Blockchain technology has quickly found its way into major industries.
Financial institutions like the NASDAQ, Mastercard, and even Visa find it beneficial. That’s because digital ledgers can help decentralize the banking industry and provide faster transactions. Better yet, with cryptocurrency, there are no central banks.
For example, drug companies can now keep track of supply chains. As you know, pharmaceutical companies must track every movement of a drug delivery. That includes the manufacturing to end points in the supply chain.
As blockchain only grows, the technology will have an even greater impact, including the following:
Blockchain: The Music Industry
The music industry is one of them.
At the moment, many artists face considerable challenges with piracy issues, which can reduce their revenue streams. However, with blockchain technology, a ledger can keep track of artist rights.
Blockchain: Commercial Real Estate
The technology can help create transparent deals, and store all facets of an agreement in a public domain.
That can include information on former owners, construction, and maintenance issues. In addition, blockchain technology can assist in creating a paper trail that is impossible to change or manipulate.
According to Block Tribune, “Blockchain can reduce the speed in which the chain of custody regarding CRE properties takes place as a property’s title would be stored on a public ledger. This would remove the need for another central repository, thus reducing transaction, state, city and legal costs. The same principle would apply for leases that would be recorded via blockchain.”
Blockchain: Attorneys May Benefit
Any changes made to legal documents will be easy to track and monitor on the blockchain. It may even eliminate the need for lengthy disputes, excessive fees, and court time. For example, if a will was in dispute, we can simply check the blockchain for history.
Whether you’re ready for it or not, blockchain technology will change the world, as you know it – fast.
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