In 2008, blockchain was invented to serve as the public transaction ledger for the cryptocurrency Bitcoin. While Bitcoin’s popularity demonstrates blockchain’s usefulness in tracking and supporting monetary transactions of digital currencies, many advancements have been made to the underlying technology over the last decade, extending its potential and use cases across virtually every industry. Today, technologists from academia, startups and Fortune 500 companies alike, are experimenting with new ways to apply blockchain to transform operations through greater transparency and accuracy.
Following are three major sectors of the economy harnessing the power of blockchain to solve everyday, real-world problems.
Despite incredible advances in surgical technologies and astonishing medical breakthroughs, the healthcare industry is rife with operational inefficiencies due to fragmented, antiquated data systems that don’t communicate effectively. Further exacerbating the issue is the fact that a significant amount of data is still stored in paper form and transmitted from provider to provider via fax machines, a technology most industries put to rest decades ago.
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