The blockchain is an automatic public ledger system to record transactions and track their accuracy while providing transparent information to all participating parties. The benefits of using blockchain are transparency, immutability, and efficiency.
However, the opponents of the blockchain argued that it is an invaded, manipulated, and costly system.
If you support blockchain technology, every sector should implement such technology to make it transparent.
The blockchain, in theory, can replace every institution.
And blockchain that can build on top of layers will provide additional features for future uses.
Cryptocurrencies are yet to challenge the current financial system. However, when intermediaries are costly to make the system runs inefficiently, it is time to change. Banking, trading, funding, accounting, insurance, and many other financial services are expensive, and people seek better and cheaper solutions.
Even the money that you are using is about to be replaced by the blockchain someday in of the future.
The longer the current system exists, the more inefficient such system will become, losing its integrity on its own while trying to dominate the market.
Travel and Mobility
Blockchain technology does not restrict its ability in the air traveling, and Uber can be replaced by the blockchain too. In addition, the blockchain can replace Tesla if they lose integrity and users want their own car companies.
Aerospace and Defense
If not, the blockchain will replace aerospace technology. The supply chain system can allow the government to secure its data information.
You can book your hotels and have a shared room through Airbnb App in the blockchain system. Customers' data can be secured in the blockchain to protect their privacy.
Infrastructure and Energy
Companies were monopolies in this sector. However, they may not be able to dominate anymore through the blockchain.
Construction and Real Estate
The blockchain can help manage large data volumes with more accurate record-keeping.
Why healthcare is costly is a myth, but blockchain can provide insights to reduce costs.
Blockchain can also make education cheaper and more accessible to everyone.
It is likely to have every business sector with a blockchain run as an alternative. The technology will empower individuals to have their own choice of the business model they prefer.