Before we start talking about Blockchain and the kind of impact it is having across many industries, let us first understand what exactly Blockchain is. Blockchain can simply be stated as scattered databases. Many financial institutions, more than other industries, understand the importance of Blockchain. Our present financial infrastructure is like sharing a word document & here is where Blockchain is considered to be having a key role to carefully collect records of all the transactions.
Let’s Know in detail
Where is Blockchain Used?
Speaking of Blockchain the first thing that strikes in the mind is Bitcoin. Blockchain buzz has started with the rise in the prominence of Bitcoin-based digital transactions. However, does this technology spread over to other industries as well? If you look deep into the matter, you will realize that most industries can benefit significantly from making use of Blockchain.
Here are some of the present and possible future uses of Blockchain technology:
As we mentioned earlier, the finance industry is where the application of Blockchain is the most projecting. For instance, when international remittances have to be done there could be quite a large number of transactions involved and Blockchain can do good work at keeping that money safe while ensuring that the transfer is done seamlessly. There are Blockchain developers who are already working on the latest technology for that. It will cut out the middlemen from such transactions, leads to saving considerable cost.
Various new services are strengthening the importance of a shared economy. Take the case of Uber that lets you travel from one place to another by getting a ride from someone. On the other hand, Airbnb lets you have access to someone’s house for a pleasant stay at an unknown place. That is the proof of a shared economy. Blockchain will further accentuate the importance of the sharing economy by eliminating the need for an intermediary company like Uber. You will be able to make peer to peer payment.
Land Title Registration-
Any form of record-keeping can be made more efficient with Blockchain. Land Title Registration is no exception. Given that the amount of money involved in the process, maintaining accuracy and avoiding frauds is the best way forward.
Research & Analysis-
Blockchain will also improve predicting because it will let people on the network of computers help with forecasting.
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