We’ve heard it all. That blockchain will transform the way we live. That we no longer need to rely on third party institutions. That we have full control and ownership of our digital assets. Yet the most popular application of the blockchain technology is still in creating cryptocurrencies like BTC and ETH. However, blockchain is proving to be highly disruptive to several industries, as well as governments, financial institutions and the education sector with the list getting longer each day. Businesses, even large corporations, are interested in adopting the blockchain technology which promises a high level of efficiency, security and productivity.
Next generation Blockchain technology the likes of GALLACTIC can transform the conventional ways the following industries operate:
The healthcare systems in most countries still operate using out-dated methods but blockchain can shift the control into the patients’ hands, placing them at the centre of the ecosystem. By modernizing old-fashioned, paper-based records such as those in underdeveloped countries like India, blockchain will increase the security and interoperability of health data. Adopting the blockchain technology can make healthcare information transparent and easily available for patients and personnel while securing it from hackers.
While it’s common for people to pay to listen to music or watch movies, one of the ongoing issues in the entertainment industry is piracy. It is an increasing concern especially for artists and production companies who lose control of ownership and revenue. Today, the entertainment industry is exploring blockchain in an effort to create better digital rights management systems for music and videos.
The real estate industry is another industry that depends heavily on paperwork to operate. Blockchain can get rid of all the troubles of such paper-based processes and transactions that arise when two or more parties exchange fixed real estate assets. Implementing blockchain technology in real estate will increase security and transparency across the purchase and sale process.
Overall, most of these industries are still functioning the way they did decades ago. Paper-based transactions and information are costly, time-consuming and environmentally irresponsible. The regulation of this technology will help revolutionise the way financial transactions are handled and bring transparency into them to prevent fraud.
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Why Blockchain Is A Game-Changer for Mainstream Industries? was originally published in Data Driven Investor on Medium, where people are continuing the conversation by highlighting and responding to this story.