6 Businesses Blockchain Can Interrupt
The blockchain technology came in at the point where people needed it. While it is good news to so many people, some consider it bad for their business. Companies like Polkadot cmc help people create a blockchain that can be used to monitor inventory and supply chain, ensure voting transparency, keep medical records, and file taxes. As people continue to enjoy these benefits, more businesses are being disrupted. For example financial institutions no longer have to charge the unnecessary fees they charge for transactions as people now prefer to carry them out using blockchain. Below is a list of 10 businesses blockchain is interrupting.
Blockchain has found its way to accounting and now handles the bank statements, bank forms and other records accountants has to handle. Accountants no longer need to keep track of sensitive information themselves as such information can be stored and retrieved from blockchain at any point.
The Loan and Interest Process
Banks give loans to individuals based on the credit scores provided by credit agencies. These credit scores may be erroneous and some people have been, unfortunately, denied loans due to errors in their records. However, with blockchain people get loans easily at a cheaper rate too. They can apply for loans based on their global credit score. There are plans to introduce credit scoring into blockchain.
Blockchain makes it easy for owners of vehicles and spare parts. Rather than the old paper method that can easily be manipulated, blockchain has taken over and any false information or changes in the original information of any stolen vehicle can be tracked.
A few years back, the traditional method of hailing cabs where people have to step out of their homes and hail cabs was still in place. Of course, everybody knows how stressful this process can be. However, with blockchain, people can hail taxis from the comfort of their homes thus eliminating the need to step out. Commercial drivers who do not use blockchain will soon be kicked out of business.
Blockchain offers the opportunity to track weapons in case of unlawful use. If information about gun possessions is recorded in the blockchain data system, gun owners can easily be tracked in cases of crimes, and unlawful possession or f guns can also be prevented. Unauthorized gun users and sellers can easily be fished out.
Annually, thousands of estate-related fraud cases are reported. This is because buyers are not able to track sellers’ information before making purchases. The use of paper works can lead to error and forgery, however, with blockchain any alteration of stored information would be noticed by users. Land titles, properties, deeds, and liens can be transferred online without hassles. Also, property agents who charge a lot of money as the commission would lose out of the real estate business due to this.
Blockchain technology may not be favorable to certain businesses, it, however, continues to be a blessing to users and more businesses are continuously looking for ways to incorporate it into their daily transactions through the help of Polkadot cmc. If you are having problems creating a blockchain, Polkadot can be very helpful.