In 2009, when Satoshi Nakamoto created Bitcoin, he also pioneered its underlying system, the blockchain – a public ledger that stores and verifies all transactions that have taken place using cryptographic protocols. Bitcoin gained traction considerably faster and is now a payment method of choice at cryptocurrency-based casinos. On the other hand, it is also important to point out that nowadays, institutions, investors, researchers and the general public throughout the world have manifested a growing interest in blockchain technology and its huge potential.
In this article, we will cover a few markets that blockchain technology could change forever, for the better.
The market of real estate has been similar for years. People meet up, pay up for the property and then go ahead and sign a contract, most of the times, in front of a lawyer or a notary. With blockchain technology, backed by smart contracts, you can theoretically purchase a house from the other side of the globe, without ever seeing it, signing a contract on paper or meeting with the current owner.
The shipping industry has also been quite similar for many years. As there are a lot of layers involved in sending a package from one place to another, things could be simplified considerably using blockchain technology. Verification of products, their status and confirmation of receiving can be obtained instantly and stored forever on the public ledger as a clear, non-modifiable record.
Stocks and trading
Joining the stock market is a great way to earn money if you know what you are doing. However, the processes behind it are still fairly difficult, with brokers handling most of the work though. Blockchain technology can potentially eliminate the middleman and therefore allow people to purchase stock directly from the issuer, with records being held on a private, public or commissioned blockchain.
The healthcare industry has recently been targeted by numerous attacks from data extortionists, therefore showcasing that it demands a lot more security than it currently has. With this in mind, blockchain technology can facilitate the creation of trust networks between patients and healthcare institutions which would then allow securely holding patient data on such a ledger, hence also offering a higher level of data integrity, accuracy and security.
The gambling market
People have been gambling in various forms for centuries. Having a blockchain-based casino which clearly holds and secures all transaction data, alongside with bet results could create a better network of trust between players and casinos, which are still actively being accused of tampering with bet results, fraud, and imposing high edge that disadvantages players.
Based on everything that has been outlined so far, what do you personally think about these industries which could be much improved by using blockchain technology? Let us know your thoughts in the comment section below.