What are the benefits of blockchain technology?

The most widespread use of blockchain is currently in the form of digital currencies. Currencies built on a blockchain, or cryptocurrencies, allow for anyone to track every transaction. Cryptocurrency transfers often take a much shorter amount of time compared to bank transfers, and can be completed at any time because the blockchain network is always online. While the financial industry is the first on the list to benefit from blockchain technology adoption, it is far from the only industry where blockchain implementation is beneficial for our society.

Other industries set to benefit from blockchain adoption include:

  • Government: Blockchain is set to improve data transparency and tackle voter fraud for national elections, guaranteeing results that anyone can check for themselves.

  • Video Game Industry: Digital game items can be registered on the blockchain, granting true digital item ownership to the players.

  • Art: Art pieces (paintings, music, video, etc.) can be recorded on the blockchain in the form of NFTs which serve as prove of authenticity and ownership. This allows artists an easy access to marketplaces where they can sell their creations and earn proceeds from the sale.

  • Decentralized Autonomous Organizations (DAOs): Such organizations bypass the need for a central authority by granting its control to all of the organization’s members. The major benefit is the removal of bureaucratic and hierarchical friction, making the decision process absolutely democratic.

  • Insurance: Blockchain allows the insurance industry to relay reliable data between interested parties much faster and cheaper than currently possible. Applying for insurance, processing a claim, and getting a payout would see significant speed improvements thanks to blockchain. Company savings are also likely to trickle down to the consumers in the form of reduced premiums.

  • Healthcare: Thanks to blockchain, the healthcare industry is set to improve its data sharing efficiency, transparency and trust. Both patients and healthcare providers alike will benefit from these advances.

These are just a few of the many examples of how blockchain technology can benefit our society. If you would like to dive deeper into this topic, head over to our blog where we often explore potential blockchain applications for the world.

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