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Blockchain impacts on real estate and different industries

Written by Posted On Saturday, 10 August 2019 11:05
Blockchain impacts on real estate and different industries https://www.bacancytechnology.com/blog/wp-content/uploads/2018/08/How-Is-Blockchain-Transforming-The-Real-Estate-Industry-1024x559.jpg

Banking sector

The banking sector will be heavily affected by the impact of cryptocurrency and blockchain. Since few countries are not accepting the cryptocurrencies nowadays, there is resistance for its adoption, but once it is accepted and acknowledged by the whole world it will be on the mainstream. The day is not far away and many corporations like Microsoft, Apple and Amazon are accepting cryptocurrencies.

Although there is a resistance for cryptocurrency but blockchain technology is promising and readily acknowledge by everyone that it will take over most of the industries and banking sector is the one that it will likely to affect.

Blockchain technology is very important for the future as companies are heavily investing in this technology, you can learn the fundamentals of this technology from online courses and digital platforms, attractions of blockchain technology are paperless environment and decentralization. The transactions are recorded on a digital ledger and are updated and crosschecked on every minute. Although it has initially huge costs but in the broader and longer picture the costs of maintenance and staff outweighs the cost of this technology. Banks want this type of technology for its customers and users are happy because of its security assurance and accessibility. It will completely change the dynamics of the banking sector and the in the new world order of digital age banking sector looks like adopting this technology soon.

Real estate sector

Another sector which will have a huge impact is the Real Estate sector. As we all know that in the process of buying and selling the land or property, lengthy and numerous paperwork is needed which is tiresome and just prolongs the process. An easier way to do it with a digital ledger, blockchain technology will record the transactions and transfers of lands or properties which will eliminate the escrow altogether. No third party involvement and less paperwork will change the entire system and people will attract to it because it will save time and money. It has already been adopted, as a startup named Deedcoin is offering cryptocurrency driven transactions that decrease the commission rate for the agent to as little as 1 percent.

Politics and Government

Blockchain will change the process of voting systems and the allegations of hacking vote systems wouldn’t exist. The casting of the vote and recording the counts will automatically be updated and recorded on a digital ledger and voting systems secured with blockchain technology would be completely un-hackable. From voter registrations to verifying identity to tallying votes, the system would be indisputable.

Governmental organizations can also adopt this technology as it will eliminate red tape and corruption from institutions, the process will be smooth and monitored and transactions are recorded and verified by everyone. So there will be no chance of unequal distributions and corruption. The bribery in organizations ad institutions is easily trackable by this technology as the system is also capable of tracing place and time. Dubai is aiming to put its government documentation on blockchain till 2020.

Healthcare

Healthcare also will be affected by the adoption of blockchain technology as an enormous amount of paper records will be reduced and the doctor will be able to access your record on any time, place ranging from birth to death. This will save billions of dollars and will be beneficial for both sides, as it saves time and money which are the two most important things for patients at hospitals. Medrec and PokitDok are two examples that adopted blockchain technology and are doing well by creating on a single point of digital database access

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Aariya Rafi

Aariya Rafi is a Serial Entrepreneur, Author, Passionate Digital Marketer, And Founder & CEO at Rank Fame a Digital Marketing Agency. Founder & Editor-In-Chief of Grind Success Magazine. He Works With Six-Figure Companies to Help Them Scale Their Businesses and Become Industry Thought Leaders. Also, He helps Entrepreneur to Get Instant Credibility And Authority To Sell High Ticket Offer. His Work Has Been Featured in Forbes, Thrive Global, Entrepreneur, HackerNoon, Buzzfeed, Tech.co, and Other Top Tier Publications as a Thought Leader in Creating a Digital Footprint by Using Different Marketing Techniques.
 

https://rankfame.com

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