Blockchain technology has a promising future but it has a long way to go before making popular in the mass markets. Whether you are interested in and cryptocurrencies or trying to navigate the recent noise about blockchain, this article will give you an insight into the future application of the future technology.
The blockchain is decentralized systems and transparent public ledgers that actually drive value. Where does implementing blockchain system in the everyday life will make sense?
Different businesses from engineering to designing are t, there are tons of opportunities to explore.
Here are 5 application of blockchain that will reshape our everyday lives.
1. How we make our Payments
We heard a lot that how Bitcoin and other Cryptocurrencies are killing o the big banks but a large segment of the world’s population in the third world countries still do not have access to modern financial services. There is no way through which these people can get loans for personal usage, use banks, or make investments.
Cryptocurrency can empower the citizens of developing and underdeveloped countries with a powerful financial transaction system that can be used to send and receive money internationally with no extra fees.
Many Incumbents are eyeing hopefully on blockchain technologies too. “Goldman Sachs Group Inc. is one of the most active corporate blockchain investors and is involved with four companies, targeting the distributed-ledger technology since 2012.
The blockchain is a quick and easy way to process Business to Business payments around the world.
Better Supply Chains
In the global economy supply chains is a major factor that affects every product’s price, availability & quality.
Using blockchain helps to implement a public ledger that permanently documents every transaction that occurs, reducing the manual errors and making the entire chain more efficient. This will create a source of accountability that will help the regulators in tracking and monitoring.
Game Changer for Real Estate
Blockchain can be used by governments and private companies as a way to organize land title records and reduce fraud through a digital ledger.
Real estate is currently very bureaucratic industry with intense operational and paperwork intensive, with the number of intermediaries throughout the process.
The blockchain technology will make real estate more efficient, transparent, and accessible. Currently, only people with resources can access accredited investors. Blockchain with smart contact will clear all these investment hurdles.
Insurance is synonymous with “trust management.” Currently, there is a vast network of brokers who are essential, operating and managing the entire system. Blockchain could create an ecosystem that will be more transparent and efficient, with fewer chances of human errors.
One of the biggest challenges with donating money to charity is that you never know what will exactly happen to your money. You might think that you are making your contribution for a better world by donating money to funds associated with different causes, but there is a possibility that you might be funding a corrupt organization as there is no transparency.
Blockchain’s public ledgers will help us to create to track donations more effectively so there is transparency in the whole process. This sort of radical transparency will ensure that more people participate in the philanthropy as compared to present, removing corruption and hesitation in the donors that have plagued the space.
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