Industries to be disrupted by Blockchain Technology featured at Southeast Asia summit 2018.
The Southeast Asia Blockchain summit 2018 Summit is a conference that will be the largest ever held in Indonesia and it will take place at Pullman Hotel Central Park in Jakarta, Indonesia from 3rd to 4th November 2018. Source.
Blockchain is an emerging technology which is going to have lots of positive impact in the world as we go forward and we are already seeing this with the massive interests in cryptocurrency worldwide.
The blockchain is the underlying technology underneath bitcoin and all the cryptocurrencies which are based on distributed Ledger technology. A ledger is a list of transactions, for instance, a bank has a ledger for the services you paid for, a ledger for transaction and information.
Basically, a distributed ledger sanctions for a ledger to be all over the place all at once. So instead of trusting and relying on a central party like a bank or whatever service you are using, it actually distributes this ledger all over the world so that every body has got a copy of it. It makes the ledger transparent in a way that everybody can view it because the ledger is distributed all over the world. Anybody can see and have access to all the records in the blockchain.
I'm enthusiastic to publicize these industries that are going to be communicated about by the keynote speakers to the people at the summit.
In this post, I'm going to discuss the different industries set to be disrupted by blockchain technology that are featured at the Southeast Asia Blockchain 2018 summit.
Some of these industries include;
Insurance.
Insurance is based on trust and the blockchain is basically a new way of controlling trust. This can work in a way that there is a pre-defined contract which is like an insurance obligation. For instance, if your house burns down, the blockchain technology can be used in a way that it automatically executes that insurance contract to have that settlement happen proficiently.
Currently, various companies are using this method; take for example AIG, IBM and Standard Chartered which will make policies get paid out quicker than before, improve customer experience since they are going to be paid out quickly enough. Blocksure is currently working on this right now.
Government.
As most people know, government systems are often dawdling, prone to corruption and Opaque. They are not transparent enough for the people to be able to see what's going on within their government and what's going on with their money.
Blockchain technology has the potential to upsurge transparency of government operations, increase security and reduce bureaucracy so that you're certain of what your government is doing behind your backs. Literally, days are numbered for the government because often it seems like we are working for the government yet the government came in place to work for us.
I think we are getting to a time where the government can serve their people verses the other way round. Actually, Dubai is aiming to put all the government documents on the blockchain by 2020 which will get rid of politicians and allow their people to participate in their government.
Healthcare.
There are lots of outdated systems around the world. A lot of times, doctors have a hard time getting patients' information about the people they are taking care of which can really slow down the process of someone getting the proper care they need.
Blockchain can improve on the storage of medical records or any other kind of records by making it more secure and streamline so that only the people authorized can access it quickly and efficiently.
There are a couple of projects; for instance Gem and TIRION which are currently working on distributing present health data space.
Energy management.
Energy management has been highly centralized for quite a long period of time now. Currently, in Uganda, people use electricity from UMEME which is the largest energy distributor in Uganda and so it's the only choice we have got. We can't choose our own electric companies so we aren't certain of how much they charge us for every Watts per hour which is sort is a monopoly.
The blockchain technology can change that system and allow us to purchase energy from each other and actually reduce on the monopoly imposed on the people.
Currently, Power Ledger is working on this and also working with largest energy producer in Australia which allows people with solar energy to sell energy to their neighbors.
Music.
Music in general and artists have grieved and struggled for a long time. Blockchain startups are coming up with ways of musicians to get payments directly from their fans. This will actually increase profits for the artists and cut out the record companies which have really shattered their profits and the credits that they deserve for their work.
Imagine you have spent the time to write your album and create all the music which of course, in the end, you definitely want the credit for your product, not having someone else stealing it and not having anything to do about it.
Smart contracts can resolve licensing matters and catalog songs with their respective makers. Currently, Mycelia and UJO music are working on this by creating blockchain-based solutions in the music industry.
Retail.
When you shop, you trust the retail system of the store or marketplace; that is to say, when you shop online, you probably rely on trust. Well, blockchain technology brings a possibility of connecting buyers and sellers without any middlemen and any interface. This can be used through the smart contract system.
Real estate.
Currently, there is a lot of fraud in real estate. In 2016, there was approximately $19 million fraud in real estate, in 2017 there was over a billion and in 2018 we have actually passed the numbers that were in the previous years which explains the enormous increase in real estate fraud.
Blockchain can be used to speed up the transactions and reduce the need for paper-based record keeping which is amazing and already happening. We can now verify ownership, ensure the accuracy of documents and transparency of property deeds. If there was any fraud done, we can go back and check since everything is transparent for everyone to see what's going on.
Some projects are currently working on this, for instance; PROPY, Smart law, UBIT QUITY and Brikbit.
Banks and Payments.
Most people around the world have heard and are certain about bitcoin and blockchain cryptocurrency. This is one of the areas which make people aware that blockchain will do the banking with internet through the media and will also send data, letters, and information to the people.
Currently, 20% of the people around the world don't have bank accounts and blockchain will actually permit and support them to have their own banks. So anybody having a $50 telephone in their pocket can be part of the bitcoin network, subsidize and be part of the digital age which is pretty mind-blowing because it banks the unbanked.
The blockchain allows anybody to send money to another person without anybody between the transactions. Recently, i received a payment through the steem blockchain at no cost and shortest period of the transaction from one of my colleague @jaraumoses who happens to be a fellow steemian.
In conclusion, therefore the blockchain technology is looking forward to impacting everyone's life positively all over the world and ease ways of living in society. During Southeast Asia blockchain 2018 summit the whole lot of industries to be disrupted by blockchain technology will be elucidated more which makes the summit a must-attend for everyone.
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