5 Industries Blockchain is Disrupting
Trust has always been an important factor people consider when making a final decision — whether it be in transacting with one another, providing personal information to financial institutions, receiving advice from a physician, relying on research done in the food industry to what food we eat, and more. The constant need for managing trust has become an industry itself, but blockchain technology provides a solution.
We are seeing more companies implementing blockchain technology because of the transparency, security, decentralization, cost reduction, and privacy it offers. It has shifted the way we view trust and will continue to transform several sectors as it becomes more popular and widely adopted — but how?
- Real Estate
When it comes to renting or purchasing a property, there is lack of transparency, countless fees, stacks of paper work to be filled out, and intermediaries (e.g. brokers) needed to negotiate transactions. Blockchain offers a way to eliminate those pain points and improve efficiency.
e.g. I found an apartment I absolutely loved on Craigslist. The listing specified free internet for a year. After signing the year lease I followed up with the agent — he notified me that the unit didn’t include internet. The listing was taken off of Craigslist and I wasn’t able to support my argument as I had no paper trail.
Blockchain technology can create easy access to information needed such as:
- past records of inspection
- damages incurred
- renovations and costs
- what’s included in a rental property
The beauty of blockchain is that one cannot tamper or change transactions or information once it’s processed.
2. Healthcare
Blockchain has the potential to transform health care by providing:
- Institutions a way to:
- share data effectively
- increase security
- provide cost-effective care
- expedite insurance claims
- aid in authorization and identification of patients
2. Patients a way to:
- access medical records in one place
- receive a more accurate diagnosis
- control where their medical history goes
- expedite prescription fills
- afford medical insurance
Interesting Fact: According to a Mayo Clinic study — healthcare professionals burnout due to countless hours of data-entry. It can take 20 to 200 seconds of reviewing chart notes and entering orders when refilling a prescription. The institutions are trying to find processes to streamline medical record storage and access for healthcare providers and patients as it’s been primarily designed for billing.
3. Banking
Major financial firms have started to invest in blockchain technology as it provides a way to:
- send digital assets securely
- automate payments by eliminating the need for third parties to approve transactions between consumers
- reduce operational costs
- give companies more liquidity for fundraising
- provide a layer of security in borrowing money at lower interest rates
4. Education
The education industry will see a significant breakthrough with the use of blockchain technology as it could change the way institutions:
- store and transfer credits or qualifications
- issue certificates
- provide online secure databases
- give parties access to reputable research
- structure lectures
5. Agriculture
With the rise of consumer awareness towards food safety and health it’s always been a concern for people to know:
- what source food is coming from, which ensures accountability
- which products are counterfeit
- if goods are being properly tracked
- records of land registration and purchases
- transparent distribution and deliveries of products
Blockchain is not just about digital currencies. Think about how it can make things faster, affordable, and transparent. As innovation continues to redefine workplaces it’s important to understand how it works because— “…What the Internet did to publishing, blockchain will do to about 160 different industries.” — Patrick M. Byrne
