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How Blockchain Technology Can Change Key Industries In The Economic Upswing

The revolution in blockchain technology is currently attracting the attention of traditional industries around the world. Today, several start-ups in various industries are starting to implement this distributed accounting technology, which promises a level of transparency, efficiency, security, security, and productivity that is far superior to today’s technologies.

Blockchain technology provides two or more parties with a transparent and decentralized method for cash and high-value asset transactions and the exchange of valuable documents or information in a highly secure manner for trouble-free transmission.

While the most popular and successful application of blockchain technology has been the creation of digital currencies such as Bitcoin, Ethereum, Ripple, etc., blockchain technology can bring profound changes to many industries.

IMPORTANT KEY INDUSTRY FOR BLOCKCHAIN TECHNOLOGY

BANK AND FINANCE

There is no doubt that the financial sector is the most popular application and launchpad for cryptocurrency in the global economy. The problem with current banking systems is that they lack inclusiveness and fairness, as sophisticated as they can be compared to previous decades. Interest rates and transactions are bad for financial companies, and customers benefit little from their interactions with banks.

The situation worsens when you realize that banking services are needed. Individuals are forced to do unjust business. Besides, billions of people around the world do not have access to a bank, which is even worse.

REAL ESTATE

Real estate agents who have already bought or sold a home know how much paper is involved in a real estate transaction. Blockchain technology can eliminate the hassle of these paper-based processes and the complex transactions that occur when real estate investments are traded between two or more parties. In Blockchain, all documents are involved in these transactions. Smart contracts with Blockchain play an essential role in fulfilling the legal requirements for real estate transactions and the payment of funds when criteria for the purchase and sale of assets are met.

The Blockchain is a technology that has attracted not only the attention of private companies and cryptocurrency exchanges but also the Indian government, which has provided a substantial amount of money for the development of IndiaChain, the national response to Blockchain.

The government has also explored the possibility of using the Blockchain to manage land records, health data and link them to India Stack, a digital framework developed around Aadhaar. The government also wanted to use the general ledger technology distributed under the Digital India Initiative and make the country’s banking system more transparent and accountable. It is therefore not surprising that Blockchain participants operating in India are in an unusual situation, along with developments that the government does not recognize virtual currencies.

While IndiaChain is the foundation of a decentralized digital banking system, the use of blockchain-compatible crypto-currencies, even in a regulated environment, will be the key to creating a truly digital and cashless economy.

Therefore, government approval for the use of virtual currencies will not only help change the way financial transactions are processed, but will also create more transparency to prevent fraudulent transactions from occurring.

THE HEALTH SECTOR

While the digitization of health systems and health records is a reality in many parts of the world, India’s healthcare sector continues to rely heavily on paperwork. In this sector, which is still hampered by inefficient systems, there is an urgent need for modernization and digitization.

Blockchain technology can help make healthcare information transparent and easily accessible to patients and providers by protecting them from hackers.

ENTERTAINMENT INDUSTRY

With the digitization of music and video for more than two decades, piracy has become a growing problem for artists, producers, and music labels who have lost control of content and sources of revenue due to online downloads. Today, however, the entertainment industry is looking for blockchain technology to develop better digital rights management systems for media such as music and video and to find new ways to monetize content.

Many companies are developing blockchain-based solutions designed to provide a standard way to authenticate the ownership and rights of content globally.

EDITORIAL SECTION

That sounds like an unexpected blockchain application, and the publishing industry can also benefit from decentralization.

A small group of publishers mainly controls the current publishing industry. It can be difficult for an unrecognized writer to earn something in the industry, and its success is determined by the fads and fantasies of these publishers. Digital publishing and the Internet have made it easier for writers, but they still lack the scope and recognition of traditional publishing.

One authoring platform is disrupting the current system, in which publisher influence over publishers, through a token system that recognizes the work of any author. Publishers can publish authors and print their books digitally if they are convinced of their quality and should insist on their existence. The token system ensures that the authors receive their appropriate wage share. Authors can also write and publish without the help of editors. Translators also receive payment and approval from publishers when they choose to translate a paper.

The conclusion here is that regardless of the financial mechanisms of the industry that prefer one party over the other, Blockchain, with its transparent and untrustworthy character, can help balance the system, and everyone cuts their hair.

Cryptographic coins and Blockchain can generally fix the situation. With a smartphone and an Internet connection, both of which are available everywhere, anyone can do banking, start a business, and get paid. With incorruptible registrations and no central regulator, Blockchain’s financial services would enable individuals to offer exorbitant interest-free solutions without intermediaries. The banking industry even suggests saving up to $ 20 billion by cutting infrastructure and agency costs.

Bitcoin has the advantage of being first. Watch the news to see how Bitcoin has disrupted the financial sector. The ripple comes from another angle – it tries to work with the seats and not to eliminate them. Ripple drew attention to his remarkable partnerships with many banks, including the Saudi Central Bank. The focus on the speed of significant international transactions and the growing network of participating banks has made ripple a real shock.

OmiseGo is another cryptocurrency that can be observed in this area. This is an Ethereum platform for a specific purpose: providing all types of financial and payment services. They are watching the developing countries, where many citizens do not have a bank account. The platform is currency-independent – a distinction is made between trust and cryptocurrency. A secondary goal is to help people stop using Fiat to use cryptocurrency.

Key industries are encouraged to use Blockchain technology for a better and safer transaction to ensure optimal delivery to their locations.

Kingsley Odia
Kingsley Odia is a serial Blogger, Writer, and Digital Marketer in Nigeria with interest in creating solution to wide ranges of searches from internet users across the globe.

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