5 Industries Blockchain Has The Potential to Take Charge Of

5 Industries Blockchain Has The Potential to Take Charge Of

Since the very invention of the blockchain technology in 2009, enthusiasts, as well as unenlightened but curious people, have been putting forward assumptions about what can it be possibly used for. Although years pass and promising startups make bids for revolutionizing the world, we don’t see much change happen. Still, considering its potential we made a list of industries that we wish it took charge of in the nearest future.

What most likely comes to your mind first when you hear “blockchain” is cryptocurrency, and not without purpose: the technology has a lot to do with digital money. Yet, it would be disrespectfully to neglect other use cases, and these are some of them:

Healthcare Industry

Imagine – no matter where and what’s your insurance company, any doctor can access your health data delving into no paperwork: the entire disease history is stored on blockchain securely. In an emergent case, the data can be accessed immediately and possibly save your life.  

One of such startups aimed at keeping your health data complete and safe on blockchain is Iryo, founded only 2 years ago. The project will operate with the use of Artificial Intelligence (AI), too, according to its whitepaper.   

Politics

Woefully, the political tension within the world has been growing hot lately, and doubtable elections’ results are not helping at all. Now, what can be easier than storing votes on blockchain thus making them immutable and not letting none of them be uncounted? Although the practice shows that even such breakthrough as the distributed ledger technology (DLT) can be potentially hacked, moving elections to blockchain seems to be a proper solution.

As Cointrend.me previously reported, crypto-friendly city Zug in Switzerland had tested the first blockchain-powered municipal vote.

Peer-to-Peer Networks

Sharing markets seem to be already taken over by AirBnB and Uber, but blockchain would let smaller projects prosper erasing the need for intermediaries in rental. “We think of Uber and Lyft as P2P marketplaces, but they’re not. They’re peer-to-giant-monopolistic-company-to-peer marketplaces,” as claimed Josh Fraser, co-founder of an allegedly true peer-to-peer net. Basically, what blockchain could fix here is significant fees that existing companies take.

Bureaucracy

What a headache paperwork is! Does it really have to be this annoying? No! So here comes blockchain again. The technology is capable of eliminating bureaucratic procedures and corruption in the governmental industry. Additionally, veterans, welfare, disability and unemployment privileges could be verified easily if stuck to blocks. This would decrease the government’s fund waste, as well as make all processes see-through for people.

Real Estate

Here we go again: paperwork, but this time involved in selling and buying property. A blockchain system could potentially simplify the process and eliminate escrow making those joyful moments bearable, too.

Deedcoin is a startup offering cryptocurrency powered transactions that decrease the commission rate for the agent to as little as 1% and providing information transparency for all parties involved in real estate trading, as they state in the whitepaper.

We can’t say whether the ambitious projects will succeed or fail, but the first step towards a better world – recognizing the issues and proposing solutions – is done, thanks to Blockchain.


 

#blockchain #usecases