Blockchain technology may have experienced a meteoric rise to fame because of Bitcoin but there’s no denying the fact that it’s useful when applied to other businesses.
Already there are 5 industries whose landscapes have been changed by Blockchain:
Data Security
Blockchain and data security are a match made in heaven. Nowadays, it’s not enough to just have encryption, security certificates and anti-malware or virus software, and it’s something that Blockchain can fix just by being present.
Consumer data and their privacy are some of the biggest concerns in the security aspect. We’ve already experienced breaches from big-name companies. By itself, Blockchain can add to the level of security as it protects data from being changed and provides validation.
Now the latest cutting-edge data security measures include digital signatures, Zero Trust model and SDP architectures to make it all the more difficult for hackers to get through.
Financial Services
The financial services sector is a shining example of Blockchain application. It has single-handedly revolutionized pain points such as lending, security, payment and transactions and effectively removes the middleman.
Blockchain technology allows for faster payments cross-border and without having to validate via third party companies.
Financial services go hand in hand with cryptocurrency trading. You can follow Crypto Genisus and make favorable investment actions that allow you to gain profit. Companies that have Blockchain in place can offer faster and smoother transactions with low fees.
Voting
Blockchain works its best when combined with an e-voting platform. Countries can move forward and implement a forward-thinking solution and put Blockchain as its central technology.
Aside from protecting voting numbers Blockchain can prevent digital deception, tampering and ultimately, an altered voting outcome. Social media and news websites can tap into Blockchain to disseminate truthful information and facts within the system.
Blockchain isn’t perfect, and there are still kinks that need to be ironed out, but it’s generally promising and set to change the political landscape for the good.
Real Estate
The real estate sector has become more agile since the implementation of Blockchain.
For example, buying properties is now significantly shortened. Fraud risks and paperwork are reduced to a manageable size, and Blockchain has the potential to create a distributed, central and permanent ledger for agents, buyers, insurance companies, lenders and those involved.
When this happens all the data will be recorded in one central location, where everyone can see if the documents are real or not. The transition to Blockchain technology will make the industry more accessible to those who want to invest but are intimidated by the processes inherent in the industry.
Healthcare
Blockchain’s decentralized aspect is appealing for those who imagine a single central database that can hold a patient’s medical information regardless of healthcare facility, hospital or doctor.
Data security is also strengthened in terms of managing medical records. Payment processing can be done at a much faster pace and adds to the convenience.
Patients will have greater peace of mind knowing their personal and private data is kept safe by one of the most advanced technologies in our time.