Blockchain technology is so far one of the most innovative technologies in the world. It managed to interfere in almost every single industry and sphere and set completely new and very complete standards. Blockchain technology is among some of the most complicated technologies and platforms. Though despite being complex, it is one of the most comfortable both for the customers as well as for the companies and providers.
You may have heard that blockchain technology is going to revolutionize the whole world and the majority of industries. It is going to change the perception of the user experience and customer care. Blockchain technology is already adopted by companies and implemented in many products and services. It has spread to many industries, yet most of it belongs to the financial industry. Nevertheless, other fields are using novel technology with the same success rate.
How does blockchain work
Blockchain is a fully decentralized platform, which means that there is no regulatory or official authority that is in control of the operation of the platform. This also means that there are only two parties engaged in any process, and there is no third body interference present. Just imagine the traditional database is like a spreadsheet, while the blockchain distributed the spreadsheet to operate in millions of computers. It also uses state-of-the-art cryptography, so that once information goes in, it is virtually impossible to get it out again without the original passcode or key.
Thanks to those features there is the additional engagement of the third party is required and the technology has the potential to completely revolutionize and rotate every single industry accepting blockchain technology. Some of the industries which are already actively engaged in the adoption process are the following:
Gambling
This is one of the biggest industries in the whole world. The gambling industry has become a billion-dollar industry within a very short period of time. The industry is increasing even more, and blockchain technology is only assisting in the growing process. There are a number of online casinos that have already fully or partially switched to blockchain technology. The quick implementation of the technology to their platform enables online casinos to be more competitive in the huge industry.
Some of the major benefits of the online blockchain-based casino are security, safety, and fair gameplay. With the enormous potential to produce more products and alternative services, online casinos choose a transparent strategy for operation. This way, the users are able to access every information, officially provided by the casino. Due to the new approaches, the insights of Intertops poker room have already been revealed to the public audience, engaged in the poker room gameplay. The transparency of the casinos enhances the trust of the players and adds the feeling of fairness to the whole gaming process. With blockchain technologies being integrated into online gambling platforms, the satisfaction rate of the customers has increased even more.
Healthcare
While technologies have been evolving in every single sector, some are more critical for the news than others. One of the most challenging sectors was the healthcare industry. Blockchain technology turned out to be the best solution for doctors and healthcare providers in terms of sharing the information without the risk of leaks.
Unlike the paper records, and different systems that store the official information regarding the patients and the doctors, as well as healthcare providers, the blockchain system offers the full security of the information and accessibility. You can have all of the records in one place with every detail being included in it, regardless of the medical insurance you possess. This also offers the doctors potentially lifesaving information in some emergency cases.
Real Estate
Generally, everything requires a lot of paperwork. This is why we often try to avoid one or another action, due to the extreme amount of paperwork. Blockchain technology was able to find the perfect niche here as well. It is used to simplify the process by eliminating escrow all at once. Smart contracts could be designed that only execute when certain conditions are met, this includes funding.
Besides the fact that the blockchain platform offers an unlimited storage place, it also assures the anonymity and the safety of all documents. Moreover, there are some startups that offer cryptocurrency transactions, which additionally lower the cost of the transaction and commission.
Legal Industry
Storing and verification are two of the main features and the main demands of the legal industry. With the incorporated blockchain technology, the question of the legality and the trustworthiness of the document can be solved. The platform can hold and save millions of documents, by saving the information online. Also, questions of digital inheritance, especially with the rise of cryptocurrencies, can be eliminated with blockchain-secured documents.
Safety and security
The main benefit of the blockchain is once again the decentralized nature of the system. This assures a secure way of storing, verifying, and encrypting data. This also naturally guarantees the safety of the information, which is the superpower of the new technology. The decentralized data storage in the cloud eliminated many of the problems of data hacks, which we have all witnessed especially throughout the past several years. Advanced cryptography based on blockchain technologies can create virtually unhackable data encryption.
Charities
Blockchain technology is one of the best ways to gain and regain the trust of your loyal customers and people. The problem of the charities and ai organizations is often the uncertainty of whether the transferred funds can reach the recipient or not. This is another chance for similar organizations to regain the trust of the people through smart contracts and online reputation management systems that can assist donors to trust their money is going to be delivered to specific people and places.
Furthermore, the U.N.’s World Food Programme is implementing a blockchain-based system that allows refugees to get food with an iris scan, instead of relying on cash, credit, or vouchers, all of which can be stolen. This once again proves that blockchain technology is addressed to simplifying the lives of the people and making every single technology accessible to everyone.
Education
The last few years have proven that the urge and need for online education are increasing time by time. It has also shown us that the demand for better technological support in the education industry is increasing. With students learning online, many institutions need to have better identification verification technology as well as complete access to 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 institutions collaborate. Students will no longer have to wait for the university to offer the course online, but rather will be able to transfer to the course immediately.
