[ad_1]<div _ngcontent-c14 = "" innerhtml = "
You've probably heard that blockchain technology is going to revolutionize … fill in the blank. Is it going to disrupt these industries?
Adobe StockAdobe Stock
In simplest terms, blockchain refers to a decentralized database. If you think of a spreadsheet, run on a single computer, blockchain distributes that spreadsheet on millions of computers. It also uses the art cryptography, so it is virtually impossible to get it out again without the original passcode or key.
The real disruption here is that trust is established through collaboration and code, rather than a central authority. So you no longer need to transfer money to the world. You do not need an escrow account to facilitate the transaction. You do not need a company or a central authority to facilitate a transaction of any kind. That is revolutionary and has the potential to revolutionize nearly every industry. But here are some of the most likely:
- Banking
When the average person hears the word "blockchain," they probably think "Bitcoin," and so it's no surprise that banking tops our list. Blockchain would be a more secure way to transfer money through the decentralization provided by blockchain. Plus, there's the minimal risk of running a blockchain system or a collapse, as there's no central "vault." It's a person who has his own private vault that no one else can access.
- Healthcare
Some of the biggest challenges in healthcare could be solved by a blockchain system. How many times can you be, and how many times can you be? change doctors or insurance systems. Additionally, at any time, potentially offering medical lifesaving information in an emergency.
- Politics
Rigged votes and "voting irregularities" could be a threat to rival governments or terrorist organizations hacking the vote. Voting systems secured with blockchain technology would be completely unhackable. From voter registrations to verifying identity to tallying, the system would be indisputable. Gone would be the days of recounts and "hanging chads."
- Real Estate
If you've ever bought or sold a home, you know how much paperwork is involved. But blockchain systems could be used to simplify the process and eliminate escrow altogether. Smart contracts could be designed that only execute when certain conditions are met, including funding. Besides, all these various documents could be stored securely. A startup called Deedcoin is offering cryptocurrency powered transactions that decreases the commission rate for the agent as small as 1 percent.
- Legal Industry
Storing and retrieving documents as well as verifying their provenance are key functions of the legal industry. With blockchain technologies, questions over the legality of wills or other legal documents could be deleted by securely storing and verifying documents. Also, questions of digital inheritance, especially with the rise of cryptocurrencies, can be deleted with blockchain secured documents.
- Security
The whole basis of blockchain is to create decentralized and ultimately secure ways of storing, verifying, and encrypting data. Decentralized data storage in the cloud deleted many of the problems of data hacks. Advanced cryptography based on blockchain technologies can create virtually unhackable data encryption.
- Government
Aside from voting systems, blockchain technologies could be used to help reduce and eliminate bureaucratic red tape and corruption in government agencies. For example, welfare, disability, veterans and unemployment benefits could be more easily verified and distributed, eliminating fraud and waste. Smart contracts could ensure that government funds are only released when certain conditions are met to contractors or foreign governments in the form of aid. And security, efficiency, and transparency in government functions could be increased across the board.
- Rentals and Ride Sharing
It seems like startups like Airbnb and Uber have already disrupted these markets, but it could create true peer-to-peer networks for rentals and sharing of goods and services that would eliminate the need for the middle-man company, which naturally takes a cut of the fee. & nbsp; In fact, there's no reason for these peer-to-peer networks to expand to renting and borrowing.
- Charities and Aid Organizations
Many people want to be charitable, but worry about their money will actually reach the intended recipients. Charities can create trust through smart contracts and online reputation management systems that can help donors trust that their money is going to the specified people and places. And the U.N.'s World Food Program is implementing a blockchain based system that allows refugees, instead of relying on cash, credit, or vouchers, all of which can be stolen.
- Education
Students' transcripts and educational records. A blockchain based system could serve almost as a notary for educational records, creating a way for employers and other educational institutions to access secure records and transcripts. In fact, it could also help universities and other large collaborated institutions. No longer would you like to be a student at Harvard if Oxford is offering it online; her grades and records would be easily and instantly transferable.
These are just some of the industries that are likely to see significant disruption from blockchain technology. What do you see for blockchain and improve your industry?
">
You've probably heard that blockchain technology is going to revolutionize … fill in the blank. Is it going to disrupt these industries?
In simplest terms, blockchain refers to a decentralized database. If you think of a spreadsheet, run on a single computer, blockchain distributes that spreadsheet on millions of computers. It also uses the art cryptography, so it is virtually impossible to get it out again without the original passcode or key.
The real disruption here is that trust is established through collaboration and code, rather than a central authority. So you no longer need to transfer money to the world. You do not need an escrow account to facilitate the transaction. You do not need a company or central authority to facilitate a transaction of any kind. That is revolutionary and has the potential to revolutionize nearly every industry. But here are some of the most likely:
- Banking
When the average person hears the word "blockchain," they probably think "Bitcoin," and I know it's no surprise that banking tops our list. Blockchain would be a more secure way to transfer money through the decentralization provided by blockchain. Plus, there's a minimal risk of running a blockchain system or a collapse, as there's no central "vault." It's a person who has his own private vault that no one else can access.
- Healthcare
Some of the biggest challenges in healthcare could be solved by a blockchain system. How many times can you be, and how many times can you be? change doctors or insurance systems. Additionally, at any time, potentially offering medical lifesaving information in an emergency.
- Politics
Rigged votes and "voting irregularities" could be a threat to rival governments or terrorist organizations hacking the vote. Voting systems secured with blockchain technology would be completely unhackable. From voter registrations to verifying identity to tallying, the system would be indisputable. Gone would be the days of recounts and "hanging chads."
- Real Estate
If you've ever bought or sold a home, you know how much paperwork is involved. But blockchain systems could be used to simplify the process and eliminate escrow altogether. Smart contracts could be designed that only execute when certain conditions are met, including funding. Besides, all these various documents could be stored securely. A startup called Deedcoin is offering cryptocurrency powered transactions that decreases the commission rate for the agent as small as 1 percent.
- Legal Industry
Storing and retrieving documents as well as verifying their provenance are key functions of the legal industry. With blockchain technologies, questions over the legality of wills or other legal documents could be deleted by securely storing and verifying documents. Also, questions of digital inheritance, especially with the rise of cryptocurrencies, can be deleted with blockchain secured documents.
- Security
The whole basis of blockchain is to create decentralized and ultimately secure ways of storing, verifying, and encrypting data. Decentralized data storage in the cloud deleted many of the problems of data hacks. Advanced cryptography based on blockchain technologies can create virtually unhackable data encryption.
- Government
Aside from voting systems, blockchain technologies could be used to help reduce and eliminate bureaucratic red tape and corruption in government agencies. For example, welfare, disability, veterans and unemployment benefits could be more easily verified and distributed, eliminating fraud and waste. Smart contracts could ensure that government funds are only released when certain conditions are met to contractors or foreign governments in the form of aid. And security, efficiency, and transparency in government functions could be increased across the board.
- Rentals and Ride Sharing
It seems like startups like Airbnb and Uber have already disrupted these markets, but it could create true peer-to-peer networks for rentals and sharing of goods and services that would eliminate the need for the middle-man company, which naturally takes a cut of the fee. In fact, there's no reason for these peer-to-peer networks to expand to renting and borrowing.
- Charities and Aid Organizations
Many people want to be charitable, but worry about their money will actually reach the intended recipients. Charities can create trust through smart contracts and online reputation management systems that can help donors trust that their money is going to the specified people and places. And the U.N.'s World Food Program is implementing a blockchain based system that allows refugees, instead of relying on cash, credit, or vouchers, all of which can be stolen.
- Education
Students' transcripts and educational records. A blockchain based system could serve almost as a notary for educational records, creating a way for employers and other educational institutions to access secure records and transcripts. In fact, it could also help universities and other large collaborated institutions. No longer would you like to be a student at Harvard if Oxford is offering it online; her grades and records would be easily and instantly transferable.
These are just some of the industries that are likely to see significant disruption from blockchain technology. What do you see for blockchain and improve your industry?
