Technology has long been considered a stepping stone that on one hand it might lead to industrial and other reforms, on the other hand many people may not be very comfortable with it. The constant changes in the technology always put fear in mind of working class. However, this doesn’t negate the advantages these technological reforms have brought us. Blockchain technology and Cryptocurrency are one of those technologies. Cryptocurrencies were invented to take over the physical form of money. Much similar to Foreign Exchange, people could use it to buy stuff, make money by investing in them and could do all their transactions through it. Common examples of cryptocurrencies include Bitcoin , Litecoin, Zcash, Ripple and Ethereum. The Blockchain technology was initially created for cryptocurrencies. It was supposed to be a public ledger for all the decentralized and digitized cryptocurrency. Allowing the participant of this decentralized currency to keep tabs with the transaction. Blockchain created a chronological block after each transaction, distributing the data to different computers. However, today developers are leveraging the technology for different use cases related to Education, Healthcare, Banking, Real Estate and many other fields.

Blockchain technology is surely going to disrupt many industries given the technology,  processes and security.

Blockchain Technology and Banking Industry

Blockchain can ease many of the problems banks face nowadays. The monetary data could be kept well organized and secure over blockchain. Its secure system could allow data processing and millions worth transaction to be easy & quick. Blockchains operate as a decentralized platform and if this is brought in Banks, the transactions could become much cheaper and easier. Decentralization of currency and control would make people’s lives easy. However, it may take time for authorities to let that control go from their hand.

Blockchain Technology and Real Estate Industry

Paperwork while buying or selling a house has become hectic as it requires much work and time, unless Blockchain technology could be used to change it. Blockchain technology could facilitate signing of contracts, storing these documents and taking care of money involved. As this technology is amongst the smart ones, system can  automatically initiate the transfer of payments or rents once the agreement has been signed without the involvement of any bank or third party.

Blockchain Technology and Healthcare Industry

This industry probably records and stores the most amount of data compared to other businesses or organizations. This storing and recording is however, prone to difficulties and frauds. Blockchain not only makes the storing of data easier but with it the transfer of data can be easy and well protected. These medical records are worth millions of dollars, securing them would mean only few people could access.

ICO For Seed Funding

For many years every new startup has been chasing investors or venture capitalists for funding their idea. While some startup founders were lucky to get through, others finally dropped the idea because of lack of interest from investors. Then came concept of crowd sourced funding which gave wings to startup founders. Today startup founders can launch their own coin and raise money for their idea. For any new idea, funds can be raised via cryptocurrency venture. An Initial Coin Offering (ICO) is used by startups to bypass the old tedious capital-raising process required by venture capitalists. Ethereum is classic example of a successful ICO.

There is no doubt that more and more use cases would adopt blockchain technology given the flexibility, maturity and security it provides. Today, people are working to launch crypto exchanges, digital currency wallets and new currency offerings.