Blockchain: From Technology to the Cornerstone of Human Life!!

By Apac CIO Outlook | Friday, January 03, 2020

After leaving its footprint in the industries such as supply chain management, interbank transactions, and real estate, blockchain has now started influencing the areas of social interest and humanitarian efforts

Fremont, CA: It is now a misconception that Blockchain is only an enterprise-level technology. It has now reached up to the life of normal people like us. Blockchain, with its inherent capacities of immutable, transparent, highly efficient, and decentralized means of recording and sharing data transactions, is radically disrupting almost every industry. After leaving its footprint in the industries like supply chain management, interbank transactions, and real estate, it has now started influencing areas of social interest and humanitarian efforts.

Keeping this advancement in mind, normal people like us can take advantage of the myriad benefits of blockchain technology in our daily lives without even understanding the technical aspect of its working. Blockchain is bringing equally important transformation that can be leveraged by us to improve our lives.

Tourism

There are almost no people who deny that traveling makes them refreshed. Travelling has always been a rewarding experience and a way to social engagement, thus boosting the tourism industry. Tourism is a powerful economic force for many nations but is also one of the least regulated industries. The use of Blockchain has made the industry more transparent, efficient, and convenient to put squarely in the tourist's domain. Some blockchain-based travel platforms have made a decentralized booking system for all kinds of accommodations that brings global tourists into one ecosystem. Some have created active tourist communities where one can share experience and reviews of the trips, thus giving a chance to the business owners to be recognized and also helps the people to choose the best available options.

Health Care

It is expected that the value of blockchain technology in the health care market will reach $1.6 billion by 2025. Effectual handling and distribution of patient data is one of the ways in which Blockchain is currently transforming the healthcare industry. Doctors, pharmacists, and clinical researchers now have access to secure and reliable electronic health records. Blockchain platforms have the ability to manage extensive medical records while ensuring regulatory compliance and personal privacy. Some key players of the industry are offering an "integrated machine learning and blockchain solution for best-in-class provider data management." The immutability and traceability of blockchain technology will enable an accurate, credible provider data management.