16 Industries That Blockchain Could Completely Change the Game For!
This decade has seen some significant inventions and creations in the digital world. After the Internet was created, people thought technology had peaked but they couldn’t have been more wrong. The invention of blockchain has somehow surpassed all the huge milestones we, as humanity, have reached in the past few years.
What Exactly Is Blockchain?
For those who think of cryptocurrency like Bitcoin when they hear the word “blockchain,” allow me to provide an educational description of what it really means. The blockchain is a peer-to-peer database that puts your digital transactions into encrypted blocks that are linked, hence the term blockchain. The networking is unique because it is decentralized, making it so that the only owner of your data is you.
The transparency of the blockchain allows for a higher level of security for your data that was previously unimaginable. We have been living for years believing that once you put something on the internet, it is lost to you and no longer private. However, blockchain is here to change all that.
Blockchain makes sure that each piece of your digital data is encrypted so that only you can access it. The data can be shared with whomever you choose but its ownership will remain under your name alone. That kind of secured digital networking means that your data, your transactions, files, and everything will be safe from hack threats, digital scams, and people who wish to use your data for unfavorable reasons.
Can Industries Gain From Using Blockchain?
Since the system is so secure and fool-proof, that means it can be implemented in many different aspects. It is not just the financial industry but various others that can benefit from the promise of protected data and efficient transaction methods. In this article, I will enlighten you to the number of industries that stand to gain from blockchain.
1. Revolutionize the Gig Industry:
Blockchain can disrupt the gig industry and solve all the shortcomings. It can help make the system decentralized, counter fraud, payment issues and buying/selling of reviews. GigTricks is a Gibraltar based start-up with support offices in Gibraltar and Dubai. We believe that the gig industry’s rapid growth can be the solution to counter the global recession. However, in order doing so, the on-demand community requires some set standards and advanced technology to deal with the challenges. So, we envisioned world’s first integrated 36⁰⁰ ecosystem that is incorporating blockchain technology to maximize the scalability and transparency in the freelance and on-demand economy.
2. Blockchain Can Change the Money Game:
The most obvious industry that stands to gain from blockchain technology is the financial one. The world has been a slave to the banking system for centuries now. Banks are centralized, and therefore, they run under the control of some singular organization. You are left helpless in leaving your money in the hands of some institution that you are forced to trust because you have no other choice. With blockchain, the transaction would exclude any need for a middleman and you could perform your transactions in a safe environment where not only is your money transferred securely but your data remains protected.
3. Blockchain for Office:
The political sector of every country in the world is subject to a flawed system that causes the government to be slow and inefficient in the process. It is also not news that the government is plagued with corruption that causes the nation to lose millions and billions of the taxpayers’ hard-earned money. Blockchain can not only make sure political institutions are free of corruption but also to be more efficient and save funds in the process. Funds that can then be utilized in other sectors that are usually left ignored like education and healthcare.
4. Blockchain Could Beat Netflix:
The entertainment industry is rife with frauds and scams as well as piracy which has spread like a pandemic. Artists get their creations stolen and then sold right in front of their eyes. The blockchain will not only keep all the work secure but the transparency would allow for no individuals to slip through unidentified. It would also eliminate the risk of fraud because all the data stored is impregnable. Digital content could be created and shared in an environment of trust and respect.
5. Blockchain against Injustice:
If law enforcement organizations and authorities were to adopt blockchain for all their transactions, they would be able to protect the public and their country better. Private data could be shared in a secure manner, identity theft could be eliminated, terrorist threats would diminish, criminals could be incarcerated justly, corruption in the department could cease, criminals across the world could be supervised diligently, witnesses and sources of sensitive information could remain protected and hidden from harm.
6. Home Security with Blockchain:
There is no question that the real estate industry experiences some of the biggest monetary transactions in the world. People around the world spend millions by acquiring or trading property assets. Transactions this lucrative should be given the highest degree of protection. Blockchain would help people safely make huge transfers of money and have protected ownership.
7. A Complete Spin on Online Shopping:
The shopping experience can be a bit stress-inducing because you are constantly asking yourself if the product you are spending money on is even worth it. E-commerce is tough to navigate because you are trusting a strange site and paying money without even seeing the item you are purchasing or determining its quality. You also trust them with your financial details like your credit card information. Since blockchain is transparent, it would let you make sure if the goods you are acquiring are of good quality or not.
8. Insure Your Lives With Blockchain:
Insurance companies deal with the most personal information of their clients which is why it is essential for them to have a network that would not compromise its safety. Since they deal with a lot of financial information, blockchain would help them store it in a protected environment and help their audience trust their legitimacy in the business because of the transparency blockchain provides. Insurance scams can cause millions worth of damage but that could be combatted with by using blockchain.
9. Blockchain Could Provide Organic Food:
One of the biggest problems that persist in the food industry is quality assurance. Many companies run their business by promising the highest quality of organic food but people cannot trust these claims these days when we hear of food scandals involving horse meat being sold as beef. Blockchain would provide with the security of knowing the source of your food. Farmers also have to face a web of suppliers and traders that are complex and untraceable. That means once the food is out of their hands, they have no control over where it goes or how much it is sold for. Blockchain would keep all participants of the trade informed and eliminate unnecessary middle parties.
10. No More Health Crisis:
The network of computers connected in a blockchain could help to keep health records of hundreds of patients safe. Doctors could get access to their patients’ files quickly without any delay and keep it safe from unauthorized access. Blockchain would also prevent healthcare insurance fraud and make sure the system runs smoothly and efficiently.
11. Arming Your Country with Blockchain:
A country’s national security is of the utmost importance and it requires keeping safe software and hardware pertaining to the country’s defense system. Many countries use country-wide networking to spread their data out to keep from being accessed by unauthorized people. Blockchain could help keep the data secure without being controlled by a single unit or facing any outward threats from unfriendly sources.
12. A Safer Option than Uber:
The peer-to-peer network of ride-sharing applications that are widespread nowadays could be made secure through blockchain. Traveling by using these services would mean that your data is stored securely and there are no middle parties to guide how you use them. You can set up your own terms with the driver and use your e-wallet to pay them. The transparency would provide security and you would not be in fear of any danger.
13. Blockchain Powered Cities:
The energy sector faces many setbacks due to its centralized network. If people purchasing the energy could deal directly with the sources who produce it, it would eliminate the need for any public or private sectors to act as suppliers. The peer-to-peer networking would provide an efficient and time-saving method of buying or selling energy.
14. The Democratic Tech:
Elections in any country of the world face the same concerns and claims of being rigged. An encrypted network ledger that would not only provide registration for voters, electronic voting system and counter, and identity verification but also prevent unauthorized access to change or remove data. Such a voting system that is pure from any corruption and efficient could improve political conditions of every country and implement democracy properly.
15. Blockchain Could End World Poverty:
Most people do not take part in charity because they do not trust the legitimacy of the organizations that claim your money would end with the right people. Whether it is monetary or not, blockchain would allow you to make donations without fear of it ending up in the hands of the wrong people. You could track your funds and transfer them in a matter of seconds. Blockchain would also let you pay in cryptocurrency like Bitcoin.
16. A Cloud Made of Blockchain:
Storing your data in a centralized network leaves it vulnerable to getting hacked or stolen. You could even lose it due to simple human error. Using blockchain to store all your data could keep it highly secure from any threats or harm. It could also mean that your data would remain the same and not get changed by unauthorized individuals or stay in one location for as long as you need.