Is blockchain becoming the norm?

It comes as no surprise that digital technologies are taking over the whole world nowadays. The emergence of Bitcoin and blockchain technology changed everything. The latter is especially popular and is widely used in different sectors of our lives. Blockchain is definitely becoming the norm and we will have a look at different examples where the technology is being used with high efficiency.

The businesses where blockchain is the norm

Entertainment industry

The gaming industry is one of the most profitable industries on the market today. In 2019, it earned more than $148.8 billion. The gross income of international online gambling establishments in 2019 was approximately $ 5.3 billion. Online casinos and other entertainment clubs are adopting blockchain technology. It provides:

• The anonymity of the players;
• Instant transactions;
• A chance to play for cryptocurrency and increase its amount;
• The ability to check the results of each game.

More than $ 5 million is allocated annually by international companies for the implementation of the blockchain. Players are more willing to contribute money to such projects, since they have the ability to track transactions, check the results of bets and games.

Ridesharing

The use of blockchain in ride sharing (car sharing) can increase the level of trust between the consumer and the driver. The application with the help of Blockchain not only makes it possible to control the costs related to settlements with the driver but also monitors the movement of the car. Drivers earn and do not give part of the profits to large companies.

Economics, banking, fintech

Distributed ledger technology has revolutionized fintech, the financial technology industry. Thanks to the blockchain, the following tasks are solved:

• identity confirmation requiring a long period;
• execution and registration of transactions without the participation of lawyers and other narrow-profile specialists;
• optimization of bureaucratic procedures: collection of certificates, provision of data in printed format;
• full verification of counterparties without the participation of a trusted person;
• asset management, logistics, transportation;
• verification and analysis of the origin of goods;
• reduction in the cost of international financial transactions;
• identification of suppliers.

Government and e-voting

On September 8, 2019, the first electronic voting in the Moscow City Duma was held in Russia. Blockchain in the legal field helps to solve problems:

• Elimination of fraudulent activities during elections, falsification of voting results. In systems based on blockchain technology, the voting results of each participant cannot be changed.
• the ability to vote from anywhere in the world.
• Speeding up and improving the accuracy of vote counting.

The blockchain is also useful in the tax sector

Taxation

Tax audit time using blockchain will be reduced from a few months to a few seconds. Smart contracts will replace mechanical processes within the Federal Tax Service. The blockchain-based taxation system created can verify and prevent circular fraud, which is practiced in EU countries. States annually allocate more than $ 3 billion for the modernization of these projects.

Blockchain optimizes the data exchange process and helps to reduce jobs in those segments of the economy where the human factor is not needed. For example, the counting of votes or the formation of reports can be carried out automatically. Specialists freed from routine work can improve or change their qualifications. On the one hand, this reduces the expenditures of the state budget on the bureaucratic apparatus, on the other hand, it gives the labor market an influx of fresh personnel.

Medicine and healthcare

According to IDC Health Insights, blockchain technology will be firmly entrenched in healthcare by 2021. A distributed ledger will help:

• Eliminate the loss, falsification and transfer of medical documents to third parties.
• Check and control the supply chain of medicines from the company to the points of sale.
• Provide the necessary patient data to doctors from anywhere in the world. Information is synchronized between computers, so, if necessary and with the patient’s permission, each physician will quickly have access to the necessary analyzes and diagnoses.
• Automate the work processes of a medical institution.
• Promptly make decisions on insured events and other controversial situations based on the state of the patient’s body.

Forecasting

Thanks to the blockchain, platforms are being created that make it possible to predict the outcome of not only sports competitions, but also any event: natural disaster, state elections, auctions. The participant places a bet, purchases in-platform coins or shares. Depending on the outcome of the event, he gets a win or a loss. The ability to predict and profit from actions is of interest not only to banks or brokers, but also to other participants in the financial market.