Blockchain tech has continued to revolutionize many industries. Transparency, efficiency, traceability, speed, security, and cost-efficiency are just a few of the qualities that are prompting many people to turn to this technology. While some industries like finance, supply chain management, and healthcare have received most of the attention, other industries are quietly making major strides through the application of blockchain technology. One such industry is the senior care sector, which has continued to grow every year and which is expected to be worth $1 trillion by 2024.

Why Blockchain Technology Is The Long-Awaited Solution

According to a study by Global Markets Insight, a need for innovative solutions has increasingly dogged the geriatric care industry. The sector is plagued by other challenges as well, including lengthy and chaotic processes, a shortage of senior homes, and a deficit of trained workers.

Sunny Kapoor, the founder and CEO of GladAge, concurs with the study and views the blockchain as the long-awaited solution. Speaking exclusively to The Merkle, Kapoor expressed his firm belief that blockchain tech will not only bring about a fair distribution of finances, but also ensure that there is transparency in this industry.

With blockchain on board, the senior care landscape will be incredibly decentralized to ensure a just distribution of finances. Further, transparency in the system will not only benefit seniors but also other stakeholders like property owners, workers and service providers.

The blockchain’s immutable nature will also protect data like financial and medical records from security breaches.

Other [advantages] of blockchain that will help to revolutionize the sector [over] the existing technologies are open source, improved capacity, and unparalleled immutability. All the sensitive data that is [under] a continuous threat of breaches like financial records, health data, user & caretaker profiles and credit scores will be exceedingly secure with blockchain.

Creating an ecosystem in which the important players such as property owners and government organizations have a common and open platform on which to engage with seniors will go a long way in making the lives of the elderly more comfortable. GladAge strives to bring this convenience to the geriatric care sector, having partnered with major corporations to secure funding. The company is currently conducting a pre-sale, having already met its $2 million soft cap. Its ecosystem will utilize a native token, GAC, for leasing properties, renting, making payouts, shopping for supplies, and incentivizing, with a rating system for caregivers being put in place to ensure excellence.

The time for a revolution has come, Kapoor has concluded. Human history has been marked by revolutions, and just as our forefathers were part of the industrial revolution, it’s our duty to embrace the blockchain revolution to better the world for future generations.

Our future deserves to be rid of these issues of the present, and for this we need blockchain. The global economy is ripe with data and huge established markets, just what the technology needs for a fourth industrial revolution, which is gradually erasing the lines between physical, biological, and digital spaces.