Blockchain technology is an advanced method of transacting through which individuals enter instructions through inter-connected computers. The technology uses digital currencies where people in different parts of the world can transact with ease and high levels of security. It is expected that this type of advanced technology will bring disruption to various industries, some of which have been discussed below.
The Banking Industry
One of the industries that will experience extreme disruption and negative impacts is the banking industry. It is common knowledge that blockchain technology is a much safer method of transferring money from one person to another. This comes at a time when the banking industry has already been infiltrated by cyber criminals who have been stealing customers’ money by hacking bank systems. It has already come to the realization that blockchain system cannot collapse, which is an upgrade of the banking systems which have the tendency of collapsing occasionally.
Traditionally, health records have been stored in papers and stored in files at a particular hospital. This method has not been very reliable as people may change their location or some important health information might be lost. Blockchain technology will play a vital role in storing hospital records where individuals can have them on their smartphone on the go. This means that a person can access his health records at any given time, which can be important when solving critical health conditions.
Real estate remains to be one of the rapidly expanding industry around the world. A large number of individuals are buying properties on a daily basis. The problem is that a large number of documents are involved when transferring a property from one person to another. The problem is that these documents can be misplaced or forged by people with ulterior motives. Blockchain technology will help people to store their documents securely where they cannot be stolen or forged.
More than 82% of all the contents in the online platform will be in form of videos and other virtual representations. Blockchain technology will play a vital role in decentralizing and storing videos. Video makers in a different country can sell their video to a person in another country where they can easily get their payment through secure blockchain systems.