Blockchain Holds Huge Potential for Real Estate, Education System Reform
Blockchain and real estate have been partners recently, with processes becoming better and more efficient with blockchain. Bitcoin can be used to trade properties, while blockchain is used as a platform to build real estate apps on. Tribune reported that blockchain can be used in improving other systems, aside from real estate.
The blockchain is a digital ledger on which records can be kept, hence, its use in digital transactions. It can also organize these records for easy access. Keeping records from real estate transactions and education are easier when using blockchain, which provides instant security to different transactions.
The country of Pakistan, for instance, highlights the benefits countries have in using this technology. Miranz Technology Chief Executive Officer Mudaser Iqbal, as quoted by the Express Tribune, said that it helped tremendously in shortening the processes, removing redundant middlemen who only slowed down the flow of data.
The blockchain is also integral in the insurance industry, according to Forbes. The company InsureBlocks uses blockchain technology to spread awareness about the technology. The nature of it, which allows participants to share information without needing to reveal themselves, enables customer insurance products and other services to be more efficient--and of greater value--to clients than is normally possible.
Traditional insurers have created uses for the technology to ensure insurance operations continue unhindered. Insurance-tech entrepreneurs have chosen disruption through blockchain technologies benefits, including the creation, funding, and delivery of insurance.
InsureBlocks have begun using blockchain in only a few of their products. However, realizing that it is the future in most transactions, it is also beginning to use it in more and more transactions. It eventually sees most of its transactions as largely reliant towards the once-cryptic technology.
Governments have started to open up their countries to the technology too. Aside from Pakistan, Chile, Estonia, Georgia, Switzerland, and the United Kingdom are only some of the countries in which blockchain processes are a part of transactions. This includes transactions done using ethereum, e-resident, land registries, and distributed ledger technology.
In Pakistan, blockchain is seen as the next big thing in efficiency and disruption. Dr. Umar Saif, former chairman of the Punjab Information Technology Board, said that their country stood to benefit greatly from the implementation of the technology. It also had a lot to take from it in terms of progress in both the private and the public sector.
While e-stamp papers, as an early form of the technology, is already available, analysts are one in saying there could be more room for it.