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6 Industries that Benefit from Blockchain Technology
When we think of blockchain technology we often think of cryptocurrencies. It’s true that blockchain is the driving force behind cryptocurrencies but this distributed ledger technology, which provides immutable records of all transactions has the power to revolutionize other industries too.
Blockchain technology will also be useful for Asgardia as they set up habitable platforms in low-Earth orbit. From using it as a healthcare platform for Asgardians to the support of Asgardia’s cryptocurrency SOLAR, blockchain has many helpful applications.
Here’s what’s working so far:
The public sector: When it comes to identification blockchain has the power to solve some current issues. For example, the public sector requires identification for things like voting, travel, citizenship records, and more. If we start to record all this information and store it in a blockchain, individuals will no longer need to hold on to paper documents. They will simply have an access code to their records and a seamless method of performing all of their activities.
Insurance: Since blockchain is an immutable way to record information it has the power to help stop fraud in the insurance industry, which is a big problem currently. When claims, payments and other documentation are recorded and stored in unalterable ways, much of today’s fraud will be eliminated and this help both companies and consumers save money.
Healthcare: Like the insurance industry, healthcare has the potential to be improved through the use of blockchain technology. Full patient records will be recorded on the blockchain and only those who are given permission will be able to access it. This not only helps with privacy issues but having access to permanent histories for patients and providers results in better healthcare for everyone.
Removing the middleman: Not only can blockchain technology reduce fraud but it also increases trust. When contracts take place directly between two individuals or companies/organizations, the potential for fraud is reduced and there are also lower costs associated with the transaction. For example, there are currently real trust issues on the part of both companies who hire freelancers and the freelancers who do the work. They must depend on “good faith” in one another or on a middleman who takes a cut. Thus, companies such as Moonlighting are now popping up all over the world. These platforms offer a way for freelancers and the companies/individuals who hire them to store their profiles, provide reviews and recommendations in a way that cannot be hacked and changed. Moreover, blockchain integration enables the use of smart contracts and faster payments.
Travel industry: Did you know that the estimated cost of fraud for the airline industry is between $2.4 and 4.8 billion annually? Yikes! When traveller financial and identity information can be recorded and stored in a blockchain environment, manual checking, confirmation and incorrect denials of service can be mitigated.
Supply chain: One of the biggest problems in the supply chain industry plaguing the fulfillment of contracts for the sale and purchase of goods is the tracking of those goods from point of purchase to delivery. However, by using blockchain technology, purchase contracts, invoices and, more importantly, the full tracking of goods from the time it leaves the supplier to the point of delivery can be tracked in a way that is immutable and accessible by all parties.
Thus we see that blockchain technology has a far wider reach in terms of benefits than just the realm of digital currency. It can positively impact all sectors of our local, national and global economies, making the future of this technology bright.
Do you believe in the power of blockchain technology to improve our lives? Do you believe leaving the borders of Earth to live in space will be possible in the future? Then join Asgardia today and connect with forward-looking people to turn that dream into a reality.
When preparing news, materials from the following publications were used:
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Source: Asgardia Space News