Blockchain technology has made major waves with the news of cryptocurrency. The buzzy media attention is still there, and many sectors have revolutionized the transaction process with that. Blockchain is still alive and it has changed the game for many industries regarding transactions. In this article, get to know the sectors using platforms, like Bitqt App,and already creating a massive impact.
1. Financial services
The financial services sector is the best-known to use blockchain technology. It has revolutionized the aspect of banking, such as trade finance, payments, securities, banking transactions, lending, etc. By that, the need for a middleman can be eliminated to make payments. Even though it might seem that a middleman is needed to make the deals, the underlying blockchain technology allows eliminating the necessity. Crypto lending allows investors to get dividends and borrowers to acquire cryptocurrency without physical money or dependence on banks. For crypto lending, 3 parties are involved: the lenders or the investors, the borrowers, and the crypto lending platforms. In this case, crypto lending platforms make the whole process of lending and borrowing easy and reliable. It stays on the investors or borrowers to choose whether they want automated or manual platforms. No matter the platform, in most cases the whole lending process is being done by smart contracts, which are self-executing contracts with terms between the parties being written into lines of code.Not only had that, but the risk of fraud also was reduced. It permits quicker cross-border payments without the involvement of any third-party.
2. Real estate
Another sector where the usage of blockchain technology has been diverse is the real estate sector. Purchasing a piece of land or any property consumes a lot of time as it is a long process. A lot of paperwork is there, and the risk of fraud is also higher. But with blockchain, a distributed and permanent ledger among agents, buyers, insurance companies, lenders, etc., is created. It stands in increasing transparency to the selling and buying process, reduces human intermediaries, and increases the speed of transactions. However, if a bad actor tries to change the document, he will be caught, a significant aspect.
Blockchain has been used in the healthcare sector to protect medical records. It helps to maintain transparency in the healthcare unit and creates a source of truth for patient’s data that specialists, insurers, hospitals can refer to. After a transaction is added to the blockchain, the same is verified by the network and it can never be removed. Making the information permanent increases transparency while eliminating security breaches, data loss, privacy violations, public mistrust, etc.
4. Insurance sector
Identifying the right insurance claim has become an issue for the insurance sector. It's the time when they thought of including blockchain technology. However, from personal, medical, financial to company-related data, etc., all of it is at risk without a proper cybersecurity strategy. With the most effective solution, it has been easier to identify false claims and eliminate frauds. Also, the premiums that the insurers had to pay can be made through cryptocurrency. It has helped in reducing hacking, tampering, or human error in making payments for the premiums. A lot of paperwork also gets reduced when you prefer transactions with cryptocurrencies.
The bottom line
In the coming time, you will see more and more sectors are using cryptocurrency. It has become a critical situation to protect yourself from the frauds taking place every second. Significantly, when the organization is large, the rate of frauds is more. All these things help in delivering transparency and accountability in case any complaint pops up. Many bitcoin-based charities have also claimed that it is secure and offers greater visibility into fund receipts. It has also helped in boosting safety with regulatory compliance.