The benefits Blockchain can give to help Banks: Blockchain can be used as a single source of information such as, money transfers, digital, record keeping, open, decentralised ledgers. Identity verification and trade finance can be automated to cut cost and the banking process time.
Elections have been subject to scrutiny and corruption that electoral committees are viewing Blockchain as the future. Its transparency, allow for votes to be followed, counted, and correlated. We can create a blockchain which keeps track of the tallies of the votes. This way, everyone can count the votes themselves, or if votes were removed, and no illegitimate votes were added.
Healthcare has critical information across multiple systems, sometimes it may not be available when needed. Blockchain allows encryption of data and security of information. The data is stored in a simple form, making access to patient history easier leaving out complexities. This medium enables consistent and stable access to real-time and historical patient data. It also reduces the burden and cost of data reconciliation.
4.) Real Estate
Smart contracts can also help eliminate fraud in the real estate industry. In time, the need for middlemen will no longer be necessary, and the industry’s risk from hacking will be reduced.
From artificial intelligence, to robots and conversational commerce, Blockchain can give us trust and transparency that other constituencies would struggle to achieve. Knowing the exact source in real-time, location and inventory in the system. Blockchain can significantly reduce the transaction processing cost for the retailers.