While Goldman recently announced it was cancelling plans to move forward with a crypto desk, the underlying blockchain technology behind the currencies remains secure. Today, Ignitia examines 5 areas potentially ripe for disruption by Blockchain technology in the near future.
While not an industries in itself, few areas of modern life are more in need of security than public elections. And one of the most critical elements of free and fair elections is the public’s trust in the voting systems. After accusations of meddling in the 2016 U.S. presidential election, the need for improved election security has never been greater. The application of Blockchain technology to elections systems would ensure votes could not be changed or removed and would provide transparency to the process. Such an application would provide an immutable publicly-viewable record of votes cast, and tallies rendered. Such an application has already been put into practice in the March 2018 election in Sierra Leone.
It’s not secret Blockchain was developed in concert with Bitcoin. But cryptocurrencies are just the beginning. As a tamper-proof ledger, Blockchain could ensure the accuracy of transactions across the entire banking sector. Such uses would allow for more secure ways to store and transfer funds as well as managing systems. With the advantages Blockchain provides in terms of accuracy and security the potential implications for the new technology on both the banking and financial services industries remains vast.
As one of the largest industry in the United States, real estate is always a target of market innovation. Currently, a real estate purchase is one of the most complicated, messy transactions an individual can undertake. Thus any technology to streamline the process would be more than welcome. Blockchain technology may be just such a technology. With its ability to record, track, and transfer titles electronically Blockchain may soon be used to dramatically reduce the time, paperwork, and costs associated with a real estate purchase.
Another industry heavily reliant on maintaining secure records is the medical field. Blockchain could potentially allow medical records and prescriptions to safely be stored and shared. More seamless sharing of records between healthcare providers could result in quicker, more accurate diagnoses which in turn could potentially mean saving time, money, and most importantly lives. On the logistical side, a more seamless flow of records between healthcare providers and insures could also potentially dramatically reduce the bureaucracies and paperwork currently bogging the system. All this could lead to better, and more cost-effective healthcare.
Internet of Things
And finally, as more and more household items become internet capable a greater and greater opportunity has arisen for the use of Blockchain in the Internet of Things (IoT). When applied to IoT-ready devices, Blockchain technology could make it capable for IoT enabled devices to communicate with one another regarding updating software and even monitoring energy usage. Additionally, as more and more devices become IoT ready, there is an increased likelihood personal and financial information will be stored on such devices. Blockchain would once again maintain a safe and secure environment for the communication of such information and allow for consumer to enjoy their products without concern.