of these documents cause.
By using blockchain, all of the documents and transaction records can be stored securely with measurably less work and less cost.
According to Piper Moretti, CEO of the Crypto Realty Group and licensed realtor, the use of blockchain can also potentially eliminate the escrow process.
The technology can create smart contracts that release funding only when the conditions are met.
Additionally, many people in the process of working with a real estate agent know how frustrating the commission rates can be, with many charging up to 6 percent.
Deedcoin is looking to change that with its cryptocurrency-powered platform. Through using Deedcoin's platform and proprietary tokens, those rates decrease to just 1%.
Deedcoin's distributed architecture gives power back to homeowners and buyers by tokenizing the process and eliminating any middlemen, barring direct interactions between agents and customers.
3. The Healthcare Industry
The healthcare industry has been in need of a significant disruption when it comes to sharing and storing medical data and records.
The potential for error, fraud, and lost records has created distrust between consumers and healthcare providers.
Blockchain technology can revamp the trust by securely storing medical records that can be accurately and safely transferred to and accessed by the doctors and people who are authorized.
Blockchain will aid in the authorization and identification of people. In fact, one startup called Ontology is already working to make positive, multi-source identification a reality across all industries using the blockchain technology.
4. The Legal Industry
Blockchain technology is poised to disrupt some areas of the legal industry by being able to store and verify documents and data. For example, litigation dealing with resolving concerns over wills of the deceased or any other documentation can be eliminated.
Records (including wills) stored on the blockchain will be quickly and securely verified. Any changes to the documents will be authenticated and stored.
Blockchain technology can also eliminate legal issues dealing with inheritance, even including cryptocurrency assets.
Safe Haven, for example, gives users the opportunity to secure digital assets so that the investor's legacy can be passed down to his children or designee safely and securely.
This technology eliminates lengthy court battles arguing over digital inheritance.
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