The launch of Bitcoin in January 2009 has paved the way for the blockchain market to gain tractions across multiple industries. Blockchain may have become more popular for optimising business processes, but its wide application spans beyond business innovations.
Today, more and more people realise the potential of decentralisation and transparency in shaking multiple industries to their very core. Soon, ledger technology will become the norm, prompting many investors to put their money into the blockchain market.
Blockchain Applications across Industries
Numerous investors see blockchain-based businesses as the next big thing. Even more so, many individuals and institutions believe that blockchain technology could eventually become more significant than the internet. Take a look at the different and intriguing ways blockchain technology is transforming society today.
• Smart Appliances
These are tools and devices that use modern technology for easier, faster, and more energy-efficient applications. Smart appliances are built with data processing software that allows remote monitoring and management. They have the ability to communicate with other appliances in the neighbourhood to regulate and optimise energy use from a community level.
• Identity Documents
A blockchain helps secure identity documents by encrypting and keeping them safe from marketers and scammers. For example, a digital passport can be accessed online and offline through encoded and public and private keys stored on the ledger.
Ultimately, in the future, a blockchain ID will replace identity cards and driver’s licenses, enabling you to go to any registrar using an open-source and secure system. Lastly, birth, wedding, and death certificates can now be encrypted, and record-keeping will prevent any future excuse for these certificates not to be issued.
• Music Contracts
In digital music, too much focus is put on monetising records, while glazing over ownership and royalties. Music labels can solve this by mimicking the ledger setup of blockchain companies and coming up with a database of music rights, with the transparent transmission of royalties to parties involved with the music labels. Payments will also be made using digital currency.
• Election Counting
Even with the conversion of elections from manual to automated versions, there is still a huge issue when it comes to the tabulation of votes. Even computer specialists admit that people can hack their way into systems to disrupt the voting process.
Incorporating a blockchain structure means encrypting the votes and making it less prone to fraud. Each voter can now easily verify their vote including which party they voted for, making it an all-around efficient system.
• Health Record Encoding
Health records can be handled with full confidentiality using a private key for particular individuals. Surgery receipts can be stored on a blockchain and instantly transmitted to insurance companies. Health care documents including supply inventory and testing results can also be managed via the blockchain.
Blockchain is the Future
The incorporation of ledger technology only proves that the blockchain market shows a lot of potentials. If you plan to get into the industry, the above mentioned applications are great ways of applying the technology for your business.
With Key Coin Assets, you can plant your foot firmly into the blockchain market. By helping you with crucial decisions when it comes to blockchain industry investments and keeping you updated on the latest blockchain news with our blog, you can ensure your success in the market. Contact us now and be on the right path to blockchain investment!