Industries That Blockchain Will Change Forever!

the development of blockchain

Today, everyone has heard about the development of blockchain

technology, although its operation is not always easy to understand.

In short, the blockchain refers to a way of encrypting information that allows us to create decentralized databases, which can only be accessed if you have a key that authorizes you to know the information.

At first glance, for those of us who are not knowledgeable in the matter, it may seem like a minor advancement. But in reality, the blockchain is going to be a real revolution in the way we process information since the legitimate owners of a certain dataset will have control over the entire process by which it is shared or used.

A bank is no longer needed to transfer money around the world. You no longer need an escrow account to buy a home or a real estate agent to facilitate the transaction. A company or central authority is no longer needed to facilitate a transaction of any kind. That is revolutionary and has the potential to revolutionize almost every industry. “

Now, there are sectors that the definitive arrival of the blockchain will affect more than others. These are the 10 industries that will change the most:

1. Banking

Much of the intermediary role of banks will be questioned with the blockchain to the extent that transfers and other operations can be made between individuals. Although the banks themselves are the ones that are most concerned with implementing this technology with a view, of course, not to lose customers, its development will allow the emergence of all kinds of financial technology or Fintech companies that will be able to offer their services without the need for the enormous infrastructure of a conventional bank.

2. Health

The management of the clinical history, a confidential but essential document for medical care, is a headache for all health systems. The medical records of outpatient clinics are not always well shared with hospitals, let alone between communities or private services.

The blockchain in the healthcare industry would allow patients to have a unique history that doctors can access safely and where everything would be recorded, thus avoiding errors derived from duplications or omissions. Besides, it could be accessed immediately, which can be decisive in emergencies.

3. Food

The blockchain is going to be a super useful tool to guarantee the traceability of food, which will help, for example, to immediately withdraw from circulation any food on which a food alert weighs, in a much more precise way. It will also serve so that consumers are much clearer about the composition or origin of the product, and can claim any errors if necessary.

4. Politics

With a well-configured blockchain, the accusations of politics still hovering over many countries would be a thing of the past. Nor would there be controversies about the census or voting abroad.

The blockchain would also greatly facilitate voting in local democratic processes, such as the incipient citizen consultations that municipalities are doing. It would be much easier to vote, organize the elections, and know the results. In short, they will be able to increase, if we want them to increase, participatory processes.

5. Real estate market

With the development of the blockchain, the role of real estate companies, especially concerning paperwork, may be called into question. Contracts can be designed that can only be signed when a series of conditions are met, besides, all the documentation related to a property can be well registered with the competent bodies.

6. Right

Much of the work of law firms will continue to be necessary, but everything related to storing and retrieving documents, as well as verifying their provenance, can be done much more easily and safely with the blockchain. Many disputes, especially those related to inheritances and sales, will be much easier to resolve.

7. Security

Logically, the digital security industry will be greatly affected by the rise of the blockchain. Decentralized data storage in the cloud eliminates many of the data hacking problems we’ve seen in recent years. The advanced cryptography based on the blockchain can create encrypted data virtually impossible to decipher.

8. Rentals

All types of rentals, whether they are homes, cars, or machinery, can be done in a much safer way for both parties using the blockchain and would allow the emergence of exchange networks between individuals that would not need intermediaries such as Uber, Airbnb, or Blablacar.

9. NGO

Various scandals have made people distrust the destination of the money donated to non-profit organizations, but the blockchain allows generating greater security in terms of the use that is given to it.

10. Education

Another sector that requires a lot of paperwork and that the blockchain can revolutionize, at least in regards to its administrative part. Students and teachers can always access academic results and exams so that there is no mistake. The minutes of the master’s degrees will no longer be lost. The blockchain will also be tremendously useful in everything related to the cumbersome world of validations, which will be much easier to perform.

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