Ethereum and bitcoin are cryptocurrency platforms that use blockchain technology as a distributed ledger. The system allows for a transparent, safe, auditable, and outage-resistant way to record and transfer data. Through the use of this technology, organizations can become transparent, democratic, decentralized, efficient, and secure. Over the course of the next 5-10 years, it will probably disrupt many industries. Below are some of the industries it’s already disrupting.
1. The Banking Industry
Today’s banking industry faces several significant problems that can be solved using blockchain technology. Currently, banks store and transfer money on behalf of their customers.
There are millions of transactions that take place in the banking industry each day, and blockchain has a secure way of keeping track of them. Blockchain is a safe and secure way to store records. Additionally, the decentralization provided by the blockchain can make money transfer cheaper and faster.
2. The Real Estate Industry
A real estate transaction involves a lot of paperwork, as anyone who has purchased a home or sold one knows. Blockchain technology can drastically reduce the amount of paperwork necessary to complete real estate transactions. The blockchain allows for the secure storage of all documents and transactions with significantly less work and costs.
Crypto Realty Group CEO Piper Moretti, a licensed realtor, said the use of blockchain may also eliminate the need for escrow.
By using smart contracts, funding can be released only when certain conditions are met.
A real estate agent in the process of selling or buying a home knows how frustrating it can be to pay up to 6 percent in commission. The platform powered by cryptocurrency, Deedcoin, aims to change this. The rates are reduced to just 1% by using Deedcoin’s platform and proprietary tokens.
Using the Deedcoin architecture, homeowners and buyers get back some control over the process by tokenizing it and eliminating the middle man, allowing direct interactions between sellers and buyers.
3. The Cryptocurrency Exchange Industry
Blockchain enables secure transfers and records of digital money, which is the way of the future. In contrast, the “mining” required to verify and authenticate every transaction of digital money consumes enormous amounts of computer power. The sheer number of computations needed has led to a lot of issues on several platforms when certain transactions “run out of gas” or fizzle out. It was costing users time and money to deal with this issue.
The cryptocurrency exchange industry is changing due to developments in blockchain technology. The Zen Protocol has developed a solution that solves the most significant problems in the crypto space. As opposed to other platforms, Zen Protocol utilizes smart contracts that determine in advance just how much computation each contract requires. It won’t run unless there is enough “gas” to support it.
4. The Legal Industry
A blockchain-based system will be able to store and verify data and documents, which could disrupt some areas of the legal industry. Litigation involving deceased wills or other documents, for instance, can be eliminated. The blockchain will allow records (including wills) to be verified quickly and securely. Changes will be authenticated and recorded.
Additionally, blockchain technology can eliminate legal issues pertaining to inheritance, even when cryptocurrencies are involved. For example, Safe Haven allows users to safeguard their digital assets so that their assets may be safely and securely passed on to their children or designees.
5. The Healthcare Industry
There have been major disruptions in the healthcare industry due to the sharing and storing of medical records. Healthcare suppliers and customers are skeptics about the possibility of errors, extortion, and missing records. By safely storing medical records on the blockchain, specialists and individuals in positions of authority can access them precisely and securely.
Identifying and approving individuals will be easier with blockchain. Several startups now use blockchain technology to develop precise, multi-source people identification methods across all ventures.
By using blockchains to distribute rosters, data can be transported in a stable and auditable manner. As a result, it will revolutionize the way we live, our normal lives, and disrupt industries which regulate data or transactions. Fortunately, all of the disruptions will be positive ones. Even if you don’t prefer to make use of modern technology, it is evident that stronger security for our financial databases would greatly improve our peace of mind.