It’s impossible to deny it, we are now living in an age where people live with the tech we have. For example, we use smart fridges, drive smart cars, even watch something on smart TV. Technology has shaped our social life in ways that make it “smarter”. What about our workplace, then? How can we change the face of industries so that they work “smarter, not harder”? The bigger question, what type of technology would be capable of transforming them?
Well, that’s where blockchain comes into the spotlight.
Blockchain is simply, according to the Harvard Business Review:
This definition seems too complex to understand, so let’s use an example.
Let’s say you have a little kid and he decided to build a little safe out of LEGOs, all to put in his favorite toy. They ask you to open it, but it’s impossible to open without trying to pry off the pieces. Blockchain are like those LEGO safes. They contain valuable information and are linked to other blocks in a link, hence the term Blockchain. This is primarily used in the Bitcoin industry, making trading assets a lot easier for anybody participating.
It is such an amazing and secure piece of technology that since its start in boosting the cryptocurrency market, many business owners and industries are thinking of using Blockchain as well. With that in mind, let’s dive in on a few industries Blockchain will transform.
Banks are an important part of people’s lives. They are basically the safehouses for money. Without them, people won’t have a secure place to keep all that cash. The problem is that nowadays, going to a bank is just a hassle. Having to wait in line, talk to a representative, all while bringing a ton of documents and identification takes a lot out of your day.
How can blockchain change that?
For starters, blockchains are encrypted to keep the data inside them secure. Banks can use this tech to keep records and sensitive information within these blocks, much like banks keep money safe. Blockchain can also be used to reduce other office functions such as issuing bank statements or collecting payments. A lot of companies are already on the trend of using blockchain. According to CBInsights:
JP Morgan is “entering the blockchain space with the JPM Coin, which it intends to use to facilitate transactions between institutional accounts.”
Whatever the job, blockchain makes dealing with the bank faster and easier.
The great thing about blockchain is its versatility. Not only can it be useful in banks, but in managing supply chains. There are companies that produce the appliances and furniture that are sitting in your very homes. All of it comes from an extensive supply chain managed by that company.
So how can blockchain make it better?
It’s simple really. As much as detailed a supply chain can be, it does have a few snags in that link. According to InternetofBusiness:
Supply chains have a few issues that need to be fixed. “For instance, supply chain records are notoriously opaque and frequently inaccessible to other members of the supply chain.”
Blockchain can fix this by making records fully-accessible, so members of the chain are aware and prepared for future problems.
Hospitals receive so many patients that it’s hard to keep track of them all. Not to mention, when patients are transferred from one hospital to another, some records could get lost in the switch.
How can hospitals keep that from happening? Blockchain has the answer!
Blockchains can transfer patients’ records seamlessly from one hospital’s system to another. This can be domestic or international depending on the patient. Members of the healthcare system can then be able to work with those records and coordinate faster. This data can be managed a lot easier with the technology given.
Blockchain can also help in medical payments, making processing times shorter or a thing of a past. This technology in the healthcare industry does not only deal with patient records. They can make medical products easier to track. With the data stored away in a blockchain, any drug can be tracked when they arrive at the pharmacy.
Do you know what it takes to buy a house? Short answer is that it takes a lot.
You have to:
Not only that, but you have to go through listing after listing and network with buyers and sellers.
It’s time consuming, and the process isn’t cheap. However, blockchain can be able to reduce the costs of the process and take out the middleman.
First of all, blockchain can be used to establish marketplaces that support real estate buyers and sellers. This can create an online space where property can be traded like assets on a crypto market.
Because of this, buying a house has become much cheaper than it already is. Contact is limited to the buyer and seller. This takes out the banks, the brokers, and the agents of the system. New real estate platforms can handle the function of all those three, reducing the cost of buying a house. The time it also takes to purchase a house is cut since all you need is the internet and really good taste.
Have you ever seen an advertisement online for an item you needed and wondered, “How did they know I needed this?” Well as strange as it sounds, ads are shown based on the information of who watches it. It’s a database that shows age, gender, salary, or tastes.
Having a blockchain deal with that kind of information can help the digital advertising industry create accurate data for companies. The data gathered can improve on ad tracking, and could change the value of online ads.
As with the real estate industry, blockchains can remove the middleman all together, connecting the target audiences with the companies that own the ads.
This quick and easy process allows companies an opportunity to narrow their target audience. The data that is now being pulled from different sources is now able to create a customer profile based on their needs and wants. These companies can then store it in blockchains, and update it according to the ads being produced
Blockchain may only be used for the cryptocurrency market. But its versatility is unmatched. It can fit itself into any industry available today, and make it better. There is a long way to go before every industry can use blockchain, but for now we can only dream of how different our world can be with blockchain’s introduction into our lives.