Blockchain has now reached almost every sector and is no longer just a novelty but a pillar in the digital world. Blockchain is now so big that it now impacts almost every person improving their lives and here is how.
According to Paywall the value of blockchain technology in health care is set to surpass $1.6 billion by 2025. So much is being invested in the technology as blockchain can securely and efficiently distribute patient data. This will enable health care professionals such as doctors, clinical researches and pharmacists to access secure and reliable health care records via blockchain platforms. Personal privacy and regulatory compliance will also be followed.
This will impact the average person as personal data is involved. It may also be possible for platforms to offer users smart contracts and the tracing of certain drugs from manufacture to the patient’s door.
Social and Environmental Impact
Blockchain is enabling people, businesses and societies to interact efficiently and clearing, promoting transparency and reducing costs. When it comes to fair trade one of the major issues faced is the provenance of assets, when this is untraceable significant financial losses can occur as there is no verification of authenticity which also impacts consumer goodwill. Blockchain will be able to shed light on asset claims such as “is this diamond truly conflict-free?” or “is this coffee really fair-trade?”
With blockchain, the everyday person will be able to fully recognise and see if products are truly what they claim to be with an auditable trail ensuring complete transparency that can create an ecosystem of trust. With this technology it will be easier for the everyday person to live as a mindful human, becoming an ethical consumer.
The travel industry is something a sector that impacts the majority of people. From flights, hotels, apartments, and excursions the travel industry is vast. The travel industry generates a high volume of money however, the industry as a whole is one of the least regulated. Blockchain is now changing this to provide regulation and accountability.
Blockchain-based booking platforms are now active and that brings tourists worldwide into a tokenized booking and loyalty ecosystem. Another area blockchain is tackling via applications is fake reviews. Blockchain can track and verify reviews creating a more open and trustworthy source of information for tourists.
Whether people are aware or not these are just some examples of how blockchain is already positively reaching the average person’s life.
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