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One of the most impressive aspects of blockchain is the amount of hope and utopian thinking that surrounds it. Many technologically focused people are convinced that it will replace long-established authorities, the economy and create a network of trust. It’s entirely possible that blockchain technology could change the world for the better for these 5 reasons.
The Benefits of Blockchain Technology
The blockchain is ground-breaking from a technical perspective, but understanding it is more complex than what’s on the surface. If you’re interested in learning more about blockchain, it’s better to select a suitable blockchain training course. Getting a certificate in blockchain technology can help you earn more in your IT career or pivot in another direction.
With that said, let’s look at the impacts from a general perspective.
1. Faster Transactions
It’s common for businesses and everyday people to send money through their banks on a regular basis. Most of the time, these payments can take a few days unless you want to send via an e-transfer. However, banks put a hold on how much a person can transfer per day for fraud protection, which can be beneficial for individuals but disastrous for businesses.
You can instantly send money to another person’s wallet through blockchain, even if the receiver lives halfway across the world. Banks cannot compete with this amount of speed because they want to protect their own assets first.
2. Better Land Registration
There are multiple tedious steps associated with buying a home. From putting the house on the market to selling, the process can take several months and a lot of paperwork. Plus, home buyers and sellers must work with lawyers, stagers, and home inspectors. The more people you hire to sell your home, the more likely fraud could occur from forged paperwork.
Blockchain is a trustless platform, which means that you know what you’re doing and what you’re getting into. You can easily verify the property owner, the transparency of the agencies you’re using, and the paperwork is tamper-proof. Real estate has a massive impact on the global economy. Therefore, blockchain can transform how the economy is built.
3. Product Provenance
Supply chains are complicated and require constant surveillance and teamwork to stay functional. Product provenance, which encompasses the products’ origin, modifications, production, and custody, isn’t always guaranteed through traditional wire transfer. Businesses often have to rely on a third-party agency to track this information for them.
When a business uses blockchain to transfer funds within a supply chain, they’re about to fully track the condition of the products from the beginning to the end. If the product was tampered with, the program would issue a warning to ensure the customer receives the right product.
4. Improved Healthcare System
Although we’re healthier than ever before, health problems are still widespread in developing countries. When people go to the doctors for treatment, they are transferred between multiple specialists, hospitals, and practices before reaching a diagnosis. Keeping a complete medical record can be challenging for medical professionals and patients, especially as they age..
Through blockchain, medical records can be held in a decentralized manner which can only be accessed with the patient’s permission. Doctors will be able to understand a patient’s health better, which can help them receive treatment faster and a more accurate diagnosis. Plus, blockchain can reduce the circulation of fraudulent drugs.
5. Increase Efficiency in all Sectors
Big companies are embracing blockchain technology because they understand that enabling a network-specific for their company will increase their efficiency. Businesses can create their own blockchain currency that can only be bought and issued within their company, or they could make a network that improves the security of their clients’ confidential files.
Blockchain is defined as a peer-to-peer network that is distributed in nature where everyone can participate and use it to fight fraud and maintain data integrity. Businesses can use the decentralized database specific to blockchain to improve their data redundancy.