Disruption. This buzzword has been bandied about more than is absolutely necessary for recent years. With every industry from travel to motoring developing innovative business models and technologies that threaten to change the way we work, develop new professions and make some obsolete. I don’t think any industry has grown more rapidly than blockchain, over the past few seasons.
Blockchain or distributed ledger technology, as it is today, is but a snowflake sitting on the tip of the iceberg in terms of the changes coming to how we approach value and information exchange. Whole economies are on the precipice of transformation. Aside from being paired with Machine Learning and it’s applications in finance through payment rails.
Here is a list of just a few of the industries Cryptocurrency is set to disrupt.
The most obvious use of blockchain in this field? The storage and transmission of patient files. A cheaper and more efficient way to store confidential patient information means, more effective health care. This could lead to better patient management and later, improvements in medical research.
The best thing about blockchain? Documents can’t be tampered with or altered.
Ever tried to buy or sell a property? You don’t just meet up at a parking lot, and hand over a brown envelope with the title deed inside and they in turn hand over a briefcase full of money. There are expensive intermediaries that can cause the process to drag for months. This leaves a gap for serious corruption.
Blockchain will help facilitate property transfers, rentals, and property fund trading.
The ability to move goods from port to port is the lifeblood of international trade. Here’s the thing though, the industry runs on almost the same system used by Antonio and his pals in Shakespeare’s Merchant of Venice. So you can imagine how much room for improvement there is there.
The integration of blockchain will definitely reduce the number of errors that plague this industry. Making for faster shipment and efficient package tracking.
So I know a guy, he couldn’t get an ID card because somebody was using his identity. He had to get a new ID number issued and that wasn’t a simple story. We’re talking about over half a year of being sent from pillar to post before his efforts gained any traction. This is just an example of the failings of the paper and pen system.
Blockchain promises to finally bring the superlative efficiency to government service delivery that we’ve all been praying for.