Blockchain is not only a name that is associated with Bitcoin. Technology has plenty of benefits that can help our everyday lives. Let’s see what they are.

How does Blockchain Improve Our Everyday Lives?

Blockchain is a revolutionary technology that has been seen to potentially revolutionize many aspects of our lives and the world in general. Bitcoin and Ethereum have become household names; and it is clear that the cryptocurrency world has so many great applications in the real world.

Why is blockchain important?

Blockchain is the technology used to track and verify transactions of digital currency and assets. In addition to tracking cryptocurrency transactions; blockchain can also be used to verify other data transfer systems, including home mortgages and contracts; and has a wide range of applications in healthcare and supply-chain management. But our everyday activities could be significantly influenced by blockchains. Let’s see the primary services that will benefit the most from them.

Payment services

Bitcoin was introduced to the world in 2009. It had the goal to replace fiat currencies. While it is a great payment option, many others arrived on the scene. With XPR (or Ripple) you can send and receive money way faster than SWIFT and at a nominal fee. You only need to have to buy litecoin, and you’re ready to go. Most of the cryptocurrency projects from the first wave (like Litecoin) were created with the single goal; to be an alternative to standard payment options.

Legal services

Blockchain technology can help legal firms streamline labor-intensive tasks. Instead of filling out piles of paperwork, lawyers and clients could sign documents digitally. In the event of a settlement, lawyers can use smart contracts to ensure both parties agree to a resolution. The technology can even be used in criminal proceedings to ensure that the evidence gathered is secure; and cannot be tampered with or altered.

Supply chain

Blockchain finds great utility in supply chains. Blockchain can help with supply chain issues such as the authenticity of products and delivery status. Also, Blockchain lets retailers track their own supply chain, but it also allows retailers to track the origin of their products. While it is not always possible for a company to know where each individual component in its products has come from; blockchain tracking can help a company determine whether its products were created using child labor or in unsafe conditions.

Healthcare

Healthcare is critical for the human body. Thanks to blockchain and its ability to ensure authenticity, consumers can be confident that what they are purchasing is legitimate. The technology lets patients dictate their medical records, thus providing them with more control over their health. It also ensures that doctors have the correct credentials, something that has been an issue before.

Education

Education is important, but it can cost a lot. With blockchain, students can receive the best education. Due to smart contracts, students know exactly what they are paying for. Teachers and professors are accountable because their past performances are on record and are publicly available. Additionally, students from rural or poor areas may apply for scholarships through blockchain to see if they qualify for financial aid.

Aviation

Streamlined boarding and less congestion in terminals are just two of many benefits that a blockchain-based system can bring to the aviation industry. Using a single identification system would reduce the need for multiple travel documents; cost airlines hundreds of millions, and even save lives. Since one of the biggest advantages of blockchain is data verification, companies will only hire crew members who have legit certificates and avoid pilots without qualifications that cause massive scandals and could lead to plane crashes.

Civil services

As data owners and data controllers, governments have a duty to keep their citizens’ information encrypted and protected. Blockchain promises encryption and protection; especially against attacks by hackers who want to access the information and use it for illegitimate purposes. They could also avoid altercations over where taxpayer money goes because the ledger will be available for all to see.

Telecommunications

Blockchains eliminate fraud, ensure transparency, and eliminate the possibility of phone theft by encrypting all of a user’s information. The technology also makes it impossible to pass KYC information on to another party without your permission. By recording all transactions in a blockchain, customers can be sure that their taxes are being paid accurately.

Final notes

Blockchains may not be perfect, but they bring with them many benefits that can help us acquire better services. Helping us live our lives successfully, blockchains are an innovative addition to the modern world that people must learn about.