Ever since blockchain technology has been released, one of the entities that were interrupted by this technology is financial and banking institutions. However, other industries and sectors are affected by this technology. Below are other unpopular examples.
Surprisingly, one of the most competitive industry nowadays is the charity sector. The problem with this is what they call “wastage.” In western terms, effort, time and money have the possibility of being distributed unevenly and carelessly in charity ventures. With the technology of blockchain, permanent assessment look of information can be provided; thus, giving the charity sector an insight where to lean or where to give more of their help.
Generally, in charity transactions, huge amounts of money are being transferred, and this becomes a target for corrupt officials. In third world countries where there are hardly any accounting systems that have robust security, corrupt officials take advantage of this as they try to leech on the funds for their benefit. Blockchain technology makes this space safer and free from exploitation since it provides a more transparent, decentralized and is completely traceable.
Voting and Electoral Processes
One of the essential elements or things to consider significantly to have a fair election is to have it transparent for all. With blockchain technology, this can be achieved, and problems such as cheating and miscalculated number of votes can be avoided.
Not only that this enables everyone to be vigilant and aware of the number of votes, but its upside also goes before the election proper. Blockchain can help with the financial background of party fundings, including the digital footprint and marketing dynamics of the marketing messages that each political party utilizes to promote their agendas.
The Music Industry
The music industry, ever since that file-sharing explosion in the early years of the 2000s, is probably going to face another problem if what the industry insiders are saying is true.
However, contrary to popular belief, the artists are more likely to benefit if this happens. The technology of blockchain will enable the consumers to pay the artists firsthand for their work.
With this, third-party companies like Spotify, and iTunes ought to become more transparent about how much they take from artists, else they face the risks of being completely replaced.
Real Estate Businesses
Buying a property can be a tiring process. There are a lot of methods and people involved, thus making the whole process complicated and tricky. Not to mention the risks of having your money being exploited as sketchy agents or mediators are processing it.
With blockchain technology’s most promising feature which is to make every process and action transparent to everyone, these risks and hassles can be minimized to their lowest. This way, the one staking their money are being made aware of each process and stages that have been done or completed. Also, in this way, sellers & brokers & agents won’t be burdened with hear-says or accuses of incompetence knowing that their actions are being monitored and recorded accordingly.
The technology of blockchain and its capabilities offers so many great promises, and it seems that most technologists are just starting to manifest its good potential.