Blockchain, the open source digital leger also known as the backbone of crypto currency. But the tech community has been busy finding other innovative ways to apply the technology. The blockchain is capable of doing so much more.
The existing banking system is complex and often slow due to multiple layers of intermediation. Blockchain provides a secure way of sending digital assets without the third parties. This could simplify banking process but it could open the doors with no previous access financial services.
Without the need for the middleman, this sector could undergo vast changes. Blockchain can process title deeds facilitate transactions and even grant access to properties throw smart keys. Technology could streamline property sales saving buyers time and money.
In a similar way as real estate, blockchain could disrupt the practice of law throw smart contracts. These are legally binding contracts that are written in code and can be executed exactly as intended.
Blockchain companies are exploring to digitalize voting systems. The fear of hackers manipulating online votes could be put to rest by encrypted blockchains, creating a transparent and secure voting system.
The NASDAQ stock exchange announced that it would consider blockchain as a means of recording transactions and data. If the system is successful it might be replicated in exchanges across the world.
Blockchain technology can also be used to simply the way we produce food, tracking goods from farm to fork. Efficiency in the supply chain would mean profit for companies, improved food safety, and fresher produce.
Exploring the capacity of blockchain to speed up passenger’s identification an processing. It could cut the number of times spent in queues and passport could be stored on the ledger itself.
Blockchain could merge all sorts of identification documents into one open source and secure record. This would reduce theft and loss of documentation while protecting the individual’s right to privacy.
Blockchain can be used to improve the rights of producers and musicians in the era of digital streaming. The ledger could facilitate instant transmissions of artistic royalties each time song is played online.
It’s exploring the potential of blockchain in the exchange of data to improve transparency and patient privacy.
Blockchain techology has potential to underpin many of the ways we interact with one another.