9 industries threatened with extinction due to the emergence of blockchain technology

Blockchain threatens industries? In many industries, companies need to adapt or replace technology. The use of any new technology begins with resistance. Resisters often lack the vision to see how the new technology they are resisting will improve their lives in the future.

Emerging technologies are exciting and bring new innovations and opportunities around the world. Changing our lives by changing the way we think and the way we work every day.

Technological innovation can affect much more in our daily lives. In fact, it can change entire industries and change the way we do business. As new technologies develop, affected industries are forced to adapt or will be replaced.

Blockchain technology is one of these modern technologies that are entering the market strongly and may change the shape of our world in the near future.

Blockchain is a digital system used to securely record transactions. It is expected to affect the way business is done around the world. Here are nine notable industries that are set to be reformed by blockchain technology in the near future.

Blockchain why threaten industries?

1. Blockchain and banking industry

Blockchain technology has the potential to solve many important problems facing the banking industry today. Currently, banks store funds for their clients and also handle the transfer of those funds.

Blockchain has a secure system that provides permanent records of the millions of transactions that take place in the banking industry every day. This blockchain technology data authentication system can significantly reduce risks by providing secure records. Moreover, funds can be transferred in a cheaper and faster way through the decentralization provided by the blockchain. Which will force banks to deal with the blockchain system or to retreat to be replaced by new technology. Digital currencies that use blockchain technology are already transferring and exchanging money away from the centralization and complexity of banks.

2. The Blockchain and Real Estate Industry “Brokers Refrain”

Anyone who has ever bought or sold a home knows how involved they are in real estate transactions. Blockchain technology can change the current headache caused by all this documentation.

With the blockchain, all documents and transaction records can be stored securely with significantly less work and less cost.

According to Piper Moretti, CEO of Crypto Realty Group and a licensed real estate broker, the use of blockchain can also solve the escrow process. Where technology can create smart contracts that release funding only when conditions are met.

Additionally, many people who work with a real estate agent know how frustrating commission rates can be, with many charging fees as high as 6 percent.

Deedcoin is looking to change that with its cryptocurrency-based operating system. By using the Deedcoin platform and proprietary tokens, these commission rates drop to just 1%.

Deedcoin’s distributed architecture returns the power and control of process completion to homeowners and buyers by tokenizing the process, eliminating any middlemen, providing direct customer-to-customer interaction.

3. Blockchain and the healthcare industry

The healthcare industry was in need of a major change when it came to sharing and storing medical data and records.

The potential for error, fraud, and lost records has led to mistrust between consumers and health care providers.

Blockchain technology can renew trust by securely storing medical records that can be accurately and securely transmitted to physicians and authorized persons.

Blockchain will help with authorization and getting to know people. In fact, one startup called Ontology is already working to make positive multi-source identification a reality across all industries using blockchain technology.

With the implementation of this technology, there will be no fraud because simply no one can manipulate the files, change them, delete them, or even link them to people other than their owners.

You won’t find someone to deceive your name to get Medicaid or financial aid, or to manipulate documents or statements to get more benefit.

4. Blockchain, law and legal practice

Blockchain technology is poised to change some areas of law with its ability to store and verify documents and data. For example, litigation can be eliminated and dealt with resolving concerns about the deceased’s wills or other documents.

Records (including wills) stored on the blockchain will be quickly and securely verified and any changes to documents will be documented and stored.

This means that Blockchain technology will solve the legal issues related to inheritance without anyone daring to object or tamper with the documents.

This technique eliminates the long court battles that revolve around inheritance.

For other jurisdictions, evidence can be recorded and transmitted by technology to preserve it from tampering or disappearance.

5. Blockchain and Cryptocurrency Exchange Industry

Digital money is the way of the future, and thanks to the blockchain it can be transferred and registered securely.

However, the “mining” required to verify all transactions related to digital money requires an enormous amount of computing power.

In recent years, this created a lot of issues on many platforms when some transactions ran out or fizzled out due to the amount of account required.

This problem was costing users valuable time.

But new developments in blockchain technology are changing the way the foreign exchange industry operates. The Zen protocol was developed as an alternative to other platforms, which solved the most important issues in the cryptographic space.

Unlike other platforms, the Zen protocol uses smart contracts that know in advance how much computation each contract requires. This means that unless there is enough “return” to support this contract, it will not be triggered.

6. Blockchain and Politics

In the recent past, government actors in the United States and around the world have been accused of rigging election results.

But this will not be possible if the blockchain is used because the technology will take care of voter registration and identity verification, Presumably, he will count all the votes so that they are legitimate.

Gone are the days of vote recounts, daily drama, fraud and playing with people’s destinies.

7. Blockchain and the field of startups

With thousands of startups looking for investors, there is no current way for them to reach the right investors without jeopardizing the security of their ideas. Likewise, there is no right way for investors to find companies they are interested in supporting. Blockchain technology can change all that. In fact, it’s already started. Companies like Pitch Ventures are creating a way for startups to pitch their ideas to investors in a safe way. Entrepreneurs create summaries of their products or services, and investors can quickly sort and find potential opportunities. The smart contract address also allows Etherium to provide a secure medium of communication, so that privacy is preserved. And protect ideas from theft.

8. Blockchain and video industry

Video is expected to make up 82% of all internet traffic by 2021, and blockchain could play an important role by decentralizing video infrastructure.

Decentralizing video encoding, storage, and distribution will drastically reduce the cost of video publishing and marketing by taking advantage of wasted Internet computing services of up to $30 billion.

Startups like VideoCoin have already begun to deliver on the promise of freeing up and protecting this wasted capital, allowing new and innovative systems of video applications to emerge in the market.

9. Blockchain and the field of education

The education industry is expected to see some significant dramatic changes utilizing the new version of the internet that combines blockchain, cryptocurrency, and virtual reality.

This new internet will be known as 3DInternet, and it has the potential to create a global classroom like never before. Socrates Coin is making big moves to make this a reality.

The company will create a global community of faculty, students, campuses and curricula. Students will include all ages, cultures, and locations.

Socrates Coin created Nauka University, which will use 3DInternet technology to unite science and drive thought and innovation through education.

In this way, science will become a unified global curriculum that studies the same information around the world in the same way and method. There will be no disparity between one country and another in the level of education.

New technologies have advanced methods to completely change the shape of life, and perhaps after a few years we may see a completely different world that precedes our imagination that we see in films and science fiction novels.

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