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Although it has taken the world over a decade to recognize the true potential of blockchain technology it has happened finally. Initially, blockchain technology was targeted by governments and regulatory authorities from around the world.
However, the situation and the perception of the authorities have changed after realizing how much blockchain technology has to offer. Technology has the potential to be the answer to many complexities and obstacles.
It is the technology that goes behind the creation of the blockchains that has made them highly adaptable almost for every sector. According to Ido Fishman, blockchain technology has extended its branches into several sectors.
However, the blockchain holds a lot of potential and adaptability in the Banking, Healthcare, and Cybersecurity sectors. There are many banking, healthcare, and cybersecurity corporations that are currently looking into adopting blockchain technologies.
As per Ido Fishman, each sector has its own reasons for the integration of blockchain technology and they have been listed below.
For the traditional banking sector, the most complicated matter has been overseas transactions. For millions of people transferring money to their families as well as for business purposes, the regulated channel is doing it through banks.
However, making overseas payments or performing transfers incurs huge fees, costing a huge fortune. Therefore, any bank charging the lowest fees has the highest customer base. As of now, several banks are adopting blockchain technology because it is decentralized and there are no extra charges for making overseas transactions.
It is the most common problem that whenever a patient goes to a new doctor or hospital, the operator has no record of the patient on hand. Therefore, the patient has to provide all the information pertaining to his/her past illnesses or disabilities. With the adoption of blockchain technology, hospitals and clinics are aiming to remove this obstacle. Blockchain technology can hold an enormous amount of data and process it in a matter of seconds.
Several hospitals in China have already adopted blockchain technology for its convenience. With the technology, the hospitals are able to see the entire history of the visiting patient through a database.
In the past couple of years, the cybercrime rate has increased tremendously. There are thousands of hack and identity theft cases that are carried out through the internet. When using the internet, people are like sitting ducks to the hackers as they can trace their IPs and access their operating systems to steal data.
Blockchain technology runs fully on encryptions and it is completely decentralized. Therefore, it is almost impossible for hackers and cybercriminals to carry out their criminal activities. Over time, cybersecurity firms may adopt and provide their clients with such technology so more technology can be provided to the users.
If you want to stay up-to-date with the latest happenings in the blockchain world, then keep visiting and Ido Fishman will definitely have something new for you.
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