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The 5 Main Ways Blockchain Will Transform the World



Blockchain is a transformational technology that has been around for a long time now. This new technology promises great advantages especially in the area of storing information. The technology has been touted as one of the most secure means of storing data in the current age.



05.Jul.19 6:24 AM
By Abigail Richards
Photo toinnov.com

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The 5 Main Ways Blockchain Will Transform the World

As the 2020ís draw closer, there is a lot of excitement in the technology world. Not only are new 5G technologies set to dominate the new decade, but big changes are set to be witnessed in the blockchain world. Blockchain is a transformational technology that has been around for a long time now. This new technology promises great advantages especially in the area of storing information. The technology has been touted as one of the most secure means of storing data in the current age. Over 53% of companies consider the technology to be a critical priority. How is blockchain set to change the world? Let us delve into this topic by looking at 5 key points.

1. Easier processes when acquiring property

One of the main ways in which blockchain will change the property industry specifically is by removing the tedious processes that now define the market. There is a lot of bureaucracy and paperwork involved in the property market that somebody looking to purchase a house has to go through.

With blockchain, all these issues will be resolved. The main cause of rigorous paperwork is the fact that there is little trust in the market. With an old verification system that has been proven to be unreliable, not many actors in the property market want to take chances. The blockchain will be a transparent and credible alternative that will remove all the arduous processes involved.

2. Verification of genuine products will be easier

The blockchain market is characterized by digital currencies. People have been doing free bitcoin mining online for a while now. It is through currencies like bitcoin that the digital world pays for various services. But how is it possible to know whether an item that you have purchased is genuine? For the most part, buyers have to trust the store or individual seller. With blockchain though, verification of the genuineness of a product will be possible. This is because of the unchangeable nature of the recordkeeping technology which tracks an item from the time it is manufactured until it reaches its final destination in the production-consumption chain.

3. You will make money from your assets

We all have various assets that we do not use. There are many companies in the market today that have made it possible to rent out a property and other things to people looking to buy. Blockchain will be an important technology for linking buyers and sellers who are spread out across big markets.

Blockchain will be able to do this because of its decentralized system. As opposed to the modern day where you have to go through intermediaries when you want to rent out a property, you will only need to use the technology to connect with willing buyers.

4. Health problems will be resolved in an easier fashion

Most records in the health sector today are stored across many different platforms. These records need to be easily accessible in order to ensure that a patient receives treatment in a timely fashion. When the records are held by many different institutions, it can be difficult to know about the health history of a particular person. With blockchain though, it is possible to bring into one platform all the different health records associated with an individual. Doing this would make it easier to track the health history of the individual and thus making treatment more effective.

5. International money transfers will be quicker

Finally, the globe will become connected when it comes to sending money. Today, the process of sending funds from one country to another is difficult. You often have to deal with a lot of processes and the money takes at least a couple of days before it is obtainable from the desired destination. These issues are set to disappear with blockchain. Considering how the technology will bring the world in just one platform, the different intermediaries needed to send money will no longer be necessary. Money transfers will thus be almost instantaneous.

There are indeed many prospects that come with blockchain technology. What is exciting is that many developers are already developing new applications and solutions to make all the expected changes a reality. Today, over 61% of big digital companies are investing in blockchain. Within a few years, the transformative change expected to come from blockchain will be experienced in at least one of the above-listed ways.




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