Blockchain technology has brought about a unique system that aims to solve many of the long-lasting problems faced by industries. It’s ability to address issues such as security, transparency, speed and intermediary-incurred costs has enticed many businesses across different industries.
Here are five of the industries implementing blockchain technology and how it would complement their industry:
Health
Blockchain technology is employed in the heath sector to secure medical records, and add more transparency to the industry. In an industry where data loss or compromise can be gravely consequential leading to fines, and public mistrust, blockchain can be used to keep data permanent, decentralized, incorruptible and transparent. Diagnosis and care plans can be made and put together faster, with the use of blockchain’s encrypted database which creates a single source for the data of patients that can be referenced by the personnel requiring it. Doctors, hospitals, insurers and others can easily access exactly what they need.
Real Estate
Acquiring property can be a really long process, involving plenty paperwork, and exposure to the high risk of fraud. Blockchain ledger stores data that can be distributed among all parties involved in the transaction. It allows for transparency in the process of buying and selling, and saves the cost of middlemen that’d have been needed in the traditional system. Blockchain technology stores data transparently, therefore an attempt at fraud or falsification will be easily detected by anyone that can access the blockchain. Blockchain technology also attracts investors to the real estate industry, allowing more people to buy property-like shares.
Continue reading: https://www.techguide.com.au/news/cryptocurrency/five-industries-implementing-blockchain/
Here are five of the industries implementing blockchain technology and how it would complement their industry:
Health
Blockchain technology is employed in the heath sector to secure medical records, and add more transparency to the industry. In an industry where data loss or compromise can be gravely consequential leading to fines, and public mistrust, blockchain can be used to keep data permanent, decentralized, incorruptible and transparent. Diagnosis and care plans can be made and put together faster, with the use of blockchain’s encrypted database which creates a single source for the data of patients that can be referenced by the personnel requiring it. Doctors, hospitals, insurers and others can easily access exactly what they need.
Real Estate
Acquiring property can be a really long process, involving plenty paperwork, and exposure to the high risk of fraud. Blockchain ledger stores data that can be distributed among all parties involved in the transaction. It allows for transparency in the process of buying and selling, and saves the cost of middlemen that’d have been needed in the traditional system. Blockchain technology stores data transparently, therefore an attempt at fraud or falsification will be easily detected by anyone that can access the blockchain. Blockchain technology also attracts investors to the real estate industry, allowing more people to buy property-like shares.
Continue reading: https://www.techguide.com.au/news/cryptocurrency/five-industries-implementing-blockchain/
