To many people, it is hard to imagine how either Bitcoin and its underlying distributed ledger technology could be used for other means than financial purposes With so many misconceptions and skepticism surrounding the popular digital currency, it is not hard to see why people’s judgment would be clouded. But it is not all that difficult to see how the blockchain will transform various aspects of life as finance is just the beginning.
The Distributed Ledger Of Everyday Life
There are many benefits to blockchain technology, both within and beyond the financial ecosystem itself. One of the more pressing matters in this Information Age is how we can protect consumers and business from fraud, identity theft, and corruption. In the current ecosystem, there are no proper solutions for any of these matters.
Redefining the way we think of a trust relationship between oneself and companies or governments is direly needed. Over the past few years, both companies and governments have clearly shown the struggle to keep our sensitive information safe. In fact, now that big data is becoming a major trend, they all want to gain more knowledge about us, but at what cost?
Everyday tasks, such as registering ownership of land registries, vehicles, or anything else – both digital and physical – can be done with the distributed ledger we call a blockchain. Not only will this make transferring ownership easier, but it will bring a much-needed innovative injection to the real estate industry. Considering how roughly 5% of this industry’s yearly revenue is spent on fighting administration and fraud, things need to change soon.
Another big industry looking to reap the rewards of distributed ledger technology is healthcare. This industry thrives on collecting sensitive personal information and keeping it safe, but traditional security solutions are not providing proper solutions in their current form. Plus, embracing a distributed ledger solution would cut down overhead costs by quite a significant margin.
Decentralization is a key aspect of our society for the years to come. No longer will consumers and businesses need to rely on centralized intermediaries who fail to protect their customers. By decentralizing all aspects of life, corruption is eliminated automatically, which is something everyone will benefit from.
A large portion of use cases for distributed ledger technology still has to be discovered, though. Thanks to initiatives such as Microsoft’s Azure Blockchain as a Service and the Open Ledger Project, it will only be a matter of time until the distributed ledger revolution is embraced by the masses.
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