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Blockchain technology in different sectors (2022)

Blockchain is already becoming popular, as you know. But it’s also beginning to challenge practices in business sectors, too. In fact, many industries are finding blockchain technology better than current use measures for completing important elements of work. Let’s look at the five major sectors blockchain technology is affecting.

As you know, blockchain is already becoming more popular. But it is also beginning to question the practices of the business sector. In fact, many industries believe that blockchain technology is superior to its current use in achieving critical work items.  

Let’s take a look at the major sectors using Blockchain Technology in 2022 and beyond.  

1. Banking 

Blockchain technology has the potential to solve some of the key issues facing the banking industry today. Banks now store money for their customers and process the transfer of this money.  

Blockchain, on the other hand, disrupts the commercial banking system by providing a peer-to-peer payment system with high security and low fees. No central authority exists, so you don’t have to pay for one. How cool is that? This eliminates the need for a third party to make a transaction using a cryptocurrency, like Bitcoin or one of the many others. Your transaction to your friend is recorded in a ledger that is viewed and reviewable by any of the cryptocurrency users – giving you true autonomy over your transaction.

The Blockchain solutions have an inherently secure system that provides a lasting record of millions of daily transactions in the banking industry. This ledger system can significantly reduce risk by providing secure records. In addition, the decentralization provided by this technology allows you to transfer money cheaper and faster. 

2. Cybersecurity

Cyberattacks are the top threat to our digital world. Look what happened to our data when Equifax announced its gigantic data breach in 2017 that affected 143 billion consumers – we went crazy. Blockchain technology can end such nightmares. It can secure our data against unauthorized access and tampering.

Because blockchain is a decentralized system, it’s ideal for environments where high security is involved. Here, all the information stored on a bitcoin or other blockchain network is verified and encrypted using a cryptographic algorithm – which leads to no SINGLE point of entry for a wide-scale attack. Also, you can easily identify malicious data attacks with blockchain due to peer-to-peer connections, where data cannot be altered or tampered with.

And, by eliminating a central authority, blockchain provides a secure and transparent way of recording transactions without disclosing private information to anyone. One example of a company successfully using cybersecurity this way is Guardtime. Because of its success, we expect that many companies will follow, further disrupting this industry, too.

3. Healthcare 

The medical industry was in great confusion when it came to sharing and storing medical data and records. Errors, fraud, and potential loss of records create distrust between consumers and healthcare providers.  

It can renew the trust by securely storing medical records that can be accurately and securely transmitted and accessed by authorized physicians and individuals.  

The blockchain helps to approve and identify people. In fact, a startup called ontology is already working to achieve reliable multi-source identification in all industries using blockchain Development. 

Another healthcare concern revolves around counterfeit medication and blockchain technology can control this, too. The problem is that, often, counterfeit medications are difficult to distinguish from real ones. Blockchain technology solves this problem by using supply chain management protocols where the medicine’s provenance can be traced.

United Healthcare has improved its privacy, security, and interoperability of medical records using blockchain technology. It’s seen its operations improve dramatically as a result. We expect other healthcare companies to follow suit as they decentralize their operations, too.

4. Government

In a traditional voting process, most voters stand in line to cast votes or send in mail votes. Then, the votes must be counted by a local authority. Online voting is possible in this scenario, too, but as with all other industries we’ve discussed, because a central authority is used, problems of fraud arise.

Using blockchain technology thus becomes the wisest choice. Here, people can vote online easily without revealing their identities. Using blockchain, officials can count votes with absolute accuracy, knowing that each ID can be attributed to only one vote. Fraud cannot occur because it is next to impossible with blockchain technology. And, once a vote is added to a ledger, it cannot be changed or erased.

One blockchain voting platform is MiVote, a token-based platform like a digital ballot box. Voters vote through a smartphone and their votes are registered into a blockchain ledger. Safe, secure, reliable.

Other applications for government include digital asset registries, wherein the fast and secure registry of an asset such as a car, home, or other property is needed; notary services, where a blockchain record can better verify the seal’s authenticity; and taxes, in which blockchain technology can make it easier to enable quicker tax payments, lower rates of tax fraud and have faster, easier audits.

Overall, blockchain can increase transparency and security in governmental bodies. In fact, by 2020, Dubai wants to become 100% reliant on blockchain technology for all its governmental functions, making all its government services available on the blockchain. As you can see, then, these are five large industries the blockchain is already disrupting. Here are a few more where its influence is growing.

5. Supply Chain Management

Blockchain technology can trace all the steps of a supply chain, so that, let’s say, you placed an order for food, had the food delivered, and found the food disgusting. The owner of the company from whom you ordered it could go back through his blockchain ledger and find out where in the supply chain the order went wrong to displease you. For example, he can go from the farmer to the producer, to the distributor, to the retailer, then to you, the purchaser. In other words, in supply chain management, blockchain provides permanent transparency and validation of transactions shared by multiple supply chain partners. All transactions are permanent and verifiable, making it easy for an owner or a customer to view each record.

It can be used for any type of verification – for example, seafood verification, where it can track the seafood from ocean to market. The Pacific Tuna Project uses blockchain to manage fishing information, exporting/importing details, and purchasing details to track tuna fishing. This prevents illegal fishing.

In other words, using blockchain for supply chain management work allows you to fish for the information you need and reel in the right answers every time.

6. Legal Industry 

Blockchain technology is poised to disrupt some areas of the legal industry by allowing documents and data to be stored and validated. For example, you can eliminate proceedings to resolve concerns about the will of the deceased or other records. 

Records (including wills) stored in the blockchain software will be verified quickly and safely. All changes to the document will be authenticated and saved.  

It can also eliminate legal issues related to inheritance, including crypto assets. For example, Safe Haven provides users with the ability to protect their digital assets so that the investor’s legacy can be safely and reliably passed on to children and appointees. This technology eliminates the long court battle over a digital inheritance. 

7. The Cryptocurrency Exchange Industry 

Digital money is the way for the financial industry of the future, and fortunately,  the blockchain system allows this digital currency to be safely distributed and documented. However, the “mining” required to confirm and validate each digital currency exchange requires a significant amount of computing power.  

Recently, this has caused a lot of problems on some platforms, and the amount of computation is so high that certain exchanges are down. This problem costs the customer a lot of time and money. New improvements in the blockchain space are changing the way the cryptocurrency trading industry is regulated. The development of alternative platforms has revealed a wide range of significant issues in the field of cryptocurrencies. These platforms use smart contracts that pre-analyze the number of calculations each contract requires. This means that tracking records will be easier and faster.

8. Education 

As the power of online learning and distance learning grows, so does the need for an independent method of verifying student transcripts and educational qualifications. The blockchain-based system acts almost as a notary public for educational records, providing employers and other educational institutions with access to secure records and transcripts.  

In fact, it can also help universities and other large institutions to work together. When offered online by Oxford, students no longer have to wait for the courses they want to offer at Harvard. Your grades and notes will be easily and instantly transferable 

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