As the underpinning technology for cryptocurrencies, a lot of people only think of digital assets when talking about blockchain, and assume that it only applies to finance. But the potential applications of this technology reach far beyond finance and crypto, such that it is poised to impact our daily lives.
Amongst other things, experts predict that blockchain will take the world by storm in ways we never saw coming.
Below is how blockchain promises to impact our everyday lives
Blockchain technology can be employed in the healthcare sector to store medical records, providing users with a secure and permanent storage solution. The use of blockchain in healthcare is contingent on internet connectivity and allows for easy online transactions that enable individuals to grant access to their records to doctors and insurance companies. Additionally, healthcare providers can update the database with new information as necessary.
If sensitive information such as social security numbers and birth certificates are stored on a decentralized blockchain ledger, there could be a substantial reduction in identity theft claims that the government receives.
Digital delivery of audio, movies and other artistic works is favored by users, but concerns around online piracy are shared by artists and publishing companies. However, with the use of the blockchain-based distribution, it is possible to create unique copies of digital media files, which may help address piracy concerns. Additionally, viewers can make direct micro-payments to producers or publishing corporations through this system.
The process of sharing data between different networks can be challenging and time-consuming, particularly with older technology. However, blockchain technology offers a solution in this area, simplifying data exchange while also improving it.
Moreover, blockchain can facilitate real-time settlement of transfers, making the data-sharing process even more efficient.