Blockchain’s Knock On Effect Emerging technologies are exciting and bring innovaঞon and new opportuniঞes across the globe. They change our life by altering the way we think and operate on a daily basis. Technological innovaঞon can impact a lot more than our daily lives. In fact, it can disrupt enঞre industries and change the way we do business. As new technologies are developed, affected industries are forced to adapt or be replaced. The newest technology that is quickly becoming the next major disrupঞon is blockchain technology. Blockchain is a digital ledger system used to securely record transacঞons. It is poised to impact the way business is done across the globe. Here are nine prominent industries that are slated to be overhauled by blockchain technology in the near future.
The Banking Industry Blockchain technology has the potenঞal to solve several signiCcant 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 transacঞons that take place in the banking industry each day. This ledger system could signiCcantly lower the risk by providing secure records. Furthermore, money could be transferred cheaper and faster by the decentralizaঞon provided by blockchain.
The Real Estate Industry Anyone who has ever purchased or sold a home knows just how much paperwork is involved in a real estate transacঞon. Blockchain technology can completely change the current 38 europeanbusinessmagazine.com
headache that all of these documents cause. By using blockchain, all of the documents and transacঞon records can be stored securely with measurably less work and less cost. According to Piper Moreম, CEO of the Crypto Realty Group and licensed realtor, the use of blockchain can also potenঞally eliminate the escrow process. The technology can create smart contracts that release funding only when the condiঞons are met. Addiঞonally, 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 pla orm. 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 eliminaঞng any middlemen, barring direct interacঞons between agents and customers.
The Healthcare Industry The healthcare industry has been in need of a signiCcant disrupঞon when it comes to sharing and storing medical data and records. The potenঞal 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 authorizaঞon and idenঞCcaঞon of people. In fact, one startup called Ontology is already working to make posiঞve,
mulঞ-source idenঞCcaঞon a reality across all industries using the blockchain technology.
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, liঞgaঞon dealing with resolving concerns over wills of the deceased or any other documentaঞon can be eliminated. Records (including wills) stored on the blockchain will be quickly and securely veriCed. Any changes to the documents will be authenঞcated 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 ba les arguing over digital inheritance.