5 Industries Blockchain Will Transform
Many are hoping that the so-called crypto winter will begin to thaw in 2019 and the signs are already starting to look positive. The ICO culture that enabled projects to be financed and built on future promises has been widely criticized. But, it increasingly feels like 2019 will be the year that we begin to see the first fruits in the form of real-world solutions.
As adoption gathers pace, some industries will be more receptive to change than others. However, in this article, we will feature five sectors that will be transformed by blockchain technology.
The success of any new technology is mostly determined if they can achieve mainstream adoption. But as the world of banking was built on financial infrastructure that is starting to struggle in a digital age, the entire industry is ready to embrace change.
Bank transfers that take around three days to complete are merely no longer realistic or acceptable in an always online world. At a time where greater efficiency is being explored, distributed ledgers can reduce costs and bring us that much-needed step closer towards real-time transactions.
Companies such as Ripple and R3 are working directly with traditional banks to bring them into the 21st century. Blockchain technology is not just about saving money, it’s also about removing the unnecessary logistical nightmare of moving money around the world. But, the technology itself is already becoming invisible to businesses.
For example, staff at banks using Xrapid will not know about the role of the XRP cryptocurrency or indeed the blockchain. Cross-border remittances are all completed with the dollar amount written down using Xrapid. The complex technology behind the scenes do all the hard work and will remove third parties from the equation too. Over complex processes and a variety of intermediaries that provide no value will soon be retired. We are no longer looking at projects built on future promises, and we increasingly see real-world use-cases around significant areas such as cross-border remittances. We can expect, blockchain to live up to the hype for the banking industry over the following months not years.
It is often said that moving to a new home is one of the most stressful moments in your life. The entire process of searching for somewhere to live is beginning to feel incredibly archaic. Handling the deposit, communicating with landlords, and almost every stage of the journey can feel incredibly daunting. And it shouldn’t be.
Those that dare to look beyond the world of volatile cryptocurrencies will discover a thriving ecosystem of new solutions built on the blockchain. In real estate, maybe it’s time for an alternative blockchain approach that could easily remove stresses such as unrecoverable deposits or getting involved in bidding wars with other tenants. Try to imagine a new way for the industry to finally free themselves from the shackles of brokers and paperwork.
There are already emerging solutions that are highlighting the art of the possible with using blockchain in the real estate industry. BitProperty is allowing anyone, regardless of their geographical location to leverage blockchain and smart contracts and invest in property.
Elsewhere, Deedcoin runs on a much more appealing one percent commission rate rather than the traditional six percent. The savings are made by attempting an alternative approach to connect home buyers and sellers with real estate agents. Equally, Ubitquity further simplifies the process of securely recording property information
There are many other examples of how blockchain could easily connect tenants directly with landlords and remove any intermediaries form the equation. Make no mistake, when it comes to transformational change in the world of real estate, we are just getting started.
Unfortunately, governments and corruption are two words that are often spoken in the same sentence all over the world. Everything from tax collection, land ownership transfer and utility bills are not only much slower than all other aspects of our life but also easy for bad actors to fiddle the system
However, blockchain technology could quickly bring a little trust and transparency into local government. A distributed ledger where everyone can have a real-time copy of any transactions or information will resolve both the efficiency and the transparency issue once and for all.
The streamlining of bureaucratic procedures and removing unnecessary red tape is long overdue. Most governments are short on both time and money but carrying on with the old way of doing things. Blockchain will save time, improve security and bring some much-needed transparency into the proceedings.
Estonia represents one of the best use cases for government blockchains. The nation’s public services registries that include crucial areas such as identification, voting, tax, and health records are all managed on blockchains.
Over in the UK, the national land registry also revealed that they were partnering with a company called Methods to explore the benefits of blockchain. A new way of storing land registration information and streamlining of ageing processes for buying or selling properties highlights just how quickly Web 3.0 technologies are transforming our world.
Unfortunately, healthcare is also being slowed down by obsolete processes and legacy data management. Blockchain is just one technology that could dramatically modernize healthcare systems that will also pave the way to better patient healthcare. A more proactive approach could pave the way for the seamless sharing of patient data in a secure and anonymized way. It could also help with the more efficient diagnosis when faced with rare conditions.
Huge companies such as IBM are currently exploring how blockchain can improve healthcare. Everything from drug traceability, clinical trials, managing patient data. Blockchain is helping multiple industries fit for a digital age.
These handful of examples are proving that blockchain is outgrowing its buzzword and making an impact and solving real-world issues. Every industry will be impacted by blockchain over the next few years. But what role will it play in your business?
A combination of an open mind, arming yourself with information and embracing the inevitable changes ahead is a step in the right direction. But, if you would like to talk to people building the solutions of tomorrow and understand how it will affect you, why not contact us to further discuss at firstname.lastname@example.org.