What Can Blockchain do for Us?
After the crash of FTX, there has been a negative cloud hovering over the blockchain industry.
However, such a myopic view is not in our best interest. Blockchain as a technology has brilliant applications that have the potential to bring in revolutionary impact.
Let us look at a few sectors where Blockchain is creating value.
Logistics and supply chain
In a global trade scenario, blockchain allows remote parties to communicate with trust in a safe and secure manner without the intervention of a third party.
Data transparency and easy verification provide a more effective and swifter working environment.
Estonia turned to blockchain technology in 2016 to secure the medical records of 1.3 million citizens. This database became a bedrock of facilitating remote health consulting during Covid. Today Estonia’s healthcare system and how it uses blockchain is an exemplary case study.
Media is gearing up to use blockchain in a major drive to contain intellectual property infringement and copyright theft. While digitization has improved file sharing and data transfer, it has also resulted in ease of theft and duplication.
Media blockchain applications would make it impossible to conduct business as usual for those involved in piracy. Blockchain would also help with transactional elements such as royalty collection.
Global payment exchange is an expensive affair. Moving away from legacy systems and deploying blockchain technologies would result in a far more cost-effective solution. Blockchain would also enhance security against online attackers.
Identity theft is on the rise. While biometric data is being used to secure, privacy concerns and risk of infringement are rising. Blockchain systems would provide a robust identity confirmation system that would secure against online attackers and maintain privacy.
The insurance sector can use blockchain to avoid the issue of duplication and illegitimate claims. Solutions are being developed to allow quicker claim disbursement while protecting companies against theft.
Real estate transactions are complex and work across layers. Maintaining property records and transferring records from one owner to the other is not simple. There have been cases of fraud.
Blockchain has a growing case in the real estate sector with its ability to provide secure identity and smart contracts.
Blockchain is going to be a key aid in helping democracies around the world function effectively. Blockchain adds value by providing secure voter identity and the ability to vote remotely. Helping elections to be conducted in a swift and secure manner.
The case for blockchain is a strong one. However, the industry needs to fight against disinformation. As skepticism grows and people think blockchain is limited to cryptocurrency, more information dissemination is required.
Videos are known for their communication ability and are particularly interesting for the blockchain industry.
Videos have the unique ability to educate the audience remotely and in a simple manner.
Owing to their shareability, videos are great for creating awareness.
Videos have the power to entertain and grab attention. Most viral posts have an element of video in them.
If you are a company working to bring in the next impact using blockchain, let's talk, and we can help you reach out to a broader audience effectively.
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