Blockchain technology is being incorporated into several industries today. The technology will disrupt the current working systems and replace them with an advanced and optimized architecture. Some of the areas where the technology will be transitional are as follows:
Banking and Payment services
Banks are already opening their framework to blockchain technology in order to make the system more efficient. Users around the world will be able to conduct banking activities through blockchain technology. Particularly in developing nations where banks are not stable, blockchain technology will make it easier for users to access the services remotely. Instant transfer of money and other benefits can be achieved through blockchain technology.
Through blockchain technology, voting processes will be made accountable and fair. Since the technology is reliable, the process will be more secure and open. The technology possesses open online ledgers which will make the process transparent and distributed.
Decentralized prediction markets are now possible due to blockchain technology. Data organization in predicting traffic models, weather forecasting, etc can be turned over to blockchain technology.
Crowd-funding is not a new concept, however, crowd-funding without the need of a middle-man is a new process brought about by the use of blockchain technology. Investors can directly see details of the projects they are pitching for and the firms can showcase every step of progress in their project easily through the technology.
Manual processes in today’s government system are slow and red-taped. The systems are not always transparent and are susceptible to corruption. Blockchain technology can be used to streamline government processes to provide transparency and speed.
Blockchain technology can speed up the real estate industry and help in keeping the records honest. Use of paper and manpower is removed through the technology; all tracking and verification of ownership are digitized. The technology will reduce the chances of bureaucracy and fraud in the system.
Shoppers need to place their trust brick-and-mortar stores or online market places to show them correct prices and provide them with proper products. Blockchain technology will eliminate these intermediaries and make the trade directly between the shoppers and the providers. The technology is decentralized and distributed, so there is no element of trust needed.
Feelium is blockchain-based platform that provides tokenized escrow services in lieu with smart contracts. Feelium’s services can be applied to any industry and for any nature of transaction. The services are self-regulatory and secure; there is no need to trust third parties with your information. Feelium is an entirely transparent system with contracting services for day-to-day life. Register today on www.feelium.co
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