The blockchain technology has been widely acknowledged as a’ revolutionary’ breakthrough that will transform how we consider it to be. Many within the industry have already started to call this decade-old technology’ Internet 3.0.’ The application of the blockchain technology, however, goes far beyond technology and industry. The blockchain really is changing our lifestyle every day.
If you look at things in greater depth, many contemporary structures are moving slowly towards blockchain-based systems. Processes in forestry, government welfare, health and education, sports, and entertainment are just a few examples. Blockchain technology is being used by Governments to build ‘smart cities’ which will be powered by blockchain-based smart contracts.
Let us take a closer look at how the blockchain technology is changing our daily life:
One of the most important impacts that blockchain technology has on our lives is via the banking sector. Traditionally, banking has been an expensive affair when it comes to international transfers and outgoing remittances. The costs involved as well as the time it takes for these transfers is generally more than you would expect.
Blockchain solves this problem, however. With blockchain, banking not only becomes simpler – but also faster and cheaper. Using blockchain technology, funds can be transferred much faster and at much lower costs. While many large banks around the world are already testing blockchain-based trials, with Ripple having signed over 200 financial institutions on its platform, it looks like blockchain will further improve banking operations in the years to come. You, the consumer, are the biggest beneficiaries of this evolution in banking processes.
Another factor blockchain is changing your life is by granting you financial liberty. The core principle of blockchain tech is that it is a decentralized network–meaning that it is not controlled by any government, but is self-governed by the blockchain participants. This is again seen in comparison to banks that have a regulatory authority that makes laws and regulations on how to handle the funds. The blockchain technology gives you absolute liberty over your assets.
Healthcare is a field in which the blockchain technology has proved to be of great benefit. Hospitals are exploring the use of blockchain technology to improve their operations–whether it’s handling patient treatment records or the medical data, which is confidential information, all of this can now be stored on blockchain ledgers as it provides a high level of privacy. In addition, hospitals can also take advantage of blockchain-based smart contracts that would allow them to easily manage their inventory systems–timely reordering of medical supplies.
Another important benefit here comes from the Medicare and health insurance point of view. Insurance companies are also watching the blockchain technology as they look forward to using automated smart contracts to assess insurance claims and transfer funds to the insured’s accounts. That’s another big way that blockchain technology helps you, the user.
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