Mihika Saraf
Sep 4, 2018 · 3 min read
BLOCKCHAIN — BENEFITING ALL SECTORS!

BLOCKCHAIN — Not Just for Financial Sector!

Blockchain was invented in the year 1991 but came into limelight with the birth of Bitcoin by Satoshi Nakamoto. Bitcoin is based on the concept of blockchain and was created to eliminate third parties from the trading business. The motive of blockchain technology is to give traders the liberty to transfer payments without having to disclose their identities or the intervention of another person/entity. According to PwC, “Blockchain is a ‘Decentralized’ network of computers which securely stores ‘Blocks’ of data(transactions). It is secure, fast and free of control by a central governing body”.

Blockchain for other global problems:

Blockchain technology is changing the face of financial/trading business. With conventional currency out of the picture, the centralized exchanges will either have to adopt decentralization or will have to be demolished with time. Blockchain technology gives people the authority over their assets and makes it extremely secure unlike the centralized exchanges. Global leaders stepping foot into the decentralized world are calling blockchain the new big thing. PwC’s 2018 Global Blockchain Survey, which included 600 executives from 15 territories says, “Everyone is talking about blockchain, and no one wants to be left behind”. The world is adopting cryptocurrency, rapidly. According to Cambridge University’s Global Cryptocurrency Benchmarking Study, the current number of unique active cryptocurrency wallets is estimated to be between 2.9 million and 5.8 million. Blockchain technology is not only for the financial sector though. Look at other sectors that can be benefitted with blockchain technology and cryptocurrency.

· Healthcare:

Healthcare is a vast sector, it includes hospitals, nursing homes, local clinics, pharmacies, etc. Keeping a track of every patient that visits these places is challenging. Sometimes people who visit different hospitals duplicate information because of constant form filling. Blockchain technology can eliminate this duplication because the patient information can be stored on blockchain and can be accessible by the authorities wherever the person goes. This also reduces waiting time for patients and with cryptic security the data is also highly secure. Platforms like Virtual Rehab @ViRehab are taking mental health to another level by adopting blockchain.

· Real Estate:

Real estate is a market that grows year after year. Infrastructure is one of the key points of growth in every economy. With real estate having a high global presence it is imperative that there be no loopholes in the systems. With blockchain the coordination between stakeholder will be a lot less time taking. The data given for selling and buying of properties will be highly secured and can only be accessed with verification making the data tamper-free. @ e_locations (elocations) is ranked highest on ICObench because of their revolutionary contract management for tenants which will be achieved by converting paper-based contracts into self-executable Smart-Contracts on the Blockchain.

· Agriculture:

Agriculture industry occupies more than 40% of the global workforce. The centralized systems rule the industry benefitting the rich and the farmers, who put in all the effort, end up suffering a lot. They are deprived of profits and are crushed under the heavy taxes levied by the tires of people involved in the trade which ultimately makes the crop a lot more expensive than it should be. Blockchain technology can help eliminate all the middlemen and the products can reach the markets at cheaper rates helping the farmers earn what they deserve by tracking food through supply chain distributed ledgers. @PavoloT (PavoCoin) is making development in the agricultural world with the help of real time data.

Not only can blockchain solve the aforementioned issues, it can also help with decentralizing the voting system by making it a lot less time consuming and encrypted. It can also help users of social media sites (like Facebook) earn money through coins by participating in their day to day activities and earn tokens that can later be used to publish ads by businesses who wish to promote their business. Other phenomena like the internet, data security, corruption, etc can also be solved by adopting blockchain technology. MoonX, (@moonx555) a crypto exchange, is coming up with revolutionary technologies that are first of their kind and they are dedicated to ICOs which can solve real world problems existing in the society today. They are here to deal with them and give the world its first truly decentralized ownership exchange!

Mihika Saraf

Written by

Writing for a living at MoonX.

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