Blockchain and cryptocurrencies have influenced traditional banking and finance significantly. BTCMEX prepared an overview of major industries adopting the technologies.
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Blockchain is the technology revealed with the birth of the first successful cryptocurrency - Bitcoin. In its fundamental lies the distributed ledger - a technology that records all the transaction data securely and transparently. The transaction ledger can be written with new information and the previous information that is stored in the blocks cannot be edited. Learn more about consensus systems with BTCMEX.
Many heard that blockchain has revolutionized the financial sector, but how will it impact several industries apart from financial institutions that use blockchain in banking technology?
Banking and finance are the most common industries where the transaction of digital currencies is done. Furthermore, 2019 was announced the year of DeFi - Decentralized Finance. With Bitcoin in the middle, one can easily transfer the digital asset from one place to another without the use of a third-party organization. Every day, millions of transactions take place in the banking sector and blockchain helps in maintaining a secure system that keeps permanent records of these transactions. Decentralization offers more secure, faster and cheaper transfers here.
Paperwork is hectic. Paperwork in real estate is even more hectic! However, blockchain is the remedy for this headache, as all the documents and transaction records can be stored safely with lesser efforts and costs. Thanks to smart contracts. The contract on a blockchain can be created between the buyer and the seller with the funding released only when all the conditions are satisfied.
The blockchain solutions can manage verification procedures in the education sector. It will help in reducing the fake claims of un-earned educational credits by securing and sharing students’ records.
The impact of blockchain in healthcare is seen when dealing with sensitive personal information. Medical data and records securely stored on a blockchain can increase trust in healthcare institutions that was lost with numerous frauds and data misuse in the industry.
The legal industry is the perfect example of where blockchain helps in storing and verifying multiple documents and data. Legal records stored in the blockchain can be easily and securely verified. Any changes or updates in the documents will be first authenticated and then stored. The technology also eliminates legal issues associated with the inheritance of cryptocurrency assets.
Blockchain becomes helpful with the operations in smart contracts, intellectual property rights, land registry, financial transactions, etc.
Smart City Infrastructure
Blockchain has already won its ground in food logistics. The next step is smart city projects. Numerous research is conducted around the fact that the technology can enhance the alternative energy field, as well as the transportation sector.
With the help of smart contracts, the process of customs clearance can be simplified. Sensors for street and traffic signals can be connected to the Internet of things (IoT) helping local governments to control the traffic.
Read further on BTCMEX: Australian released the blockchain roadmap, seeing major opportunities in the agriculture and wine industry.
Please note, that the article is a part of BTCMEX Blog, the views and opinions expressed here are the contributing author’s only, and do not necessarily represent the views of the company.
Julia Bulakh for BTCMEX