BY VIZIO CONSULTING INC.
As global brands attempt to find efficient ways to integrate and use the technology for profit, blockchain has emerged as a buzzword. Most assume that blockchain exclusively pertains to finance since they typically link it with cryptocurrency, the technology that powers cryptocurrencies. But blockchain technology has many more potential uses than just money and cryptocurrency. It can revolutionize society in ways we never imagined.
Here are 9 ways that blockchain technology is expected to change our daily lives over the next ten years, most of which will be for the better.
Decentralized Social Platforms:
Blockchain promises to provide secure and private decentralized social networks that put the user in control, replacing intrusive social platforms that censor our content and mine and sell our data. Blockchain-based social media platforms preserve users’ freedom of expression, enabling you to express your thoughts without worrying about facing the consequences.
Blockchain-based decentralized social platforms allow for end-to-end encryption of every contact, ensuring user privacy and sovereignty over their data. Contrarily, popular social media platforms use user data and behavior for commercial gain, treating users like commodities that can be bought and sold at will.
Redesigning in – store Shopping Experiences with Loyalty Programs:
Retaining customers now heavily relies on maintaining customer loyalty. People anticipate being rewarded for their loyalty to a company or item. Although the loyalty program sector is still young, it has quickly become important. Cryptocurrencies and blockchain technology have the potential to simplify and expand the usability of the loyalty reward system.
Hard and Fast Digital Records:
A blockchain is a sizable digital ledger that keeps track of financial transactions. Additionally, it can be used to safely store priceless documents, guarding them against tampering, theft, or misuse. It is possible to securely record and keep sensitive documents in encrypted code on the blockchain, including property deeds, birth and death certificates, financial transactions, insurance data, legal disputes, and other papers.
Travel & Hospitality:
Inconveniences during travel are common and might range from long queues to misplaced bags. Blockchain solutions from numerous entrepreneurs are already upending the hotel and travel sectors by significantly reducing booking errors, storing frequent traveler data safely, and more.
Blockchain-based solutions also eliminate the intermediaries in booking transactions. Blockchain ultimately lowers the cost of travel and promotes information security by doing away with intermediaries in booking transactions.
Voting & Government Policy:
Voting systems produced by independent foreign companies have shown to be both hackable and unreliable, raising concerns about voter fraud. Blockchain technology’s decentralization and encryption enable a foundation for an immutable, incorruptible database that guarantees complete verifiability of vote records.
Voter identities and political preferences are hidden from public view with blockchain. Election officials can count votes on the blockchain precisely without worrying about duplicate voting or fraudulent identities, thanks to a single secured ID for each vote that makes tampering impossible.
Ease & Ownership:
Insurance coverage is one of the many expenses you must pay at settlement when purchasing a home. If your title search does not turn up everything, title insurance will protect you. So, you’ll be covered even if you find out the papers were fake a few years down the road or a long-lost relative shows up with documentation that they own your house.
What if a blockchain-based land title registry existed? Since the ledger would detail exactly when and how the land had changed, you wouldn’t need title insurance. Due to potential issues with the new system, the procedure might not be as straightforward. However, it would save money and time if some of the paperwork associated with property purchases could be eliminated.
Making Healthcare More Compliant:
Healthcare providers must comply with HIPAA regulations since patient privacy is a major concern. A wide range of healthcare procedures could benefit from the secrecy and security offered by blockchain technology, including:
Patient care that is more affordable and effective
Patient data must always be protected from security setbacks.
Protecting against the theft of genetic data
Electronic patient health records with limited access and blockchain protection
Transparent tracking of pharmaceuticals and medical supplies
Data security in mobile applications and software for remote patient monitoring
Processing insurance claims in real – time
Financial Services:
Everything in our financial lives, from taxes to investment records and insurance claims, might be simplified by blockchain technology.
Consider credit cards as an example. Four steps must be completed before using a credit card to make a purchase. Additionally, a processing fee of up to 3.5 percent will be charged to the merchant. Digital currencies like Bitcoin can simplify this and make the procedure nearly free, thanks to blockchain technology.
Availing Personal/ Financial Loans:
A crucial component of the financial industry is the provision of loans to people and businesses in need. However, there are inefficiencies in the system, such as biases in the lending process, time-consuming KYC procedures, and lengthy waiting periods. These inefficiencies could be eliminated using blockchain technology.
The typical lending process must be facilitated by an intermediary, including the loan’s approval and disbursement. But the procedure can be made simple with the help of blockchain smart contract technology. A smart contract is a code that runs automatically when certain contract requirements are satisfied.
Smart contracts enable the lender and borrower to agree on reasonable and workable terms, such as proof-of-funds and payment plans. Then, without using a bank or middleman, these contracts will authenticate and record transactions, enabling a quicker verification of the loan applicant and quicker loan distribution.
Final Thoughts:
Blockchain applications go well beyond cryptocurrencies like bitcoin. Blockchain appears to be used by the music industry for the benefit of musicians. Think about Mediachain (recently acquired by Spotify), which uses smart contracts to ensure musicians receive the compensation they are due. Artists can agree to increased royalties and receive payment in full and on time by engaging in a decentralized, transparent contract.
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