Investors associate cryptocurrencies with gold rush assets while terming the underlying blockchain technology revolutionary. How often have you heard blockchain technology will revolutionize… (Insert industry of choice)?
1-One of the industries that is already experiencing the magic of blockchains is the data and research industry. The permanence and public nature of blockchains make it no surprise that the data industry tops our list. The privacy concerns witnessed by most of the third party data companies will soon be a thing of the past with blockchains such as Merculet, allowing security over data on permissionless blockchains.
2-According to records, 40% of the healthcare data is misinformed or misleading which leads to errors in the healthcare system. Furthermore, the costs of storing the data is currently heading to $380 USD per record and are expected to increase annually. Costs and errors, however, do not spell out all problems in the industry as outdated methods of record keeping and loss of records adding insult to injury
3-Democracy around the world is failing as voting protocols are being rigged and politicians affecting the voting outcome. This will be a thing of the past with the introduction of blockchain technologies. Voting mechanisms on a blockchain provide the voter with a fair and transparent system that makes rigging unimaginable. From voter registrations to verifying identity to tallying votes, the voting system would be indisputable.
4-Land and real estate ownership involve a ton of paperwork before you are able to secure the property. In most developing countries, land ownership is heavily flawed as title deeds are faked, disputes in boundaries persistent and cost of agents increasing.
5-Blockchains are also useful in verification of academic certificates. Universities around the world are looking at the possibilities to create a blockchain verification system of certificates offered. Strathmore University, one of the top universities in Kenya, began the development of their platform in which they aim to reduce fraud of academic certificates.
