Four Industries Experiencing Disruptions By Blockchain Technology

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Blockchain, Block, Chain, Technology

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Blockchain technology is a technology that powers cryptocurrencies by the use of a global public ledger, and based on which everything even remotely related to cryptocoin is able to function – from Bitcoin exchanges to <a href=”https://bitfortune.net/>gambling with cryptocurrency</a>.  With blockchain, digital transactions are recorded, verified, and secured across a peer-to-peer network without the need for a central bank or authority.

Blockchain works by accepting a transaction request from a user, broadcasting the request to a peer-to-peer network, validating the user and the transaction, combining the verified transaction with another transaction to add a new block of data, and marking the transaction complete. That way, the sale is tamper-proof and devoid of fraud.

Blockchain technology offers the possibility of carrying transactions that are time and cost efficient, secure, and bereft of fraudulent acts, transparent, and private. With the increase in the level of digitization of companies and platforms, blockchain is becoming more relevant. The industry that has experienced most disruption due to the emergence and growth of blockchain tech is the banking and finance sector. Here are other industries experiencing blockchain disruptions.

  • Voting And Elections

It is without doubt common knowledge that voting manipulation is a bane in the election process. Typically, elections require that the identities of voters be authenticated, the secure keeping of voters’ data and records, votes be properly tracked, and winnings be correctly tallied. However, elections at many levels suffer from the effects of manipulation of various sorts.

Ballot Election Vote Ballot Ballot Ballot

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With blockchain technology, the infrastructure to solve the problem is available. Vote manipulation and voter fraud are eliminated because the human element in the process is reduced to the barest minimum.

The way it works is that the votes will be captured as blockchain transactions and the election bodies would have public and secure records of the votes as they are cast. This ensures that only legitimate votes can be cast, and as soon as they are cast, they can neither be changed nor removed.

  • Ridesharing

This industry is also being disrupted by blockchain technology due to the decentralized control blockchain offers. The ridesharing services offered by companies like Uber and Lyft are controlled by the companies themselves as they set their own prices and wages. They circulate issues pertaining to operations or rides to drivers and users using privately owned algorithms and programs. The drivers only have some degree of control compared to the kind of decentralized control that blockchain tech offers users.

Arcade City, a blockchain based ridesharing company, is taking advantage of the benefits of blockchain and applying it to ridesharing services. With Arcade City, drivers can set their own rates and decide what percentage of the rate will be theirs. All their transactions are logged on the blockchain network.

This level of control makes it more attractive to professional drivers interested in owning a transport business. The drivers have more control over their operations and gain, and can include other extra services to their operations e.g., deliveries.

  • The Real Estate Business

The process of buying a house is not as easy as it is made to look. The sheer amount of paperwork that is involved is tiring. There are loads of documents to sign and records to keep. This is not to mention the overall lack of transparency, the likelihood of fraud, and errors in the public records associated with the real estate business.

 

City, Homes, Small Town, Architecture

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Blockchain offers the platform that will provide accurate, secure, and verifiable real estate data such as property deeds, land titles, loan documents etc. Besides, blockchain will ensure proper recordkeeping, reduced time in carrying out the entire transaction, improved efficiency, and much lower transaction costs. Applications and completed transactions will then be easy to track in the digital landscape with the blockchain tech.

Ubitquity, the first blockchain secured platform for real estate recordkeeping, is already setting the pace in blockchain based real estate business, offering quality mortgage, title and financial services.

  • The Medical Marijuana Industry

Marijuana is a subject that always raises debates and arguments. Be that as it may, it is a product that is extremely important in the medical field. Moreover, it is a business that is legalized and commands intense logistics and regulations. There are series of checks, verification and authentication process involved in the marijuana sales business that makes it time consuming and complicated.

Foliage Cannabis Marijuana Lush Plants Nat

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With blockchain tech, the checks and verification processes are speeded up reducing the time required for transactions to pull through. Besides, blockchain makes the business decentralized ensuring that no single entity or group can take hold of the industry, indirectly solving the “Cabal” or “Drug Lord” problem. The need to conduct operations with cash is also removed making high-value sales possible and transparent.

 

 

Blockchain tech is, by a long shot, primed to be immense technological advancement, judging from the impact it already has on industries and their operations. The disruptions are just the beginning.