As it is said that “Every generation needs a new revolution,” and gradually we are heading towards it in the form of technology. The emerging technology such as blockchain is embarking its territory in almost every field. Surprisingly, industries are not shying away to adopt this technology in their working structure. Here are some foremost industries which are beguiled by this magnificent technology and are all set to implement it too. Let’s have a look.
1. Banking Industry
Today, scams like PNB has raised an alarm to use blockchain technology in the banking industry. The ledger system could be a game-changer in the industry as it diminishes the risk by providing secure records. It will also ensure the security of transactions and a cost-effective money transfer.
2. Healthcare Industry
It happens often that the healthcare companies lose the previous records of their customers which create a huge fuss. Incidences such as fraud, error, and lost records creates a rift between the healthcare providers and consumers. Blockchain technology can evade such issues. It will secure the medical record and verify the identity of the people. Ontology, a startup is already working to make the industry more reliable using blockchain.
3. Real Estate Industry
We all are aware of the hectic paperwork involved in real estate transaction and we can’t escape it. But guess what? Blockchain can be a drop of rain in this desert. By employing this technology, all the documents and transactions can be accumulated protectively, eliminating workload and high cost.
With the help of smart contracts, the transaction can be done only if the conditions are met. Commission rates are very high in this industry and to tackle this issue Deedcoin gives power to the owners of the property by tokenizing the process and diminishing the need for intermediaries, establishing a straight connection between agents and customers.
4. Law and Order Industry
The legal industry is infamous for fraudulent and we see it every once in a while. This can be prevented by using blockchain, the records such as wills can be verified and secured and evade the lengthy process in court.
Safe Haven provides users chance to protect digital assets so that inheritance can be transferred to the right person.
Forging with election results are not a news in the world of politics. We often witness that political parties are accused of tempering results. But blockchain will snatch the power and secure the rights of the voters.
The registration and verification of voter’s identity can be ensured through this technology and only valid votes will be counted.