A new technology is on the brink of changing how business is done, regulated, and it seems likely to affect many different industries and entities. It is called blockchain. Blockchain is the technology that is behind the encrypted online currency, bitcoin. Blockchain creates a trail of data in the system that cannot be altered, but is visible to everyone. This can greatly reduce transparency issues and corruption throughout many facets of modern life. For example, banks can use it to easily identify fraudulent transactions and track transactions from multiple sources all in the same software program, rather than having to use multiple databases. Keep reading below, to see how blockchain could be changing your industry.
How Blockchain Could Affect Different Industries
- Real estate: The housing market is in a position where buyer demand is very high, but new construction of homes is low. This creates a very high demand for quickness in home selling and buying transaction processing. The real estate industry has a reputation for being slow, and often there is a need for third party title and escrow companies to ensure the validity of the deal. Blockchain can help easily secure and process important real estate transactions, and help eliminate the need for third party title and escrow companies to ensure the validity of the deal.
- Business: Most businesses rely on keeping detailed customer data for better customer service and marketing, securely documenting policy agreements with clients, and want to have an easy, streamlined business transaction process for whatever they do. Blockchain can help a business do all of these things more efficiently.
- Legal: for legal purposes, blockchain can really help you store the evidence you need if your business is facing a lawsuit, or access internal information of another company if needed for evidence for a case against them. Storing and retrieving any kind of important, legally binding information or evidence will be made much easier.
New technologies such as blockchain could very well change how law for business is done by changing how transparent companies will need to be. People who follow the law, and do not have something to hide, should benefit from this technology. However, businesses are sued all the time from a number of different sources. New Jersey business lawyers at Garland and Mason, L.L.C. are dedicated to help with your business law concerns.