When blockchain was first invented almost ten years ago, the technology was given the association that it was used amongst the Dark Web for secretive transactions. However, a lot has changed in those ten years, and it’s now being taken incredibly seriously.
If you take a look at the incredibly informative infographic below BitFortune’s experts have created which explains just how businesses around the world are using blockchain within their practices, you’ll see there are lot of good changes happening thanks to the technology. And it’s growing fast; in fact, blockchain is expected to be worth $1 trillion by the end of the year.
Long gone are the mysterious associations of blockchain as the world’s leading governmental figures and industries are considering the many ways in which blockchain can help. In a climate that’s surrounded by corruption and data breaches, it’s vital that the government is ahead of the game.
Earlier this year, Sierra Leone became the first country to use blockchain when verifying electronic voting. Russia is also looking into ways to use the technology for its exit polls data, while Dubai has already set out a promise for all of its government documents to be on the blockchain by 2020.
Following serious data hacks that hit the news over the last few years, the healthcare industry is also a clear advocate of blockchain. Not only does the technology increase the levels of security needed, but it also proves to be a time-effective solution and a way of storing complete medical histories in one place. PokitDok is just one secure network that is being used by medical pharmacies and devices for sources of patient data.
It’s estimated that blockchain can help reduce the costs of cross-border payments by up to 3%, while it has also seen some businesses save up to 70% on their business operations. Take a look at the infographic from BitFortune below to see how the technology is transforming business as we know it.