In Real Estate
In Real Estate
Real estate transactions are some of the most notoriously painstaking and tedious that you can try to undertake, mainly due to the lack of innovation in the industry over the past few decades. Luckily, blockchain technology will soon be poised to rectify this lack of technology advancement. Blockchain technology stands poised to revolutionize the entire listing process, cutting listing services and property agents largely out of the loop. Instead, blockchain will make possible a type of decentralized platform when firms, agents, sellers, and buyers can both list and complete real estate transactions around the world with few, if any, of the traditional hassles getting in the way of the process.
Learn more: Software Programming
By getting rid of the traditional centralized structure, the system will provide those in the real estate industry a greater access to a wide variety of fee structures that they will have far more control over. What’s more, as the entire database will be decentralized, the listings will be free for everyone to use without any of the standard restrictions or paywalls. This will ensure that buyers have access to better data and that sellers have access to the greatest number of interested buyers possible.
In Public Benefits
In Public Benefits
The public service sector is an extremely complex system in that it is centralized when it comes to its responsibility in carrying out the delivery of public services while also remaining fragmented in the way that each service is actually carried out and how various departments share data. The effects of this duality typically cut deep as departmental budgets are slashed, and questions arise over decreasing services or changing the way in which they are delivered.
See also: Blockchain 3.0
As blockchain technology becomes more mainstream, it is likely that it will be used more and more frequently when it comes to addressing the inefficacy of the current system head-on. When given the change, blockchain technology will easily serve as the official registry for a wide variety of assets that require a government license, along with any intellectual property the agency might own. It will also prove useful when it comes to streamlining and coordinating purchasing, making each governmental dollar stretch as far as it possibly can and resulting in a surplus that can be used on the public in the process. In all of these situations, blockchain technology will certainly improve response times and reduce the risk of errors or fraud which also enhance productivity and efficiency at all levels of the process. Essentially, anywhere there is government inefficiency, blockchain technology can help to of payments, which is to say all of them.
In Industries
In Industries
Modern business runs more or less smoothly based on the work of a wide variety of administrators who manage the databases and record the numbers. Supervisory boards, auditors, solicitors, auditing firms and even much of the financial sector all exist based on the need for third-party verification of a transaction between two accounts. As such, the biggest potential disruption that blockchain may cause is to remove the need for third-party verification services outside of its own. This has the potential to be a momentous change for any industry that requires verification.
This verification process is going to sow change across a vast number of industries; distributed ledgers offer a chance to improve the level of trust and truth in every single system to which it applies. The very idea that you can prove in a moment exactly who owns, what is going to affect everything that currently exists as a means of verifying performance, payments ownership and contracts will all soon find itself switched to blockchain.
This will result in a severe shift in power from those who are currently in charge of managing these transactions, though it will likely not benefit new businesses as much as one might expect. Instead, it will be existing businesses, which can leverage the trust that they already have, combined with the new and improved means of doing business, to ensure that they end up in a new and more profitable position than they were currently in.
Learn more: Blockchain application in Law
