Cryptocurrency is at the heart of many discussions right now. Whether these virtual coins are going up in value or down, bitcoin, Litecoin, and Ethereum have forever changed how the world views financial transactions. Cryptocurrencies are built on the blockchain, keeping authentic records of every transaction and making committing fraud almost impossible.
The blockchain is good for more than just crypto, however. Here are five ways the blockchain could be used to revolutionize industries.
- Trading Stocks
Decentralizing the stock market with the blockchain would accomplish two main goals: it would slash management fees and also improve trading security. Current trading methods mean that it can take up to three days for a buy or sell trade to happen, and the decision goes through multiple intermediaries.
The fees for all of this work are passed on to the customer. A blockchain ledger means that most of the work could be done automatically. Blockchain transactions happen in real-time, meaning that the operating costs for stock exchanges go down. Reduced operating costs mean more profits for traders and exchanges alike. The idea is so promising that NASDAQ is already testing blockchain ledgers.
The blockchain also has plenty of benefits for voters. The main challenge facing voting today is verifying votes and counting them securely and accurately. Blockchain technology makes the process effortless.
Blockchains are decentralized, meaning that it’s almost impossible to forge votes and tallies. It also eliminates party influences and other political influences from the process. Blockchain voted could be streamlined to move the entire voting process online, making voting more accessible than it’s ever been before. Blockchain voting also eliminates the need for recounts as anyone can check and verify the ledger.
- Digital Advertising
Blockchain technology could revolutionize digital advertising. Most advertising passes through centralized distributors, which eats through a ton of bandwidth and makes it challenging to measure investment returns.
Blockchain advertising allows advertisers to publish all content themselves and interact more directly with the target audience. It will also enable advertisers to get more accurate information and data to bolster their efforts to get a better return on investment. The pinnacle of blockchain-based advertising would be when advertisers could pay consumers to interact with content, completely removing the middleman from the process.
When applied to healthcare, the blockchain offers a secure and quick way to share and access health records without risking patient privacy. This could allow scientists to process and analyze huge data pools that are otherwise unavailable to them.
The blockchain could also help to identify health conditions and treatments. It makes it easier for healthcare providers to share information about specific patients in complete anonymity. Only the direct care provider needs to match your information with your identity, but this process happens instantaneously.
Finally, we arrive at education. It is costly and time-consuming to acquire non-digital records to verify education level. A blockchain ledger could make all education records instantly accessible and verifiable. Much like with healthcare, the information is entirely private and can only be accessed by the owner – and anyone they permit to. This cuts admission costs across all levels of education and is one of the easiest solutions to reduce the increasing costs of attending college.
The reality is that almost every industry benefits from implementing blockchain technology. At the very least, blockchain technology offers new solutions to old problems. These systems may take years to develop, but the future is interesting as far as blockchain is concerned.