One of the mysteries of blockchain lies in its industry applications. While many understand its usage in banking for secure, untampered transactions, innovators are looking to other industries for practical use too, particularly in recording and verifying a high volume of transactions.
Here are some less common areas that stand to gain from the influence of blockchain:
- Real Estate is an area ripe for technology disruption from blockchain, with transactions and document management at the center. With many parties taking on a transaction at once, blockchain’s presence will ensure that everyone is on the same page, speeding up the home purchasing process. Furthermore, blockchain will also reduce the risk of fraud and theft while also eliminating intermediaries.
- Healthcare is a lot like real estate, with significant amounts of data created by both the patient and doctor. With blockchain, patients stand to gain the most by acquiring control of their healthcare data and experiencing peace-of-mind with increased security and privacy. With patients, medical institutions, and doctors all privy to the same information, everyone will be on the same page, reducing the odds of medical error and miscommunication.
- Human resources (HR) operations are significantly more active these days with a booming economy, and many departments are strapped for time in verifying the qualifications of candidates and making payroll, particularly for international candidates. Blockchain applications will benefit HR by accelerating the verification of credentials and overcoming the complexity of payroll by making possible easier and more efficient payments.
- Education has long been craving innovation, something that blockchain can offer with respect to records keeping management including keeping track of learning achievements, transferring credits, and proving of credentials. No longer will employers need to worry about an applicant lying about a degree on their resume, since the blockchain will show proof.
- Retail is going through a transformation phase, especially as consumers take their business online. On the front-end, blockchain enables retailers to offer alternative payment methods for purchases. On the back end, blockchain supports supply chain operations by offering all parties in the process the visibility needed around updates such as the status of inventory.
With blockchain, the possibilities for innovation are endless no matter what industry you work. If you’re curious about how you can leverage the security and agility of such innovations in your industry, join us next week by signing up for the webinar below.
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