The crypto industry is the main sphere of use of blockchain technology. However, it is gradually being introduced into a wide variety of industries because of its high innovativeness and commercial potential. In some spheres, the technology gives traditional systems better features and capabilities, while in other areas it is revolutionizing technology through the benefits of decentralization.
This area is the second which uses Blockchain technology most frequently after the crypto industry. Despite the fact that the paper-based financial system does not recognize cryptocurrency, banks and other large financial institutions actively use the technology, which makes it possible to eliminate paperwork, reduce costs, provide effective data protection and increase the speed of transactions.
Thanks to the second-generation Blockchain technology, the legal industry will dramatically change. Smart contracts first launched on the Ethereum platform make it possible to carry out almost any legal procedure. There is even an opinion that the technology may cause the disappearance of the profession of a lawyer. Blockchain retains all the information from every law book ever published, all the examples and other subtleties. It is a completely accurate, honest, and therefore ruthless mechanism that cannot be bribed and it is impossible to change the information kept in it. Therefore, if there is a contract, it means that the parties to the contract must abide by its clauses.
They can claim that Blockchain and logistics are the most overlapping areas. The joint application of these technologies will provide reliable management of absolutely everything in this sphere. Blockchain technology makes it possible to eliminate all the problems that have been occurring in the logistics industry for several years, because it is a public and transparent list, which provides users with a convenient and fast way to monitor the route.
Blockchain is a universal information repository, so in the medical sphere it can be used specifically with this purpose. It remains unchanged, it cannot be hacked, and it can be accessed by anyone with the appropriate rights and keys. In medicine the key factor is data security, so you can’t handle it without a blockchain system. Nowadays the medical industry is working to develop technology that will make patient records available to physicians anywhere in the world. For medical institutions, the use of electronic data storage technology is not a novelty. However, until recently access to information was limited to specialists in one country, and Blockchain will remove this limitation.
Blockchain will make it possible to reject the use of paper materials. Information from textbooks will be available anywhere in the world, and a universal grading system can be organized based on the technology, making education even more accessible. Tuition in educational institutions can be paid for with cryptocurrency, which operates on the basis of blockchain. Scholarship payments to students will also be fast and automatic. Cryptocurrencies can be used to pay for educational projects and grants. Nowadays some leading educational institutions are already ready to use cryptocurrencies, but to make these plans a reality, it is necessary to develop a program, create a commission and coordinate blockchain standards.
The practical use of blockchain in real life will allow not to worry about confirming property rights. For example, thanks to Blockchain, it is possible to form a special log that will collect information about the state of real estate properties, their owners and other useful data. This will eliminate the possibility of double resale, fraudulent schemes or any other problems related to real estate transactions. Most developed countries have already recognized that real estate registration on Blockchain is much more convenient and efficient than existing metrics.