How Is Blockchain Revolutionizing Industries

The impact of blockchain technology is indeed being felt in almost all works or fields of life, technogy is gradually taking over the globe and it seems any who fails to jump in misses out rather greatly and today one of such technology that has revolutionize what we know is blockchain technogy which has greatly impacted many sectors.

They are virtually no area of life that has not been greatly improved by blockchain technogy, you name it, is it the education sector, voting and electoral process, supply chain management or healthcare or any other factor, they all benefit maximally from the integration of blockchain in their system, it's improvement potential to any sector is without compare to any other form of technogy known to man.

I will be providing explanation on some sectors which has greatly benefited from blockchain technogy.

source

Sectors Blockchain Has Impacted And Improved

One area where blockchain has revolutionize it's the banking sector and the area of finance which it has greatly improved to an amazing effect, traditional banking systems today often lag behind when transactions are packed up and their processing speed is low as sometimes transactions may take up to takes before reaching it's intended destinations incases of extreme bad network reception. With the integration of blockchain into the finance and banking sector it has helped to greatly improved things to an astonishing effect as transactions are now done without the need for middleman thereby reducing the fees paid for transactions and also processing this transaction in mere seconds and since it's decentralized too it means security for transactions is guaranteed, so this is how blockchain has impacted the banking and financial sector.

Blockchain has also impacted many businesses due to its transparent nature which has made it easier for frauds to be reduces as every transactions are recorded on the blockchain and could easily be audited and visible to everyone, users freely keep tabs on their transactions and see how they arrived at intended destinations without much hitches and this has been one of the notable impact of blockchain integration in the area of supply chains, not only is transparency ensured but authenticity of product and it safety is also assured making it easier for people to have trust in the whole blockchain process.

source

When it comes to property ownership that's in the area of real estate, the process has been made to be more efficient with blockchain integration in the whole thing that's in the sense that the immutable nature of blockchain means the ownership record can't be changed or altered by anyone and it also ensures that the whole transactions carried out are done openly and in avery transparent manner so there will be no questions asked while providing maximum security helping people to be more willing to engage in real estate more since the whole process is more trustworthy with the implementation of blockchain.

Another sector which has greatly benefited is the education sector, this sector is one that I feel has benefited well from this or could upon full integration of blockchain. In schools today record keeping is a natural thing it's common as the records of the student both past and present are expected to be kept by the school but most times due to accident the schools may lose this document and other important credentials which impact the image of the school rather negatively, here is where blockchain comes in.

With the integration of blockchain into the educational sector it ensures that there is a secured record of information of the student stored in a completely immutable nature and can't be subjected to cases of losses or damaged due to any natural disasters and it also helps in making sure that qualifications like diplomas and degrees handed out to graduating student are actually authentic reducing academic fraud and any other form of academic deceit ensuring for a conducive and equip environment for learning exercise as student will come to like this process more and trust their records are safe despite the passage of time no matter how long.

The medical sector also benefit from blockchain technogy implementation, the information of users are secured and managed and users data also becomes easy to access from any healthcare institution incases where they might be in a different location, there data logged on in blockchain becomes easily accessible without requiring to contact their previous hospital, yes blockchain integration in the health center ensures that the health data of people are properly secured providing trust in the system in general and it helps to even reduce cost and ensure for the privacy of patients amongst other things.

So in this few points I highlighted and in some of this sectors I explained like the health care, the education, supply chain, intellectual property, real estate and the banking and financial systems are all the sectors I believe blockchain has greatly impacted just to name a few and the effect of blockchain integration, the benefits are without a doubt and visible without a doubt.

Conclusion

I believe that in all, overall blockchain has done far good than any harm to our standards of living today, they have improved many sectors today and when integrated to any system whether financial or not they actually have a notable positive impact on them, one that's visibly felt so I believe we are so fortunate to be living in a time when we get to implement this technogy and use it and even build on it, I think the creation of bitcoin the first blockchain network is the birth of this cryptocurrencies and blockchain revolution.