For hundreds of years, businesses have looked for ways to save
money and increase profits and efficiency. While blockchain may seem confusing
at first, companies are beginning to see the exciting new technology's
But is it reliable and safe?
Who could benefit from what seems like a major change for businesses?
Let's look at some billion-dollar industries worldwide and see why these industries are about to boom with the exciting potential of blockchain.
1. Education and AcademiaEducation and Academia are showing massive potential for the development of blockchain. It is essential at any level of education that academic credentials can be verified securely and accurately. For the most part, verifying these records has mostly been a manual process. This relies on comprehensive paper documentation and workers checking individuals' claims to confirm validity. Unfortunately, this is highly prone to human error.
By using blockchain in education institutions, verifying information is improved with greater security. This will reduce fraudulent education claims and certification and safely contain student records. These records can be shared and stored reliably.
This works by having the information from certifications, grades, and achievements accessible from standard smartphones for verification using a QR code. There are already finished solutions like VeriDoc Global who use QR codes with software secured by blockchain to verify if the information you are looking at is true and correct.Education stands to save countless time on administration tasks, the benefits of more accessible material for learning, and a safe and secure network for education information to be shared.
2. Real Estate
The real estate industry often suffers from a lack of transparency and therefore is susceptible to fraudulent transactions and errors.
Blockchain software stands to reduce the need for traditional and
inaccurate paper-based records and improves efficiency and transparency across
the board. This won't just save time; it'll also save money.
Information stored in a blockchain is widely accessible for participants, helping make data transparent and easily distributed. This information is already verified, producing trustworthy and accountable transactions. Smart contracts (A computer program that can execute legally binding actions) are another actionable blockchain application that is used to strengthen and enforce contracts.
It's as important as ever in our modern society, yet healthcare institutionsstill suffer from the lack of ability to securely data shared between institutions and platforms, without many third parties and delays.
With blockchain, data can be safely and securely stored and
shared, resulting in better care for those that need it most. Easier to
obtain a diagnosis, easier to generate treatments that work, and easier for
healthcare systems to deliver outstanding care.
Blockchain technology doesn't just help out customers; it also allows hospitals and the healthcare system to run at a more cost-effective level and in a way that doesn't have data at risk of getting into the wrong hands.
Applying blockchain in healthcare has already begun, with a system that stores patient's medical information using blockchain's excellent security and enabling practitioners and institutions to share private information to authorized persons only.
This information can include images or x-rays, information about conditions and treatments. This technology is already in use and allows access to doctors and patients through mobile phone and QR code technology.
4. Supply Chain Management
Blockchain improves security and allows for transactions to be observed with transparency and accountability.
A supply chain's goal is to efficiently exchange
products from manufacturing to sales, and blockchain achieves
this by permanently documenting transactions
within a decentralized record.
Benefits include reducing the time of supply chain management, reducing costs, and reducing human error.
Blockchain within supply chains can track items on a chain from origin to consumer over enormous networks that span the entire world. Companies are using automated transactions and interactions to keep track of more areas on the chain, greater reliability, and substantially more security.
5. Government and Public Records
It almost goes without saying that governments like their documentation secure and at low risk of security failures or risks.
A software solution that uses blockchain reduces the need for paper-based documentation, reduces fraud and counterfeiting of interactions, and improves accountability between governments and the public. And it doesn’t require any hardware upgrades or costly outlays.
Blockchain is a method of storing data, like growing and distribution data. By having information stores across a network of computers, data is distributed publicly and securely.
Billion-dollar industries such as education institutions, real estate, healthcare, supply chains, and government and public records all want reliable information with transparency and accountability.
Blockchain technology and finished software is the answer, improving reliability, ease, and security. Increasingly, businesses everywhere are beginning to see the massive advantages of transitioning to blockchain. Only time will tell which companies can successfully transition to this modern innovation.