What is the first thing that comes to your mind when you hear about blockchain technology? Is it cryptocurrency like bitcoin? Or Mining operations that require a huge cryptographic processing power for the proof of work? Or, may be, open source crypto exchange? Well, if you are aware of these assets, you should know how this technology has powered the industrial sectors and has brought innovation at the peak level. Moreover, when it comes to speedy transactions and building trust among the businesses, this technology has certainly done well in achieving this feat.
Blockchain is considered to be the next level of the distributed network system and has proved to be efficient and flexible when it comes to facilitating transactions without centralised administration or control. This technology has powered cryptocurrencies like bitcoin and Ethereum but apart from the financial sector, it can also work be well for any sector that involves peer-to-peer transactions.
This technology has taken over the task of the middleman and the central authorities by ensuring that the transactions can be audited by any of the parties that are involved in this task and has enabled a trusting mechanism between the clients by protecting them from fraudulent transactions. Although the technology is not safe entirely when it comes to coping with external threats related to security but the entire system is quite safe intrinsically.Furthermore, here are the five industries which are using blockchain to empower themselves. Also check out this post to learn more about the diverse benefits of blockchain technology.
Real estate is one of the most complex industries that involve a lot of participants such as agents, buyers, brokers, and sellers. Moreover, real estate transactions are quite slow and risky which is why people tend to take careful measures while investing in them.
By involving blockchain processes in the real estate processes, you can reduce the potential risks involved with them and increase the trust among clients in a lot of ways. This is because most of the people rely on known companies when it comes to purchasing homes and to verify the transactions due to which the small companies who want to establish themselves stand a poor chance in making an impact on the people. Technology can be used to carry on transactions with the help of crypto-currencies rather than the flat currencies which would help in demonstrating the option to purchase homes with the help of digital assets instead of the traditional ones.
It is evident that with the technology becoming accessible, people can now browse through their favorite websites and extract the information which is desired. Moreover, mobile phones have made the Internet even more approachable. Because of this outrageous demand, the ranking of the websites now depends on the page-load speed which has certainly increased the competition among e-commerce businesses as well. It is estimated that blockchain technology can solve some of the major problems such as the progress of the digital content, latency, and low availability of the Internet and make the Internet experience better when it comes to browsing the websites. Enterprises are now creating a decentralized content delivery network to improve the data consumption across the world.
Some of the biggest names in the banking sector such as Goldman Sachs, Barclays are slowing changing their perspective towards the cryptocurrencies and blockchain technology and looking out for their potential benefits. In the European countries, the banking industry has taken a plunge towards the decentralized banking system. Several banks, insurance accounts, and exchanges can be reached through a single interface which is somewhat secure. Not only this, several blockchain-based platforms are now coming up with services such as e-wallets for transfer of payments – both locally and internationally which has made it easier for the people to get the desired amount in an hour of need. This has also benefited the micro-finance industries which provide the small-scale workers with the support money.
Most of the businesses in different industrial sectors now rely on digitally secure contracts so that the deals can be facilitated in real-time. Due to such technological measures, most of the law firms are now shifting towards developing online advisories for the clients and introduce them to the best ways that would help in structuring the transactions in an effective manner. Take for example, the Enterprise Ethereum Alliance which is trying to get the law firms to use the blockchain technology and has successfully added around 14 firms as the core members who are continuously working towards spreading the uses of this technology.
The blockchain technology isn’t only used to create bitcoin escrow service. It has proved its worth when it comes to security, efficiency, and extensibility of transactions and has left an impression of trust on the businesses which are now aiming to find the best uses of it. With this, start-ups and enterprises can realize their potential and aid the government agencies in their Fast-Track processes by ensuring maximum security. Overall, this new age technology can bring some of the major changes in which the businesses are done and is all set to play a pivotal role in their growth.
About the Author
I am a full-stack developer with 7 years of experience. I see the future in blockchain technology and I like it. The last two years I have been working in this industry. In my opinion, blockchain will transform the world in the future not only in the financial sector.