Blockchain technology has been widely recognized as a "revolutionary" innovation that will change the way we know technology. Many in the industry have already started calling this decade-long technology as "Web 3.0". However, the application of blockchain technology goes far beyond technology and industries. The blockchain is actually changing our daily lifestyle.
When you look deeper at things, many contemporary processes are slowly moving towards blockchain-based systems. Agriculture, government welfare processes, health care and insurance, games and entertainment are just a few examples. Blockchain technology is used by governments to build "smart cities" that will be fueled by blockchain-based smart contracts.
The expectations of cryptocurrencies and the underlying blockchain technology are high in 2019. Let's take a closer look at how blockchain technology is changing our daily lives:
One of the most significant impacts that blockchain technology has on our lives is through the banking sector. Traditionally, the banking sector has been a costly affair when it comes to international transfers and remittances. The costs involved and the time required for these transfers are generally higher than what would be expected.
However, blockchain solves this problem. With the blockchain, banking becomes not only simpler, but also faster and cheaper. Using blockchain technology, funds can be transferred significantly faster and at much lower costs. With many large banks around the world already testing blockchain-based trials, with Ripple having signed more than 200 financial institutions on its platform, it seems that blockchain will improve even more over the years. You, the consumer is the biggest beneficiary of this evolution of banking processes.
Another reason why Blockchain is changing your life is giving you financial freedom. The fundamental principle of blockchain technology is that it is a decentralized system, which means that there is no authority that governs it, but it is self-managed by members of the blockchain. This is again seen in contrast to banks that have a regulatory authority that makes laws and regulations on how funds should be managed. Blockchain technology gives you full freedom on your funds.
Health care is an area in which blockchain technology has proven to be extremely useful. Hospitals are testing the use of blockchain technology to improve their operations – whether it is managing patient treatment profiles or their medical data, which is confidential information, all this can now be stored on blockchain books. as it offers a high level of privacy. In addition, hospitals can also use blockchain-based smart contracts that allow them to easily manage their inventory systems, rearranging medical supplies in a timely manner.
Another important advantage here comes from the point of view of health insurance and health care. Insurance companies also look to blockchain technology, as they do not see the use of automated smart contracts to measure insurance claims and transfer funds to insured accounts. This is another important way in which blockchain technology is beneficial to you, the consumer.
Governments around the world are also examining blockchain technology for the benefit of people. Government funds, which are used for public welfare, can easily be traced if they are sent via a blockchain system. This increases the responsibility of the government and ensures that the funds reach citizens. In addition, blockchain-based systems are also tested for the issuance of government documents such as birth certificates and qualifications. The elections also take place on blockchain platforms, as was seen in the case of Sierra Leone in Africa last year. You, the citizen, acquire power with blockchain technology.
The retail sector is one of those able to get a significant boost in innovations with the help of blockchain technology. Consumers can benefit from this blockchain-driven innovation in several ways: stores have already started offering discounts in the form of cryptocurrency payments. Furthermore, the use of smart contracts could help consumers make better purchasing decisions by archiving the purchase history and providing them with personalized combinations for them. Loyalty points have also been switched to blockchain systems.
Food and agriculture
Even the food and agricultural industry has a lot to exploit with the blockchain – and so does the consumer who buys these products. The blockchain makes it easier to track where the product originated – where everything was stored and where it was transferred before reaching the final outlet from where you, the consumer, bought it. Similar technology is used to trace diamonds from mines! Companies like Walmart do not see the emergence of such blockchain-driven innovations in the world of food and agriculture.