Blockchain Technology: 3 Ways it Might Revolutionise Your Life

Blockchain Technology: 3 Ways it Might Revolutionise Your Life

Blockchain Technology obviously made a huge impact on our lives. Ever since it started booming, it seemed to be one of the catalysts of change.

Of course, it goes as much as affecting every industry. Due to its amazing capacities for recording and sharing data and transactions. If we are to look at it from a wide perspective, it does make its way in our lives. In the end, it provides a huge impact even on regular people like us.

This technology continues to grow through successful implementations. As it does, we take advantage of the various benefits that come with it. In short, we enjoy this technology in our daily activities without even knowing how it does so.

Here are three of the best ways to show how it might revolutionize or affect your life.

Blockchain Technology improves health care

In the health care sector, the blockchain's value continues to increase as time passes.

This technology transforms the healthcare industry in many ways. One of these effects happens with its secured maintenance and efficient distribution of patient data.

Blockchain enables access to secure and reliable electronic health records. Thus, doctors, clinical researchers, and pharmacists do so in an effective way.

The said technology facilitates the management of extensive medical records. At the same time, it ensures personal privacy and regulatory compliance.

One of the great examples would be in the pharmaceutical industry. For instance, MediLedger uses blockchain to provide a secure platform. It offers users the option of smart contracts and traces certain prescription drugs.

With blockchain, these drugs go straight from the manufacturer to the patient's doorstep. Further, the blockchain network monitors the process, thus it gets stored and time-stamped for documentation.

In this time of the pandemic, we rely on such technology to ensure effective transactions while enjoying the contactless process.

Blockchain Technology has a big social impact

Blockchain Technologies are creating new and better ways of interaction for people and societies.

In general, any kind of technology is a truly valued advancement. Of course, it only goes as far as that certain tech does the following benefits:

  • Drives social impact
  • Promotes transparency
  • Reduces cost
  • Creates greater efficiency

With this in mind, we can all agree that Blockchain Technology has somewhat caved into our lives with these four obvious effects.

A study states that 20% of social-good blockchain initiatives are providing a solution. Such solutions would not be possible without blockchain.

Another great improvement brought by blockchain technology is its capacity to enable the establishment of verified and tamper-proof attribution from source to sale.

As we know, provenance is one of the important factors of fair trade. It's simple transparency in the chain of custody.

If you can't verify or track an asset's provenance, there's no way to determining authenticity. Such a problem can lead to significant financial losses. Further, it can also lead to the loss of considerable consumer goodwill.

As products move in the supply chain, the blockchain allows permanent tracking. Thus, it leaves an auditable trail, ensuring complete transparency. Moreover, it creates an ecosystem of trust amongst stakeholders.

In reality, blockchain-empowered businesses and organizations are more reliable than those that aren't. As a consumer who wants to live as mindful humans and ethical consumers, it's in blockchains that we rely upon most.

Blockchain Technology improves travel

Though not for everyone, travel is one of the things most people have in their hearts. It comes with a lot of benefits, but in general, it's truly a rewarding experience.

Aside from that, tourism is a powerful economic force for nations around the world. It's true that a lot of money gets generated through tourism. However, it also remains one of the least regulated industries. It's in this aspect that blockchain improves the said sector.

With blockchain, the travel industry transparency, efficiency, and convenience.

We can all agree that travel is a social engagement. After all, it seems reasonable that blockchain-based travel platforms would be handy.

One of the good examples would be Tryvium. It's a decentralized booking platform for all accommodations. It brings tourists worldwide into their tokenized booking as well as their loyalty ecosystem.

Another one would be the On-Life. It creates active communities where people share their experiences through the blockchain-based app.

Its main purpose is to prevent the spread of fake news while offering business owners the chance to get recognized.

In short, blockchain enables unique travel experiences. It does so while becoming independent from external centralized sources. Thus, it prevents transactions with those who can manipulate information.

Summary

These three aspects are only a few of the many innovations brought by blockchain technology in our lives. In a nutshell, blockchain provides us whole new ways of innovations that can revolutionize our lives.

Whether we are aware or not, we shouldn't see this technology only as a crypto-asset platform. Further, it's not just a new accounting system.

In reality, blockchain technology is a software platform that is rich in potentials that can solve the challenges we face today.


Published: 03/11/2021
Blockchain Technology: 3 Ways it Might Revolutionise Your Life
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