The prospects offered by blockchain in the form of decentralization, transparency, immutability, and trustlessness make it one of the most attractive emerging technologies. Although its biggest use-case is being seen in the form of cryptocurrency in the area of finance, there are other sectors of everyday life as well that can get huge benefits by using this nascent technological advancement.
Blockchain solves the issue of trust, transparency, and security. These are some of the major issues that are present in the modern online world. In highly centralized frameworks of today, data of a user is highly prone to getting hacked and platforms like Facebook are already accused of leaking the sensitive data of its users in the past. Blockchain can prove to be highly effective in this regard in order to build decentralized online platforms where users have full control of their data.
BlockPublisher recently got in touch with the Chief Executive Officer of Propy, Natalia Karayaneva, as she shared her opinions regarding where blockchain might prove to be helpful. Propy is a blockchain-based project that enables its users to sell and buy real estate online.
- Which industries will benefit most from blockchain?
Natalia: “I only can see benefits from implementing blockchain technology in different areas and industries as they will become more transparent and solve trust issues between parties.
The technology is considered to be one of the most secure as it is extraordinarily difficult to change data stored in a blockchain and any such change would be readily detectable. Thus blockchains are widely considered to be immutable and can serve as a record of proof of ownership.
Only one out of three people around the world can claim property rights today. Blockchain technology could be used to record, prove and transfer property rights. It also helps to manage consumer rights associated with music, art or content ownership, etc.
Blockchain would be a more secure way to store banking records and a faster, and cheaper way of transferring money without middleman fees.
The technology might be used to verify data within the insurance contracts and keep records of the insurance events as the approval of insurance and payout of claims are still severe pain points for the industry.
Blockchain technology might be adopted by different healthcare institutions to store and share data securely across their platforms.
Real estate – Blockchains are particularly well suited to situations where it is necessary to know ownership histories. Smart contacts, therefore, offer a potential solution for the management of real estate transactions via the introduction of a universal, distributed ledger that does not require trust in a single third party.”
- Is blockchain tech the new internet?
Natalia: “Considering that blockchain technology has a seemingly infinite variety of applications, it could be used in almost all business sectors and will lead to significant changes in many processes and whole industries, I would say YES.”
- How do you see it evolving in the future?
Natalia: “I would like to see blockchain technology used as a standard in the real estate because it provides impenetrable security and speeds up the buy and sells process. I believe that the blockchains and smart contracts will change and transform the industry and will become mainstream transactions in the near term. One day the Blockchain technology will also have the potential to transform the fractional real estate ownership to peer-to-peer real estate transactions.”
Blockchain is evolving to be the technology of the future with each passing day as developments are being made in this sector at a very rapid pace. With the impact that it is expected to make, it is being termed as the new internet by some in blockchain and crypto game. Moving forward, it will be interesting to see how many industries it is able to infiltrate and revamp.