Blockchain technology has been around for more than a decade now. However, what does the technology exactly do? Moreover, does it have an impact on our day-to-day lives? Here are some ways crypto technology could transform our lives.
There are cases where health practitioners lose medical records. Keep in mind that healthcare computer systems will never communicate. Such cases can mean patients billed for services they never received. What if the health sector has a system that no one can tamper with, storing patient confidentiality? That will eliminate the cases of lost medical records since your medical history will be secure, and you can easily access it whenever you want.
Blockchain can be a lasting solution to any sector dealing with paperwork with confidential obligations.
- Financial Services
Blockchain can transform anything related to finance in today’s world. Whether taxes, insurance, or investment record, this technology can streamline the financial industry. For instance, when using your card to pay for goods or services, it will take different stages to complete your payment. Moreover, merchants will incur processing charges amounting to 3.5%. Blockchain technology has currencies such as BTC to simplify the entire process, making it almost free of charge.
Bitcoin has gained popularity from last year with institutional and individual acceptance. For now, prominent companies such as Visa are looking for ways to make BTC operate as a physical currency.
- Supply Chains
Supply chains can also utilize Blockchain technology to streamline their processes. For instance, Ethiopian farmers are now using the technology to track their coffee business in each stage to the consumer. That alleviates the case of exploitation in the coffee business. If you are an ethical coffee consumer, you can enjoy your drink knowing that it has gone through legit processes without exploitation on every stage. Blockchain in the supply chain will also help producers get rid of inefficiencies.
What is Blockchain?
Blockchain is a sophisticated database that can record a series of events. Attackers find it hard to access Blockchain services given that it is not in one location. The decentralization nature alleviates the need for intermediaries. The technology focuses on empowering consumers. Blockchain is secure and makes transactions quicker and cheaper.