With the digitization of every aspect of human life a certainty now, it is only a matter of time before all commercial transactions are transformed as well. Blockchain is a technology that gives a portent of things to come. This can be thought of as a digital ledger where multiple users can make entries related to Bitcoin transactions. This makes Blockchain a technology of the future that makes for greater transparency, collaboration and thus efficiency. Here are 5 Industries where Blockchain will see the maximum impact.
Legal Industry
The fact that block chain makes it easier to store data and more importantly to verify it means that it will have a far reaching impact on how legal cases are resolved, indeed whether or not they reach the stage of arriving in a court of law. For example because legal documents like wills and property deeds can be stored and accessed in a transparent manner, there will be few legal disputes on such matters. Also such records can be verified quickly thus doing away with possibility of fraud. Furthermore inheritance can be passed in the form of cryptocurrency, making the process smoother. Whenever anyone makes changes to the legal documents or records, they will have to be authenticated first and then visible to all parties concerned, further minimizing chances of duplication and cheating.
Banking Industry
Among the biggest scams to have hit the banking industry have been caused due to lack of transparency in storing and handling money. Enormous sums are at times transferred to certain persons without documentation or bypassing due process. Then again the millions of dollars of the customers’ money stored in banks can be vulnerable to theft. All these problems can be solved by blockchain technology. The high level of security that is part of the technology means that multi-billion dollars’ worth of transactions taking place can be done safely. Since all such transactions will be automatically documented, there will be enough proof of when, how, among whom and how much money is changing hands. Additionally the decentralization of control means that transactions will take lesser time and done more speedily at different places in the world.
The Healthcare Industry
Among the biggest gainers of the use of blockchain technology will be the healthcare industry. There have been many cases where medical data of patients have been improperly stored, leading to them being stolen, modified or simply lost. Blockchain technology will minimize such chances because of safe system of storing medical records. No single person can access patient records without others coming to know of it, thus preventing unauthorized access of medical data and mischievous handing of such information. When needed, such data can be accessed by doctors, nurses and other genuine agents like healthcare providers. Patients will be able to trust the healthcare system more since they can be assured of the safety of their medical records.
Another way that blockchain technology will impact the healthcare technology is ensuring that the right treatment reaches the right people. Beneficiaries of free or discounted medical treatment will be more easily identified and given their dues since the technology will minimize possibility of fraudulent use of identities.
Real Estate Industry
Buying and selling property anywhere in the world involves a lot of documentation. Most importantly the original deed of ownership changes hands and together with that, approval certificates of local civic bodies and sometimes no-objection documents are also required. Of course, all of this has to be legally authenticated which means more documents, affidavits and so on. All this can get extremely cumbersome for both buyers and sellers – a prospect that will be minimized by blockchain. Since this technology will store all documents in a digital ledger, they are out there for all parties to view and access. Most importantly their safety is guaranteed and real estate transactions will be simplified because chances of relevant documents being misplaced, stolen or unethically modified will be reduced to minimum.
Also the more convoluted the paperwork, the greater the scope for fraud. When all property documents are stored using blockchain technology, real estate transactions can be open and transparent. Each party will know exactly what documents are in place and what more needs to be done. This will also keep middlemen and touts away, thus reducing time and costs involved in real estate transactions.
Online Academic Industry
Universities and colleges require its students to write papers periodically as a way of evaluating their acquisition of subject knowledge as well as practical competency. Since students vary widely in skill set, many use paper writing services to get help with their homework. For such service providers, blockchain technology can offer an efficient way to keep track of clients and their orders. Since this technology allows multiple users to make entries into a digital ledger, online assignment help service companies can allow client orders to be uploaded on to a decentralized content management system. From there its writers can take on the orders and regularly interact with the clients too. What all this means for assignment writing services is a smoother interface between clients and writers, translating into more positive client experience. When students are able to talk to their assignment experts regularly, they are less anxious about the progress of their papers. In this way blockchain technology can enrich collaboration among multiple stakeholders, thus transforming the paper writing service industry.
Finally blockchain technology is the best thing to happen to any industry where plagiarism is a cardinal sin. For an assignment expert, the height of unprofessionalism is copying of content from other resources. Academic assignments have extremely strict rules against duplication and if a student assignment is found to be containing plagiarized material, it is sure to result in poor grades for the student, if not rejection and disqualification in the course. For the essay writing services, such actions will inevitably translate into negative feedback and bad business reputation.
Blockchain offers one of most effective technological means to prevent any such possibility through IAM. This stands for Identity Access Management that can control the authentication and authorization of specific users. This helps essay writers to avoid copying material from elsewhere on the internet. Additionally clients can also be assured that the essay that they are buying is completely plagiarism free. In all these ways, the protection of intellectual property that is enabled by blockchain technology works for all parties concerned in the online academic industry.