Blockchain technology was introduced in 2009 with the inception of Bitcoin. Blockchain is a data structure that is decentralized and uses cryptography to secure the protocol.
It’s the first time that users can send value to one another without the need for a third party to verify the transaction. This technology, therefore, has so many opportunities going forward and has often been compared to the internet revolution.
In this article, we explore all the industries that blockchain technology can change. We cover the main protocols looking to revolutionize the world and analyze whether it’s attainable or not.
Games
The data structure of blockchain is being heavily used in the gaming space. For instance, play to earn gives players of crypto games an economic incentive to play. This is either in the form of a cryptocurrency itself or via non-fungible tokens (NFTs).
Blockchain technology is also starting to be used in the online casino industry. It can most certainly help with the transparency and fairness of games. In addition, blockchain can provide a robust system for preventing fraud and stopping money laundering.
Furthermore, blockchain is an ideal solution in online sweepstakes casinos because it keeps everything within the law, especially in the USA. US players can claim a welcome bonus, play hundreds of games, and even get rewards in the loyalty program.
Healthcare
In healthcare, one major issue is access to sensitive medical records, making the prevention of breaches vital. Because of the nature of blockchain records are highly secure, while at the same time cannot be altered without the network agreeing to it.
One more part of healthcare that blockchain can help revolutionize is payments and billing. Through the use of smart contracts, insurance payments can be sent much faster. As long as the conditions are met, this means patients can claim from their insurance company quickly.
Finally, in the modern age, we’ve seen the rise of remote doctors. They can diagnose issues over a video call and send the relevant doctor’s note so patients can get their prescriptions fast. With blockchain, all the data is encrypted so databases will only show relevant records between medical professionals, insurance companies, and patients.
Identity
Identity is one issue that blockchain can revolutionize immediately, because of the nature of its immutability. Today, the regular system, used by governments is highly centralized meaning, it can be under threat from just one data point.
Blockchain identity systems put the users back in control of their data, which allows sharing with relevant government agencies. Not only is this model much cheaper, but it’s much better for the end user, as they will always be in control of their data.
Lastly, blockchain can help with identity fraud and theft. As users own their data, and the structure cannot be tampered with or hacked, it’s nearly impossible for malicious third parties to get their hands on your important identity documents like a passport or driving license.
Finance
Many commentators believe that finance will be the first industry that blockchain will subsume. There are so many opportunities, and all of it is called Decentralized Finance or Defi.
Defi allows users to lend and borrow cryptocurrency using smart contracts. This could be extended to the regular money system in USD, GBP, or Euros. However, the biggest challenge facing digital currencies is the lack of privacy concerns.
For instance, a US dollar coin – which is completely digital will give the US government a big control of the daily lives of individuals. Yet, the scheme is something the Federal Reserve is looking into, especially when sending large amounts of money to the 12 branches within the United States.
Supply chain management
The data structure of blockchain makes it crucial as a technology that can be used in supply chain management across the world. As the ledger of blockchain is distributed and highly secure, each part of a product journey can be easily marked to prevent any losses.
With smart contracts, things will become much more efficient and automated. The current system of supply-side management, it’s still reliant on real people signing off on whether products have been delivered or not.
As blockchain technology takes people out of the equation and instead uses smart contracts, administrative errors will plummet. Not to mention as blockchain is transparent as everyone can see it, it negates the need for paperwork.
