7 Ways Blockchain Technology is Changing Everything

Today, blockchain technology has become one of the most sophisticated technologies in the world. Many organizations are eager to explore blockchain and its endless possible applications to their businesses. From banking to government, entrepreneurs to programmers, almost every sector wants to offer blockchain-based services.  So how is blockchain changing everything? In this article, we will highlight seven ways blockchain will impact the world besides cryptocurrencies.

7 Ways Blockchain Technology Is Changing Everything

1. Payments

Obviously, this would top our list. Blockchain technology is first attributed to payment before anything else. Many available blockchain services that are operating today are based on blockchain technology with bitcoin being the most prominent. Blockchain is adopted for payments processing, coin exchanges, and remittance services to ease the complexity of traditional methods of transactions. Tech giants like Microsoft, WordPress, and Intuit have adopted Bitcoin, enhancing its reputation as the widely recognized legal payment method. Does blockchain solve the issues with traditional payment methods? Maybe not all but it does solve some. Blockchain’s transaction is more secure, it processes payments faster, and transactions are irreversible.

2. Real Estate

The real estate industry is showing that blockchain is more than just for payment processing alone. The introduction of smart contracts means that real estate and other high-value assets can be traded digitally – like stocks over an exchange. Up till now, real estate applications required physical interactions between lawyers, banks, and brokers. However, with blockchain smart contracts, processes like listing, payments, and documentation can be performed within the digital framework. This has redefined the real estate trading experience and some governments are currently testing blockchain for its land registration.

3. Internet of Things (IoT)

IoT deals with technological devices that are interconnected. Today, cars, doorbells, refrigerators, water pumps, and even buildings are loaded with software, sensors, and network connectivity to operate remotely. However, the time has revealed that this sort of system is penetrable as hackers have found their ways to access people’s devices from a central location. But the same cannot be achieved with blockchain technology. Being a decentralized technology, blockchain secures all the information and data needed for fraudulent activities.

4. Legal

Since the inventor’s intention was to deliberately make blockchain technology resistant to government control and exploitation, governments, and central banks are cautioning users about the risk. Though this has reduced bitcoin’s growth, the blockchain community is making a great effort to make smart contracts admissible as records. Arizona and Vermont are top US states that have passed legislation that would make smart contracts generally accepted as legally binding.

5. Government

Blockchain will increase security, transparency, and efficiency during an election. It will also reduce bureaucracy and ensure that votes are properly counted and verified. Governments, politicians, and world leaders know this which is why they want to control blockchain for exploitation. But things are changing now.

6. Identity

The need for increased security cannot be overemphasized. Every day, a lot of people fall victim to credit card fraud and this has become a major concern for business owners and customers alike. Companies are now turning to blockchain as a means to secure customer information and ward off fraud. Since information stored on blockchain technology is encrypted with an advanced algorithm, it makes sense blockchain is now used to verify identity.

7. Healthcare

Hospitals collect as much sensitive data as the military. Thus, the collation of such sensitive information using blockchain will secure the database and make patient data less vulnerable. Only authorized doctors and patients would have access to this secure platform.

These are just seven ways blockchain technology is changing every sector – there are more, including online music, supply chain management, energy management, retail, etc. As blockchain continues to fight all limitations, businesses should start preparing to embrace the possibilities of the future.

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