5 Sectors Other Than Cryptocurrency That Blockchain Is Disrupting
Blockchain technology has been potentially bringing an extensive change in the ecosystem since 2011. Since the emergence of Bitcoin, this concept of Blockchain and cryptocurrencies have caught people’s eyes and have gone hand-in-hand since then.
Blockchain technology has been massively adopted by the worldwide giants. These corporations have incorporated the technology in order to maintain efficient and effective working of the firm. Here are 5 of those sectors that have adopted Blockchain technology and are being disrupted by the potential of this technology:
- Voting and Elections:
Rigged elections have been a problematic point in this whole process of elections. Apart from requiring authentication of the voters’ identities, elections also require secured record-keeping, vote tracking, and win tallying.
Adopting Blockchain in elections can save us from the task of recounting and it eliminates the human element involved in vote manipulation and voter fraud.
The votes are posed as Blockchain ‘transactions’ ensuring that not even a single vote is changed or removed and that none of them are added to the tally.
- Real Estate:
Dealings in real estate always come with difficulties like transactions involving loads of cash, public record errors, lack of transparency, and the possibility of fraud in the process. However, Blockchain speeds up the transaction process and reduces the paperwork. This helps in improving the overall efficiency of the process.
There have been several startups that have started offering a service as a software platform onto the Blockchain technology.
One of the main advantages of the Blockchain platform is the transparency in its public ledger. The data in this process runs through cryptographic systems eliminating the interception of a third party in the transmission.
This idea ensures that Blockchain if implemented, can lower the cybersecurity risks to its minimal. Reducing human alterations in the data reduces the risk of data corruption, human error, and hacking.
- Analytics for Forecasting:
The Blockchain technology has expanded its roots into the forecasting and analytics niche. With accurately recording the transactions to support data analysis, the technologies used in forecasting can adapt to a less error-prone foundation. It helps in developing more accurate insights predictions through machine learning algorithms.
Blockchain has already set its foot in the predictions market. It helps in allowing the consumers in forecasting events and incorporating a reward system for predicting accurately.
- Ridesharing Applications:
Giants like Uber and Lyft are two carpooling applications working on a centralized business model. They operate as a cloud-based dispatch hubs, and control fleets and dictate charges using algorithms. Use of Blockchain provides decentralized and distributed ledgers that provide a user-driven and value-oriented market environment.
Being widely used throughout the market, Blockchain poses as the most useful technological advancement in the 21st century. Giant corporations have already started incorporating the technology into their ecosystem. Many chain-centric startups are pushing Blockchain into the mainstream, thus proving that the use of this cryptographic process is unfathomable.