Conventional Databases in global trade coordinate the movement of products and information across oceans, national borders, and logistical hubs. They are a microcosm of not just global trade but also global innovation.
The potential for disruption in this field is enormous. The blockchain’s ability to solve problems involving trust and authentication will help make supply chains more efficient by creating an accessible, shared ledger that all stakeholders can rely on when verifying transactions. The Bitcoin Formula is a reliable trading platform where you can trade more effectively.
Instituting the blockchain into these industries will help them stay agile by leveraging its innate qualities like immutability, transparency, and security. Blockchain has already blazed the trail of disrupting finance. Still, its disruption is not merely confined to finance, as there are numerous other industries that blockchain will disrupt in the future.
1. Health Care:
The current paradigm involves a lot of mediators and intermediaries who, rather than concentrating on improving the quality of care for their patients, have focused on billing issues. As a result, it makes it necessary for the patients to endure tons of paperwork and an average period of six months to get treatment in US hospitals. Fraud is another concern as most health care data are not protected and are prone to cyber-attacks.
Blockchain will help solve this problem by bringing down intermediaries, thus saving money on transaction fees. It also makes the data accessible to a limited number of people, which will help reduce fraud. Every patient will have a verified health record, and anyone can verify the authenticity of any document or data related to his treatment by checking this online blockchain network. And this has already proved to be effective in many pilot projects around the world.
2. Real Estate:
Much paperwork is involved while buying or selling real estate property in the traditional system, making it challenging to maintain a credible and transparent ledger of their property records, thus making it prone to tampering. But this is a thing of the past with blockchain, as both parties can maintain their ledger of transactions.
The transparent and immutable nature of blockchain also makes it a reliable record-keeping system, as there are no chances of getting hacked or altered. Further, there is no need for intermediaries like banks or agents when you sell your home or buy a new one. As a result, blockchain can make deals easy and efficient, thus allowing everyone to become more affluent much faster.
3. Automobiles:
Automobiles have been one of the most significant contributors to innovation over the last few decades. But in recent years, it has been no exception. Automobiles alone contribute a massive $1Tn per year to the US and global GDP. In addition, the sales of vehicles have been growing year after year due to the growing demand for safer and faster cars from all over the world.
However, several issues hold back this automotive industry from becoming as successful as it could be. First, it is difficult for vehicles to change their identification in such a short period, thus making it difficult for them to be tracked at any given time.
Blockchain, being an immutable and transparent ledger of all transactions that have ever occurred in its network, can help insurance companies and vehicle owners access a detailed history of all the transactions that have ever occurred in its network, particular vehicle. In addition, every vehicle component is linked with a unique serial number, making it easy for insurance companies and police departments worldwide to track down stolen vehicles based on every data related to that particular car.
4. Education:
Literacy across the world has been growing at an exponential rate in recent years. This progress toward technical education has coincided with the increase in educational qualifications like diplomas, degrees, and certificates. But unfortunately, those qualifications are not always very trustworthy in the eyes of employers or academic partners. This issue can be solved by using blockchain in the education sector.
Using blockchain to store certificates on a shared ledger network, one can verify them at any time on demand by an employer or an academic partner. Furthermore, these certificates will also be tamper-proof because they are maintained on an immutable and transparent ledger.
The same can be said about the credentials obtained through online learning platforms like Coursera or Udacity. It will also make it easier for potential employers to verify a candidate’s academic record before he starts working.
5. Telecom:
Many of the most prominent players in the telecom sector were not delighted with the latest order by the FCC to create more transparency in the industry by mandating that ISPs must inform customers about their data plans and usage concerning their broadband service. The telecom industry has been growing exponentially, but this has not always translated into better customer services, and blockchain potentially solves all these issues.
