You’ve been hearing about blockchain technology and wondering how it can impact the world? In this article, we highlight how blockchain and cryptocurrencies such as Bitcoin are disrupting various industries.
1. Wills & Inheritances
Wills and inheritances face a major challenge in verifying a deceased’s real death which often leads to illegitimate claims to a will. With a blockchain smart contract solution, this challenge could be addressed. Still advancing, even a highly specific kind of contract would not completely eradicate this challenge; however, it would make it easier to dismiss illegitimate claims by identifying factual information and verifiable transaction data. Zweispace, a Japanese smart contract platform is developing a self-executing will system using blockchain technology. This platform decodes whether or not the legal interpretation aligns with the deceased’s intentions before automatically distributing assets of an inheritance trust to the right beneficiaries upon confirmation of the deceased’s demise. This puts an end to court battles as well.
2. Accounting
Accountants are not lagging in the adoption of blockchain technology and cryptocurrency. The same success recorded in the banking industry could be replicated in the accounting sector. Deploying bitcoin blockchain technology would add a layer of security to bank statements and tax forms. It will also help to enable data tracking, hence, eliminating certain human errors that could lead to fraudulent activities. PwC has created an auditing service for cryptocurrency assets while KPMG has invested in programs and projects to research and share information about bitcoin blockchain. A host of other accounting firms like EY and Deloitte are subscribing to adopting blockchain tech and cryptocurrencies.
3. Sports management
Sports management agencies and corporations have highlighted inaccuracies when funding athletes. With blockchain tech, decentralizing the process of funding athletes could be achieved. The concept would allow democratizing fans to invest in athletes and earn returns of their financial stake. The Jetcoin Institute is exploring the possibility of investing in athletes and receiving a token of the athlete’s future earnings.
4. Loans & Credit
Many financial institutions believe that blockchain technology could solve credit reporting issues faced by traditional banks and lenders when underwriting loans. Further, there is a lot of vulnerability in this sector as we’ve seen in the September 2017 Equifax hack when the credit information of nearly 150M Americans was exposed. With blockchain, this vulnerability could be drastically reduced. The FTC (Federal Trade Commission) estimates that 2/10 Americans experience an error in their credit score that negatively impacts their ability to get a loan. With a cryptographically secure, decentralized registry of historical payments, errors in credit scores could be corrected. Now, personal loans can be granted securely and efficiently. Dharma Labs is one of the many companies that are working to achieve this feat. Dharma Labs is a protocol for tokenized debt that aims to provide developers with the tools and standards necessary for creating and developing online debt marketplaces.
5. Insurance
Many blockchain apps are disrupting the insurance industry today to cut costs, enhance better customer experiences, and increase speed to market. For example, Insurwave in partnership with Guardtime is creating an immutable database between insurers and shippers that could allow for quicker claims payouts and better risk assessments.
Check out more content here!
Binance CEO Aims To Work With Regulators On Licensing
Should You (Or Anyone) Buy Baby DogeCoin?
