How is blockchain technology going to change the world?
Blockchain technology has the ability to transform everything in and around us. It will be a brand new point two version of the technologies that exist already, but much better in every aspect like security, performance, etc. Its applications are ubiquitous and have their roots in every sector. But let us see how it’s going to enhance 3 major sectors.
NFT Gaming Platform: Revenue for gaming grew 12 percent in 2020, up to $139.9 billion from $120.1 billion in 2019, according to a report by market research firm SuperData. Unfortunately, gamers barely make a penny from the $203.12 billion (as of 2021) revenue industry. Blockchain technology-based gaming platforms create more significant opportunities for revenue generation for gamers.
- Ownership: NFTs in the game allow players to own their in-game assets instead of the game developer. With blockchain technology, players can save in-game purchases or sell them to other players.
- Protection of Assets from prying eyes: Hackers love centralized assets. Once they hack and invade a server, all assets stored on the server are theirs. But blockchains are hard to hack as they are decentralized, and the gamers can store their valuable gaming assets in crypto wallets.
- Play to Earn (P2E) model: NFT gaming platforms provide the gamers with lucrative awards like in-game assets and tokens that can be exchanged for real money.
BlockChain in Health care: When we were boasting about the robust technology-driven healthcare systems, the uncanny Covid-19 proved how crippled the current healthcare systems around the world( both in developing and developed countries).
- Health and pharmaceuticals will get rid of counterfeit medications using Blockchain technologies, enabling tracing of all these medicines.
- Blockchain can guarantee the confidentiality of patient records; when medical history is developed, Blockchain can also store it, and this record cannot be modified.
- A Blockchain network is used in the healthcare system to preserve and exchange patient data through hospitals, diagnostic laboratories, pharmacy firms, and physicians. It improves the performance, security, and transparency of sharing medical data in the health care system.
Blockchain in the Banking sector: Blockchain technologies have the biggest impact on the world’s biggest industry. $124 trillion in 2018, according to The Banker’s Top 1000 World Banks Ranking for 2018
- Expediting international transfers: Today trillions of dollars slosh around the globe due to the outmoded banking systems and their slow international transactions with additional fees. This is because if you are working in the US and send money to your family who lives in India you will be charged around $25 and additional charges up to 7%. Additionally, Your bank gets a cut, the receiving bank gets a cut, and you’re charged exchange rate (forex) fees. But with blockchain technology, we can do international transactions in real-time without the third parties making international transactions cheap and fast.
- Increased security: Since the blockchains are decentralized, it is hard to hack or it is impossible to do any fraudulent activities.
Customer KYC and other legal docs and bonds can also be protected without any worries.
To sum it all up — Have you ever heard someone saying that a “blockchain was hacked!” No, and you will never will, because blockchain is robust and it is hard to crack. If you are an entrepreneur and looking to create a crypto wallet or integrate the hard-to-hack blockchain technologies into your existing online business contact BSEtec.
BSEtec, a leading blockchain development company in India is specialized in Stellar blockchain technology. BSEtec provides you with the best in-hand solutions for all your cryptocurrency exchanges and Hot wallets.
