When the Internet was introduced, it changed the way we share information. Today, this function of the internet has been adopted by almost every industry for all sorts of reasons, like marketing one’s product and addressing customer queries.
As of today, the Blockchain has the ability to disrupt the financial and banking sector. Fast forward to the future and this technology will be used in almost every other industry. Below, is a list of a few other industries, we believe, that the blockchain could also disrupt.
By using advanced cryptography, the data stored in the blockchain is verified and encrypted. This makes the data less prone to hacking without authorization.
Blockchain is a new way of managing ‘trust’. It can be used to verify many types of data in insurance contracts, like the insured person’s identity. It is also beneficial for any kind of insurance that relies on real-world data.
The blockchain can also disrupt the voting and elections sphere. It can be used for voter registration and identity verification. It can allow for an electronic voting counting system to check for legitimacy of votes, and that no ballots are changed or removed. This will allow elections to be more fair and democratic.
One of the problems hospitals face is the lack of a platform to store and share data. Blockchain can solve this by allowing for a faster means of information transfer between doctors and patients. This will improve data security, and will even help increase the accuracy and speed of diagnosis.
Blockchain can allow for a more secure and faster means for storage and verification of student data. As the popularity of Massive Open Online Courses (MOOC) rises, it will enable students to easily participate in courses from various top universities. It will also allow institutes to easily track the records and transcripts of these students.