Blockchain is a decentralized databank which utilizes cryptography to protect data from being manipulated or destroyed. The technology is known to create a safe and secure ecosystem that can also function as an effective data transfer and storage platform.
The decentralized nature of blockchain has in recent times made it the subject of countless research in various sectors of the world. Given the innovative attributes of blockchain, several mainstream industries are bound to be significantly revolutionized by implementing the technology. Some of them include:
Traditional banking system thrives on transaction commissions and high-interest rates. Being primarily profit oriented, most of the banking products do not consider customers as a priority. Rather it is what would benefit the business owners and their shareholders that matter most to them. With the benefit of blockchain technology, various platforms are emerging as alternatives to the flawed banking system with an incorruptible ledger philosophy being made available to users.
This system also makes it impossible for any single entity to manipulate the resources of a financial platform. It is predicted that the banking industry will save up to $20 billion by replacing infrastructure maintenance and middlemen fees from its operating cost. The emergence of bitcoin and other cryptocurrencies is drastically changing the financial industry.
The healthcare industry is one of the key sectors in any country’s economy. However, it seems that this industry is plagued by several outdated and ineffective procedures. One will be shocked to discover that many health facilities still collate and store patients’ data manually, especially in developing countries.
Incorporating blockchain technology into the healthcare industry will transform and improve the way data is stored, accessed and transferred. Therefore, health professionals can always access information that will help them deliver early and accurate diagnosis. This will, in turn, facilitate and strengthen collaborative platforms for global healthcare facilities and professionals.
Some of the blockchain platforms that are working on revolutionizing the healthcare industry are Patientory, ICON and ATLANTICO Network.
Charity organizations are modeled to raise funds which will be used to promote and finance the cause they are dedicated to. However, many a time have we seen charity organizations misappropriate funds. Therefore, there is a need for systems that will make fund allocation in charity organizations transparent.
Since one of the core functionalities of blockchain is transparency, then it is the perfect system to ensure that charity organizations remain accountable. A charity organization that incorporates blockchain can allow fund donors to monitor the allocation of funds. Some of the blockchain projects presently seeing to this are Alice and Giveth.
Digital advertising has become one of the most effective avenues for brand visibility, especially with the growth of mobile technology. Corporations, retailers, and service providers are increasingly embracing digital advertising as an effective tool for publicity. This development has seen the digital ads industry attract huge funds and investments in the last couple of years. Unfortunately, content providers that constitute a major segment among the stakeholders of the present-day internet suffer from protracted inadequate compensation.
In an attempt to resolve this development among other inconsistencies, blockchain platforms are emerging that seek to decentralize the digital ads ecosystem, thereby ensuring that content providers get a fair share of the revenue made from digital advertisements. One such platform is Steemit. Steemit is a blockchain version of Facebook that pays content creators tokens on every contribution they make to the platform.
The emergence of blockchain technology has introduced a lot of changes in major industries. And it is safe to say that these disruptions appear to hold a lot of promises, most of which are yet to be explored.
Ifeanyi Egede is an experienced and versatile blockchain technology and cryptocurrency content writer and researcher with tons of published works both online and in the print media. He has helped several startup companies grow their businesses in the blockchain and cryptocurrency space. Ifeanyi has close to a decade of writing experience, and when he is not writing, he spends time with his lovely wife, Tega and adorable daughter, Chimamanda.