From nothing to becoming the hottest technology in the world today. The massive impact of blockchain that needs to be told.
Years ago, I can still recall the baby footsteps that blockchain has created over the years. A technology that was acknowledged through people’s growing interest in Bitcoin, now, blockchain is already making a name of its own. With blockchain’s incredible technology, there’s no wonder that a lot of industries are now eager in exploring blockchain and applying it to their system.
Many countries are now integrating blockchain technology into their real estate industry. One example is UAE. The Dubai Land Department is one of the world’s earliest governmental adopters of blockchain technology. Other countries on board are Netherlands, Japan, USA, and more.
Why do these countries believe that blockchain could contribute to the development of the real estate industry as a whole? In the case of the Netherland’s Land Registry, they believe that blockchain could create a “more flexible and agile” organization in their system. Meanwhile, Brian Wallace— the founder of NowSourcing, revealed that by applying the blockchain technology into real estate, it removes the hassles of legal agreements and eliminates the need for paper money transactions.
One of the industries that could use most of the blockchain technology is the finance industry. Recently, Bloomberg reported that the financial services industry had spent $1.7 billion on blockchain technology alone. According to the research study of Greenwich Associates, the budgets that were spent on blockchain had increased by 67% in the previous year. This also tells us that the number of employees working on blockchain initiatives doubled last year.
Shipping and Logistics
Earlier this year, FedEx expressed their interest in moving forward with blockchain to improve their system. Indeed, with the common problems such as transparency in supply chains, fictitious pickups that often leads to cargo thefts in the shipping industry, blockchain could be a really huge help to resolve those problems.
According to Rahul Kapoor, an analyst at Bloomberg Intelligence in Singapore:
“This would be the biggest innovation in the industry since the containerization. It basically brings more transparency and efficiency. The container shipping lines are coming out of their shells and playing catch-up in technology.”