By Prashant Jha
Blockchain Technology finally got its due in 2018, with some major strides towards a larger adoption and implementation. Even though crypto trade markets touched down its lowest point in 2018, the underneath technology made some major strides. So what’s next for Blockchain in 2019?
Blockchain ’s biggest gain for 2018 was that more people know that Blockchain and Cryptocurrency are two separate things, and more people know that Blockchain is technology while Bitcoin & Altcoins are just one implementation of the technology.
Major governments and institutions around the globe have shown a vested interest in understanding the technology better and trying to make the best of it by implementing it in different sectors, which has been plagued by human greed and greed of control.
In this article, we will discuss how Blockchain can revolutionize various sectors apart from the financial one, as it has been talked enough already.
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Blockchain Set to Revolutionize Major Sectors in 2019
However as the prices touched new heights and the mysterious aura around the anonymity of the founder gained more attention, people realized that it’s the technology which must be focused on, not its by-product. However, the frenzy around the crypto trade market almost made it impossible to focus on the main technology.
Thanks to the 2018 market bloodbath, the attention shifted from the volatile prices towards a larger goal of decentralization. 2018 was the year of realization, however, 2019 can be the year of implication, and there are major sectors which can benefit from this distributed ledger technology with no option for middlemen to wreak havoc. Let us find out, which sectors can benefit the most from Blockchain.
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Healthcare sector is heavily plagued by the monopoly of the private sector and Big corporate hospitals. The problem lies over data, where different hospitals maintain different databases of patients and refuse to share it with others. The problem is so complicated that some hospitals have multiple databases in the same building.
This leads to an unorganized form of data collection which is a complete waste as it cannot be used by anyone else. With Blockchain into the picture, we can create a decentralized network of data sharing, where everyone on the network has to pay a small amount for using that data, and they cannot hold it forever.
Some of the benefits of introducing healthcare blockchain include,
- Population Health Data
- Secure Healthcare Setups
- Patient Payments Through Cryptocurrencies
- Drug Traceability
- Clinical Trials & Data Security
- Patient Data Management
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The agriculture sector is one of the most ignored one around the globe, and middlemen between the farmers and sellers eat up all the monetary benefits. So, blockchain can help in cutting out these middlemen and provide the direct benefit to the producers.
Some of the major benefits of implementing Blockchain in Agriculture includes
- An organized sector with no middle man eating up the benefits aimed at Farmers.
- Better food safety
- Better Food Quality
- An organized ranking system, which would improve the quality of the product.
- Major monetary gains for the producers.
Real Estate Business is a mess, with brokers and organized land mafias making it almost impossible to invest in the Real Estate industry.
Blockchain can streamline the working mechanism and cut out the middlemen involved, through various implications such as
- Use of smart contracts to make a deal.
- Use of virtual currency for faster transactions at a minimal rate.
- Smart contracts would penalize those who cross the deadline preset on the smart contracts.
- End the monopoly of major players.
Apart from the above-mentioned sectors, blockchain can find its implication in many other major sectors, with the same set of ideas and technology. Be it Entertainment industry or the problems associated with data mishandling, blockchain would make sure that the current trend of Clickbait disappears.
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As a content writer Prashant believes in presenting complex topics in simple laymen terms. He is a tech enthusiast and an avid reader.