For a much more in depth explanation on the effect that blockchain has on banking be sure to check out this research by Luisanna Cocco, Andrea Pinna and Michele Marchesi.
In the introduction, we talked about the shift in the global mindset of people who are suddenly placed in a scenario where, for the first time, they can absolutely trust the person on the other end of the line. Impulse purchases getting snuffed out by a fear that the offer in question isn’t genuine but a hoax everyday. With the blockchain technology, the security of transfer is so reliable that one can finally put these fears completely behind. This might make a huge difference in both B2B and B2C deals, seeing as how people will be able to focus entirely on the quality of the deal, instead of having to worry about these abstract parameters.
One of the reasons why healthcare industry is so individualized and, well, unique in so many different ways, is due to the fact that no other line of work is so governed by laws, regulations and standards. Nevertheless, healthcare is an industry in a traditional sense. Sure, it generates profits, yet, in most countries around the globe, it’s a mandatory service provided by the state for the well-being of their citizens. Still, it has so many manufacturing industries tied to it, like pharmaceutical companies and medical equipment manufacturers.
One staggering statistic claims that about 30 percent of the entire expense surrounding healthcare gets stuck in administrative taxes and processes. We’re talking about nearly one-third of the industry, getting wasted on something that doesn’t provide direct service or benefit to anyone. It goes without saying that this is something that the use of the blockchain technology can benefit. With the current size of the global healthcare network, we’re talking about multi-trillion-dollar improvement.
We saved the most obvious for the last, seeing as how this technology gained the spotlight and developed with this purpose in mind. Either way, as cryptocurrencies like Ethereum gain on popularity, the interest in the blockchain technology rises, which also means more investors, developers and users. Regardless of how innovative or ground-breaking a trend, it can’t make the necessary market penetration on its own. Last year’s explosion of cryptocurrencies, ensured that this trend is closely monitored all-year long. This lead to the outburst of platforms focusing on the blockchain and its various aspects.
At the very end, it’s more than clear that the biggest improvement that the blockchain technology might be able to help out the business world is with greater cost-efficiency. Determining the cost aspect is easy, the fact that there are no extra fees or unnecessary taxes means lower expenses and greater profits for everyone. The greater efficiency allows you to handle complex bureaucratic tasks in a matter of minutes, instead of having to wait days to have them completed. All of the above-listed is the main reason why some claim that the blockchain technology stands to revolutionize, not just the internet but the way in which we exchange information altogether.