As we all know, Bitcoin is set to be the future currency of the globe. It’s just a matter of time before Satoshi Nakamoto’s invention becomes more important than gold and the US dollar.
The digital currency isn’t just going to revolutionize finance, though. Indeed, its technology is already starting to impact various other industries. Blockchain technology has been an incredible innovation, and it’s set to transform the way we conduct transactions and store data in various other places.
Supply Chain Management
Because blockchain operates as a decentralized ledger that records transactions across multiple computers, it has proven itself to be reliable and infallible. On top of that, it’s transparent and secure, meaning that it can be viewed by everyone but can’t be tampered with. That’s why loads of industries are seeking to integrate it and benefit from its enhanced capabilities.
Supply chain management quickly emerged as one of the best ways to harness the blockchain’s potential. It can be used for end-to-end visibility and traceability, which is more important than ever in the age of online shopping. The ecommerce industry is expected to grow to $5.5 trillion by 2027, showing how there will be fierce competition between companies. Those that put blockchain to good use before their rivals could win when it comes to developing trust.
There are plenty of innovative ways that blockchain can save the day with supply chain issues. For example, Walmart uses it to track the origin of its food products. That way, it can respond more quickly to any food safety concerns.
Real Estate
You may be thinking that real estate is one industry that’s impossible to upgrade with technology. After all, houses are made of bricks and wood, aren’t they? You’d be wrong in that assumption, however, as the sector has evolved greatly over recent years. For example, there has been a notable rise in online estate agents, who can handle everything needed to sell a house from a remote location. All homeowners need to do is input a few details, and they can often receive a cash offer within minutes.
With real estate evolving, it’s likely that blockchain will start to play a greater role. If you’ve ever had to buy or sell a house, you’ll know that transactions can be cumbersome. Blockchain could make things a lot easier and negate the need for intermediaries. Decentralized ownership records would create a secure and uncontestable record of who a property belongs to.
Healthcare
Healthcare and blockchain may seem like they have no connection on the surface, but there are ways for Bitcoin’s famous protocol to have an impact on this industry as well. Indeed, it’s already being used to speed up administrative processes.
Using blockchain, patient records could be shared among healthcare providers and insurance companies while maintaining complete privacy. This will mean that there are fewer errors too, and potentially a better quality of care.
One of the reasons why people have so much faith in Bitcoin is because of its blockchain technology. This invention is now going to spread into other fields and could be ubiquitous in the future.