The Blockchain revolution has been long in coming and now it is upon us. New ways and thinking are set to lead to better productivity. You must have seen or heard from one or two sources that blockchain technology is poised to disrupt the activities of various industries in manners considered profitable and necessary. The question remains; what is this revolution about and which industries are going to experience this change?
Without mincing words, Blockchain Technology simply refers to a decentralized database system. These databases are securely encrypted with cryptographic technology so that any information absolved into the system becomes totally inaccessible except the original cryptographic key or passcode is used to decrypt it.
The Change and Who will be Affected
Trust has and will continue to be a serious issue in dealings. Hence, the change here refers to the establishment of Trust using codes and collaborative efforts rather than traditional central authorities. In other words, you no longer need property brokers or escrow accounts. Neither do you need a bank to facilitate funds transfer around the globe, or any central authority whatsoever to facilitate whatever transaction you so wish. This revolution has the potential to change nearly all industries. Here are some of the industries where Blockchain Technology can cause a paradigm shift:
Easy and secure access to health records is one of the biggest challenges in the health sector. This could, however, be solved by the implementation of Blockchain Technology in the health-care system. The Blockchain and Healthcare collaboration is referred to as Blockchain Genomics. An example of such implementations is SHIVOM. SHIVOM is believed to have pioneered the largest health-care and genomics database in the world known as the Omics ecosystem.
The omics ecosystem grants individuals or contributors (as popularly called in the ecosystem) the exclusive right to their genomic data. They could either share it or trade it (using Shivom tokens) in a secure manner. Now that’s one out of many blockchain implementations in the health sector.
Imagine that a doctor could securely and quickly access your complete and singular medical records digitally; most especially in cases of emergency. Imagine the safety and availability of medical records from birth to death; taking cognizance of the number of times you switched health insurance plans and doctors.
Since the inception of the much-embraced blockchain and cryptocurrency, banks have been on the other side of the coin. It is no news that ‘No banker likes crypto’; all thanks to the fact that it challenges everything that centralized systems such as banks stand for. Without doubts, Blockchain will earn its most popular implementation in the financial industry. Of course, banking systems have improved when juxtaposed with some decades ago, but some problems persist.
Such problems include, fairness and the lack of inclusion, hugely lopsided interest and transaction rates. This situation is, however, worsened by the necessity of Banking institutes. Individuals and organizations are now compelled into accepting unfavourable deals. These problems can be solved effectively by the Blockchain Technology and Cryptocurrencies. The blockchain is perceived as a more secure, cheaper and faster means for all financial dealings and storage of transaction records.
The risks and cost of running financial transactions on the decentralized blockchain system are minimal because there are no centralized authorities or vaults holding money. No hidden or exorbitant charges, no middleman fees or oversights, neither are the transaction ledgers on the blockchain immutable; what more could bank customers desire!
Financial analysts in the banking industry have suggested that a whopping USD 20 billion in fees and charges can be saved if middleman and infrastructure costs were eliminated. One only need have a look at the developments in the cryptosphere and how it has disrupted activities in the finance sector.
Ripple and OmiseGo, two digital currencies, are doing real exploit in this space. Ripple operates from the angle of bank partnerships rather than tossing them off, and it is getting a lot of attention. It’s a most recent and laudable partnership is with the Central Bank of Saudi Arabia. Ripple is considered by many as a true disruption because of its emphasis on enlarging the network of partner banks and improving the pace of large-scale transactions between them.
One could only imagine how much stress, fees and paperwork is required when purchasing, renting or selling a property. Some of the major problems encountered in this industry include bad security deposits (unrecoverable deposits), endless paperwork, unending bidding wars among would be property owners, exorbitant broker fees, and obsolete renting platforms. People all around the world are desperate for an efficient solution that will ease housing arrangements, property sale or purchase without the need for a third-party. Good news is, Blockchain Technology is set to take the real estate industry to another whole new level by proffering solutions to Real Estate problems via Blockchain-based platforms.
Rentberry is a blockchain-based platform that is doing exceptionally well towards revolutionalizing the real estate industry. Rentberry utilizes smart contracts which makes searching, renting and outright purchase of property seamless. Rentberry directly connects property owners and would be tenants thereby eliminating third-parties and their outrageous charges from the equation. It has since become easier for landlords and tenants to establish monetary terms and conditions and also reach a consensus because of the principles of smart contracts.
Property sellers can now list their assets on the blockchain, verify them and further tokenize them. A tokenized property becomes a PTO (Property Token Offering) and buyers can now purchase it via a decentralized exchange. Another problem that has been eliminated in this space is “Fake Reviews.” Centralized real estate platforms have long been plagued by fake reviews which deceive potential tenants. Such is remedied by the immutability of Blockchain records.
For so many, the credibility of voting systems would be top of the list. Of course, there is a need for a revolution in this sector of government. The likes of Horizon State, Democracy Earth and Boule are doing a great job in this space. All three have successfully created P2P governance protocols where smart contracts and BTC are used in budgeting. Although, Horizon State’s project is more directed towards actual voting for governance while Boule is somewhere in between.
Other aspects where the blockchain will change governance include the reduction and outright elimination of corruption and bureaucracy in government bodies. The implementation of Smart Contracts will ensure that government resources are not released either as aides or to contractors until agreed terms and conditions are met. The blockchain technology will also ensure that security, transparency, accountability, and efficiency is improved across the board in all government functions.
Charities and Aid Organizations
Monies earned by charitable organizations are supposedly used to support their cause but, in some cases, these funds are mismanaged or embezzled. The transparency of Blockchain Technology makes it an ideal checkmate tool for charities. The public can be sure that their hard-earned donations are been used for the right cause. Several projects such as Alice, AidCoin and Giveth are already existent in this niche and one can only expect the emergence of more secure crowdfunding platforms.
The rapid growth enjoyed by distance learning has warranted the need for a more secure and independent manner of verifying the academic student records. A blockchain-based system could create a means for educational institutions and employers to access transcripts and other academic records.
In other words, organizations and universities could share students’ academic records as they would now be easily transferable and decrypt-able using specific keys.
Last Words on How Industries Are Set to Experience the Blockchain Turnaround
There is no doubt that the blockchain technology is here to stay. And many discerning trend watchers are sure that it’s impact will reverberate in the years to come.
- How is Blockchain changing industries the way we know them - January 9, 2019