Exploring Tech - 9 Industries That Will Soon Be Disrupted By Blockchain
1. The Banking Industry
Block chain technology has the potential to fix a number of significant issues faced by the banking industry these days. At this time banking institutions store money for their customers and they also manage the transfer of that money. Block chain inherently has a secure system that could provide permanent records of the millions of transactions which occur in the banking industry each day. This ledger system could considerably reduce the risk by providing secure records. In addition, money might be transferred cheaper as well as faster through the decentralization offered by block chain.
2. The Real Estate Industry
Those who have ever purchased or sold a home know simply how much paperwork is associated with a real estate transaction. Block chain technology can totally change the present head ache that all of these documents cause. By utilizing block chain, all of the documents and also transaction records can be stored securely with measurably much less work and less cost.
According to Piper Moretti, CEO of the Crypto Realty Group and licensed realtor,
The usage of block chain can also potentially get rid of the escrow process.
The technology can make smart contracts that release funding only if the conditions are met.
Furthermore, lots of people in the process of dealing with a real estate agent know how frustrating the commission rates can be, with many charging around 6 percent.
Deed coin is looking to change that with its cryptocurrency-powered system. Via using Deed coin's platform and also proprietary tokens, those rates reduce to just 1%.
Deed coin's distributed architecture provides power back to property owners as well as buyers through tokenizing the process and eliminating any middle men, barring direct interactions between agents and customers.
3. The Health care Industry
The health care industry has been in need of a significant disruption with regards to sharing and keeping medical information and records. The potential for error, scams, and lost records has created mistrust between consumers and health care providers. Block chain technology can update the trust through safely storing medical records which can be accurately and securely transferred to and accessed by the doctors and those that are authorized.
Block chain will aid in the authorization and recognition of people. In fact, one new venture known as Ontology has already been trying to make positive, multi-source identification a reality throughout almost all industrial sectors using the block chain technology.
4. The Legal Industry
Block chain technology is ready to disrupt some areas of the legal industry by being able to store and verify documents and data. For example, litigation dealing with resolving issues over wills of the deceased or any type of other documentation can be eliminated. Records (such as wills) stored on the block chain is going to be quickly as well as securely verified. Any kind of changes to the documents will be authenticated and stored. Block chain technology can also eliminate legal issues coping with inheritance, even such as cryptocurrency assets.
Safe Haven, for example, gives users the chance to secure digital assets so the investor's legacy can be passed down to his children or designee safely and securely. This technology eliminates extended court battles arguing over digital inheritance.
5. The Cryptocurrency Exchange Industry
Digital money is the way of the future, and it is because of block chain it can be securely transferred and recorded. However, the "mining" necessary to confirm and authenticate each and every transaction of digital money needs an enormous amount of computing power. Recently, this has created a lot of problems on a number of platforms when specific transactions "ran out of gas" or fizzled out because of the sheer amount of computation required. This problem was costing customers valuable time as well as money. New advancements in block chain technology are altering the way the cryptocurrency exchange industry operates. Zen Protocol has developed a substitute for other platforms, which has fixed the most significant issues in the cryptocurrency area.
In contrast to other platforms, Zen Protocol utilizes smart contracts that know in advance just how much computation every contract requires. Which means that unless there is certainly enough "gas" to support that contract, it won't run.
6. Politics
A short while ago, government parties within the U.S. and around the world have been charged of rigging election outcomes. However that will not be possible if block chain is used because it would take care of voter registration and confirmation of identity, and it would count the votes to make sure only legitimate votes were counted. Gone are the days of recounting votes as well as voting day drama.
7. The Startup Industry
With a large number of startups searching for investors, there is absolutely no current way for them to get in front of the right investors without jeopardizing the security of their ideas. Similarly, there is absolutely no right way for investors to find the companies they are interested in backing.
Block chain technology can transform all of that. In fact, it has already started.
Companies such as Pitch Ventures are making a way for startups to pitch investors live in a secure way. Entrepreneurs create summaries of their service or product and investors can quickly sort and discover potential opportunities. Ethereum's Smart Contract address enables a secure medium for the pitches, so personal privacy is maintained.
8. The Video Industry
Video is predicted to form 82% of all Internet traffic by 2021, and block chain might perform a significant role through decentralizing the video infrastructure.
Decentralizing video encoding, storage, and also content distribution will significantly reduce the cost of video traffic by tapping into $30 billion in wasted Internet computing services.
Startups such as Video Coin already are making good on the promise of freeing up this capital that will allow completely new and innovative ecosystems of video applications in order to emerge on the market.
9. The Education Industry
The education industry is poised to see several significant breakthroughs utilizing a growing version of the Internet that combines block chain, cryptocurrency, as well as virtual reality. This new Internet is going to be known as "3DInternet," and it has the ability to create a global classroom like never before. Socrates Coin is making big moves for making this a reality. The organization will create a global community of faculty, students, campuses, and curriculum. The students will include all ages, cultures, and locations. Socrates Coin has secured Nauka University that will utilize 3DInternet to unite science, thought leadership and science via education.
Block chain-distributed ledger technology offers a secure and auditable method to record and transfer data. It can transform the way in which we live our everyday lives and disrupt any kind of industry that utilizes data or transactions at all.
And all of this disruption is a good thing.
Whether or not you love to introduce new tech into your life, I believe we can all agree that additional security to our financial data would give everybody more peace of mind.