3 Ways Blockchain Might Be Impacting Our Day-To-Day Much Sooner Than You Thinkby zyla courtney i am a bloger
This past year we’ve all heard a tremendous amount about how crypto and blockchain are the next big thing. However, despite all the hype, most people have yet to see how these technologies could impact their lives beyond just some numbers on a screen. Make no mistake though, blockchain could not only be one of the biggest things to happen in tech recently but become a household application much sooner than you’d think, which is why I’m bringing you a few examples of “how.” Check them out below.
In Our Medical Records
From the moment we’re born, there’s a medical record of everything we’ve experienced in a hospital. This is a practice that for as long as most of us can remember has always been a part of our history. Yet, as we get older and start seeing more health care providers, keeping up with all of our medical records can be an incredibly tough task, especially when it comes to ensuring that private patient information is safe as records are transferred and passed around among physicians. That’s where blockchain technology comes into play.
With blockchain, the medical industry not only has a transparent file network but a network that can safely and securely transfer sensitive patient information without being hacked. What’s more, information stored on the blockchain can be delivered throughout the industry -- which means not only can your specialist and primary care doctor access your information, but medical billing, the pharmacy, and other entities can, too.
With the added layer of security blockchain provides, the ability for all these providers to collaborate to meet your health needs in an incredible thing. According to IBIS world, the medical records industry is projected to be a $10 billion industry, so it’s little wonder that health blockchain startups like NanoVision are seeking to change the game.
With How We Handle Disputes
Another interesting piece of note is how blockchain will soon impact how we handle disputes. No matter how big or small, the blockchain has the potential to make a lot of our agreements boiled down to simple executions, which could be a huge money saver. In fact, according to the University of Maryland’s Francis King Carey Law School, small claims courts are estimated to take on $100 billion in cases every year, which is a pretty staggering figure when you consider how much has to go into each one. However, with blockchain, needing someone who is still in law school to afford your legal needs might be a thing of the past.
As the blockchain’s architecture is built off a system of trust, it goes without saying that a lot of the contracts we currently end up disputing are some based on bad actors. For example, let’s say you’re a photographer and have a policy of paying 50 percent upfront, with the other half coming after the photos are delivered. However, let’s say that you sign a contract with someone and they decide they don’t like what they’re buying anymore, so they don’t feel it’s necessary to pay the other half. Not only is going to court over this a painstaking, expensive process but one that at the end of the day, isn’t worth it; which is why the blockchain can be such a great application.
With the blockchain, disputes like this can be circumnavigated by both parties automatically agreeing to terms. Additionally, as soon as the photos are distributed and the client agrees, the money is sent directly, giving the photographer a fair shake on what they owe. Plus, there’s no chasing anyone down or constantly having to send invoices/follow-ups. All-in-all, the blockchain holds the opportunity to change the way we handle smaller contracts and disputes completely and might be something you want to implement in your own life down the road.
With How We Buy Online Services
Finally, in a similar vein to hiring a freelancer, the online services that we order and have could be seeing a big change via the blockchain. Considering that blockchain provides a transparent network for potentially multiple industries, this opens up a new door on competitive pricing and incentives. For example, let’s say that I want to hire a logo designer for my website. According to UpWork, the average rate is $45 per hour, however, with the blockchain, I’d have a one-stop-shop that could tell me the rate amongst the collective members of that network. The best part? This can stretch well beyond just design too.
With so many different services we tend to order online, it makes sense that the blockchain would try to enter this space. And while we’re still early on with how blockchain could impact it, don’t be surprised if this is an early frontrunner. However, this begs the question: what services could you see yourself buying on the blockchain?
Created on Mar 21st 2018 10:45. Viewed 581 times.