Good afternoon everyone!
I sent out part 1 of this series just over a week ago and wanted to follow up with on the latest developments and hopefully to clarify more about blockchain. The blockchain is a technology that not only is the underlying technology for cryptocurrencies you have heard so much about but talks about the way it is and will revolutionize our lives in the future. Here are a few examples taken from Nasdaq.com on how blockchain technology is having real-world impacts.
A recent report by the UK Government Chief Scientific Adviser says, “distributed ledger technology provides the framework for the government to reduce fraud, corruption, error and the cost of paper-intensive processes. It has the potential to redefine the relationship between government and the citizen in terms of data sharing, transparency, and trust. It has similar possibilities for the private sector.”
The diamond industry, which is highly prone to fraud, has already embraced the blockchain technology. Everledger is a permanent ledger for diamond certification and related transaction history. It provides verification for insurance companies, claimants and law enforcement. According to Everledger, “£200 million is spent by insurers each year for tackling fraud.”
Likewise, the real estate industry can benefit greatly from the blockchain technology. According to Ragnar Lifthrasir, “Putting property titles on the Bitcoin blockchain will bring the real estate industry out of its existing 18th-century technology. Title insurance is a $20 billion industry. It’s estimated that the total annual cost of fighting and resolving title fraud is $1 billion.”
While Bitcoin has brought the blockchain into the public eye and the wild speculation of Bitcoin’s success or failure. While that topic is widely debated there is no doubt in my mind that the foundation of Bitcoin, the blockchain technology will change how we do business and bring transparency where there has not been any in the past.
I love learning about new technology and how it will impact our lives. Mission Repair continues to evolve and use these technologies as they develop. As we learn more we look forward to how this may enhance our business. Like the internet itself, I think there are things we never thought possible, will now be possible! Enjoy your Tuesday and thank you for taking the time to read our blog!