Why do we need to talk about Blockchain (Part2)

Last article discussed about the reason why do we need to talk about blockchain (https://medium.com/@Bloconomist/why-do-we-need-to-talk-about-blockchain-91386e5bea5). In this article will guide what industries will be changed with blockchain technology. The blockchain technology’s value is obviously ‘trust’. In simple way, blockchain refers to a decentralised database. It is totally different way to build with traditional way of database. Blockchain distributes the spreadsheet runs on more than millions of computers. The real disruption is that trust is built through collaboration and computing codes, rather than central authorities. It means that you do not need to go to bank to transfer your money, and escrow account to buy real estate, or make a deal with agencies. So we can learn more about industries what will be changed.

1. Banking
For sure, many people doubt the safety of banking systems. However, Blockchain would be a safer way to store banking records, surely it is faster and cost efficient to transferring your money via decentralisation within blockchain. Moreover, it has a less risk of collapse without central vault. Every users will have private vault that recorded by millions computers.

2. Real estate
It may be true that you needed to do a huge amount of paper works when you sold or bought real estate. Moreover, you needed to pay a huge amount of money to real estate agencies since it seems not that easy for you to finish all the given paper works and how to qualify the seller or buyer. Blockchain system would be the good solution for this problem. Blockchain will simplify the process and eliminate escrow altogether. Smart contracts which is designed that only execute when certain conditions are met. Moreover, the documents for paper works will be stored by blockchain systems as well. Those revolutions will simplify the process, surely it is more efficiently.

3. Marketing
Blokchain’s technology will remove the middleman in digital advertising because of blokchain’s transparency. Marketing and advertising startups in the blockchain space are already popping up. These aim to tokenize user behavior and offer a sort of credit system between advertisers and the consumer, which completely removes the massive middlemen managing big media. Moreover, privacy concerns will be resolved and advertiser trust will increase. According to Kristopher Jones (LSEO.com) giving users control over the amount of personal information they reveal appeases privacy concerns from the user perspective and promotes social responsibility from the advertiser’s side. Studies routinely show that if you ask permission first, users are more than willing to give you personal information if there’s a reward in turn. That reward is paying users directly to view ads.
Written by Suya Park & Cale Hur
If you want to feedback us, contact by suya.park31.2@gmail.com
Suya Park & Cale Hur were an editor at Bloconomist from 2018. They are now in the Seoul, South Korea.
