3 Industries That Can Be Positively Impacted By Blockchain Technology

Blockchain technology has been theorized and used experimentally for decades, but it was in 2008, with the launch of Bitcoin, that blockchain technology started its ascent into becoming the buzzword it is today. Bitcoin’s popularity paved the way for other cryptocurrencies and non-crypto applications of blockchain technology. Here are 3 industries whose processes and operations can be significantly improved by blockchain adoption.

what is blockchain?

The simplest way to describe blockchain is as a digital ledger of records that is stored across multiple devices within a network. The blockchain platform has a security system for verifying each transaction between members of the network. Once verified, the transaction is recorded into the multiple ledgers. Each transaction is added to a ‘block’, and blocks join together into a digital information chain that is accessible to all members. Also, once a block is included, then its data cannot be changed. This system gives blockchain technology its two main selling points: transparency and security. The record is visible to all, and it can’t be changed. This is why the technology was chosen to support Bitcoin and other cryptocurrencies. It’s also why security conscious businesses like Wildz Casino and other big online casinos are interested in incorporating blockchain in their operations. Another benefit of blockchain is that it is unregulated, there is no ‘middleman’.

blockchain and online gambling
The online gambling industry can only function when players can trust online casinos with their hard-earned money. Government regulators and private sector accrediting bodies all review a casino’s operation structure and its games to ensure that players are not being hoodwinked at every turn. Reputable brands like Wildz Casino are licensed and certified. But regulation comes with its own challenges. For starters, you could have established brands abusing their influence with regulators to hurt competitors. The regulatory and accrediting framework is also very expensive, and these costs are invariably passed on to the customer. Blockchain creates a system where each transaction can be verified to prevent fraud. Removing the middleman (regulators) also makes online gambling more affordable to players.

blockchain and charities
A funds misappropriation scandal rocks major charities every few years, almost like clockwork. This news usually leads to the public being more apathetic towards making charitable contributions since most are not very transparent as to how they spend their funds. With blockchain, charities can have a public ledger showing incoming donations and outgoing expenditure items, thus gaining the public’s trust.

blockchain and online voting
Online voting would solve many of the challenges facing the current voting system. There will be no queues. Vote counting and tallying will be done electronically, reducing delays. Also, more people will be able to access this important democratic function. But this hasn’t happened yet because even the best systems have proved vulnerable to cyberattacks. Blockchain will be able to verify that each user only votes once, and more importantly, voting data and tallying will be available publicly for transparency and security.

The final word
Blockchain’s ability to disrupt industries and processes comes from the transparency and security that it offers. If it is secure enough for cryptocurrencies on a global scale, it is good enough for most industries.