Blockchain technology is not a new term anymore. We have heard of it and seen in it the various industries — healthcare, insurance, real estate, and more. Its adoption has been slow but progress in consistent. This dynamic technology has unceasingly evolved since its inception.
Where do we see blockchain benefitting the most?
- The medical industry has been through drastic changes, and a majority of them for the better. This industry is crucial as it deals with life. Urgency and order are of paramount importance.
What can blockchain do? The nature of blockchain is decentralize and immutable. Medical data requires secure storage and easy accessibility.
With the disruptive technology of blockchain, a patient’s medical records are stored in chronological order immune to any kind of manipulation.
Blockchain allows data ownership to exist, where hospitals cannot share patient data without consent. Therefore, an organized and secure system prevails with the application of blockchain.
- Real estate
- There are so many benefits of applying blockchain technology in this sector. It is common knowledge that the buying and selling of property is time-consuming to say the least. The paperwork involved in transfer of properties can take months to complete.
Blockchain-based smart contracts can speed up processes and act as a permanent record of data such as ownership rights, important dates, payments, etc.
Asset tokenization is also possible, splitting up huge property into multiple tokens to encourage part ownership of assets and small-time investors. This also helps asset owners to liquidate property with much ease.
- Claiming insurance is a process that every individual dreads. With blockchain, the process is digitized, enhanced, and organized. Smart contracts can automate these processes.
The existence of fraud or false claims are also reduced drastically. On the whole, Blockchain can create an efficient process, unlike its current state.
The above are a few of the applications of blockchain technology. You can implement this advanced technology in your business to experience it benefits. Hesitant to apply blockchain in your services? Blockchain App Factory, a leading blockchain consulting agency in India, can help you change your mind with the all-inclusive services they provide. From blockchain consulting to blockchain development, they provide everything you’ll need to transform your business.