Blockchain – Until 2020, we all thought it was just a “buzzword” but oh dear! It’s not. The Global Blockchain Market was valued at $6.92 billion and is expected to grow approximately 23 times by 2027. Crazy! Financial institutions are constantly finding ways to leverage the technology for profit. Also, many other industries are looking for ways to integrate the technology in order to make a profit out of its power. We know that a lot of people associate blockchain with cryptocurrency. For sure it has a lot to do with it but that’s not all! The potential applications of blockchain is far beyond crypto and finance. If you’re sitting there clueless, wondering what kind of “power” is associated with this buzzword, keep reading!
Social media : The world is changing everyday and so are the rules of our beloved social media platforms. Privacy concerns, rights to free speech, etc. are giving us all a hard time but we’re all addicted to social media, aren’t we? Blockchain promises to take the social media world by the storm by providing private & secure social media platforms that put the user in control. To put it into simple words, these platforms allow for end-to-end encryption of every interaction so that you don’t have to worry about your personal information being sold to the highest bidder! Also, its “decentralized” nature enables users to make “safe” financial transactions through the social media platforms. If you’re already intrigued by the power of blockchain-based social media platforms, here are a few names you should check out right away: All.me, Minds, Sapien, SocialX.
Gaming : If you’re a gamer, we know how bad you’d want to take characters from one game to the other but unfortunately, it’s not possible. Well, with blockchain, it is! Blockchain gives players a chance to make a profit using their skills by allowing them to trade across games as NFTs, safely and securely!
Blockchain in healthcare : Healthcare industry is looking into blockchain integration for multiple reasons, one of them being “patient privacy”. It is really one of the prime concerns in healthcare and should be taken care of. Blockchain technology promises a great deal of advancements in the healthcare sector including :
– Real-time processing of insurance claims.
– Data security across different remote patient monitoring softwares.
– Electronic health records with restricted access.
– Protection of patient’s personal data, transparent medical supply and better and less expensive health care.
– Protection against data theft.
Better privacy of digital records : Blockchain is basically used to record financial transactions but it can also be used to store personal documents and records such as property deeds, birth and death certificates, important records and other sensitive documents that you want to protect. Blockchain’s decentralized nature helps in protecting the documents from theft, abuse and alteration. Blockchain tools are being used to protect creative properties, ranging from tech patents to fashion and much more. It establishes the proof of ownership while protecting the data from being erased or altered.
Public voting and blockchain : Voting data alternation is another fraud that can be dealt effectively with blockchain integration. Voter identities, political preferences, etc. can be easily protected from being hacked or altered with the blockchain integration. Also, it promises to give us a “fair” outcome because the data once entered cannot be manipulated by any third-parties.
Travel made easy : Blockchain integration is disrupting the travel industry by providing options to travel hassle-free. Lost luggage, long queues, saved info theft are the major challenges of the travel & hospitality industry and some blockchain-based startups have already started giving stress-free and secure options to travelers across the globe. The idea is to cut off the middlemen in order to reduce cost & time while eliminating “data theft”.
These are just a few examples of how blockchain is going to affect our everyday lives. Of course, it’s going to face a lot of resistance because change isn’t easy but if it’s for the good, the world has to accept it someday. Blockchain has a great potential to improve our everyday lives by giving us a more secure, faster way of doing things but let’s see how long does it take for the world to accept it!
Sources :
7 Ways Blockchain Will Impact Everyday Life in the Coming Decade
Blockchain : A new generation of decentralized social media platforms
