A Look at the Impact of Blockchain on Various Sectors
Blockchain is essentially an advanced time-stamped, traceable, immutable record-keeping technology on a decentralized network managed by a cluster of computers instead of an individual entity. Blockchain technology will have an immense impact on society, Of late; blockchain has emerged to be among the most popular buzzwords, not just in the payment industry, but across multiple industries. Despite the colossal potential of this tremendous technology, not all countries are in solidarity with its adoption.
Blockchain, utilizing it in judicial, legislative, health, cybersecurity, and banking applications, being receptive to the future of Blockchain, the potential mass adoption of blockchain is indisputable.
Blockchain holds the key to revolutionizing the current industries, and five of those have been discussed below.
1. Healthcare and Pharmaceuticals
The healthcare industry has been observed to undergo several changes over the past years, and with the support of digitization, the advancement is more than ever. Blockchain can offer a higher degree of safety and ownership, where the patient regulates access to their digital records.
Blockchain could also enhance the transparency in tracking prescribed medication. Pharmaceutical manufacturers could upload the batch numbers of their packaged products on a blockchain, which could subsequently be verified by wholesalers and customers. In addition, Blockchain provides the technology to monitor supply chains, from pinpointing inefficiencies to locating products in real-time. Ensuring the quality of medicine is of utmost importance. With drugs, several operating constraints like temperature range, humidity, and air condition may require to be tracked, since the environmental conditions inside the transportation process usually have a direct influence on the quality and effectiveness of the drug.
2. Real Estate
Property ownership, business activities, and historic value can be built onto the blockchain giving transparency and decreasing the time and cost compared with real estate transactions. Blockchain technologies are connected to transform the real estate industry by significantly reducing fraud, minimizing paper waste, and improving transparency, leading to better and more integrated records. With smart records, Blockchain will provide completely new opportunities. However, for attorneys, real estate representative referral networks, crypto, and foreign remittance convertors, third-party verifiers, and others, many of their existing duties will be rendered obsolete by automated contractual work. Then again, there will be room for a different kind of verification, administrative and assurance role, as the contractual nature of the code must be examined for loopholes and bugs to ensure security. Interestingly, lawyers in the future may have to learn how to write and read code. In the future, buying and selling a house will be a much more efficient process as blockchain connects us to a global market. Smart contracts could enable designing rental and purchase contracts in the future via Blockchain to furnish and analyze the necessary data for real estate valuation, commission service providers along the value chain, map real estate data, and store sensitive data like purchased land, record ownership certificates on a decentralized network.
A critical aspect of modern-day democracies is to have the power to vote, and with that comes the need for tamper-proofing the voting system. Besides that, involvement in matters of global importance is becoming crucial in this ever-globalizing world. Blockchain could allow public assistance in resolutions changing from local problems and governing parties, to general or countrywide problems, or possibly even global decisions, e.g. G20 discussion topics, programs of action of the World Bank, or the IMF. Rights currently unimaginable may become a necessity in the coming years. While digital polling can be sensitive to tampering, blockchain polling technology is provable and would allow anybody to check the blockchain to verify votes are time-stamped and accepted.
4. Financial markets
Conventional stock markets often observe a delay of 2–3 days for settlement of stocks and bonds, which could be improved by the use of Blockchain, which is more cost-effective and would enable instant settlement. The delay involves the traders, brokers, and regulators going through a complex process that may take more than 3 days to complete transactions, due to the involvement of middlemen.
Blockchain, due to its decentralization and ability to have policy encoded into smart contracts, simplifies the process and helps the participants to reduce the high costs of administration and distrust. Blockchain can enable the companies to create digital tokens in-house, which may have an embedded smart contract that performs functions defined during its design.
Apart from polling methods, blockchain technologies could be used to assist decrease and reducing bureaucratic red tape and fraud in government offices. For example, welfare, disability, veterans, and lay-off benefits could be more efficiently checked and distributed, reducing cheating and loss. Intelligent contracts could guarantee that government funds are only issued when certain requirements are met whether to builders or foreign governments in the form of service. And security, performance, and transparency in government duties could be extended across the board.
As the power of online and distance education increases, so does the necessity for an unconventional way of verifying learners’ records and institutional records. A blockchain-based way could work virtually as a notary for educational records, creating a way for employers and other educational institutes to access secure records and copies. In fact, it could also benefit colleges and other large institutions and universities to collaborate.
The entire foundation of blockchain is to create decentralized and finally protected ways of collecting, validating, and encrypting data, so easily, that protection is continuing to feel the power of this new technology. Decentralized data storage in the cloud reduces many of the intricacies of data hacks we’ve seen better professionals administering over the last few years. High-level cryptography based on blockchain technologies can generate essentially unhackable information encryption.
Finally, These are only some of the industries that are expected to see significant disruption from blockchain technology. Blockchain technology has extensive opportunities that will impact the future as we understand it. Blockchain technology will create many changes in the next 20 years.