Behind the rise of cryptocurrencies like Bitcoin and Ethereum lies a technology that is revolutionizing more than just the financial world. Blockchain, the peer-to-peer public ledger that cryptocurrency is built upon, has expanded beyond simply recording crypto transactions. Today, it’s revolutionizing the way physical and digital assets can be moved between parties, across industries and beyond borders.
Just as the need for greater security and automation is on the rise, the demand is growing for professionals who accept cryptocurrency payments and utilize the blockchain. More lawyers, doctors, bankers and other professionals are discovering the undeniable benefits of the blockchain. And their industries are answering the call to adopt this technology into their own practices.
Blockchain advantages for professional services
An automated public ledger provides a number of benefits to service providers and clients alike. Here are just a few reasons why more industries are turning to the blockchain.
Streamlines daily tasks
Logging data on the blockchain can reduce inconsistencies, break down barriers and leave time-consuming work, such as verifications, to algorithms rather than individuals. By automating and streamlining processes, professionals can focus on high-level tasks—and process and authenticate information faster for their clients.
The blockchain is considered “hack proof.” As cyber attackers continue to evolve, the risk of data breaches is real. But tech experts report that the blockchain is still more secure than the systems currently used within the professional services industry. Thus, the blockchain inspires more confidence in those wary of identity theft or fraud.
Increases transactional transparency
A blockchain is open to the public. While users maintain anonymity, every transaction of cryptocurrency or data is recorded and accessible to the world. Every exchange of property, data or patient/client rights can also be kept in the blockchain for quick access.
Minimizes risk of human error
Blockchain transactions are automatic and take less time than transactions that go through a credit card company or traditional bank. Without third-party inference, blockchains can reduce errors and overall costs. A Santander fintech study predicted that blockchain technology could save the financial industry up to $20 billion a year.
Cryptocurrencies in everyday transactions
As cryptocurrency gains popularity around the world, the demand for its use in professional services also increases. That’s why some professionals are beginning to accept it as payment for services—though in a regulated way.
Here are a few of the industries that are already adopting the blockchain into their day-to-day.
The blockchain’s smart contracts automate authentication and verification processes—a vital aspect for preventing fraud and improving internal systems in the $1.2 trillion dollar insurance industry. Top firms are investing millions into startups aimed at insurance and the blockchain, and more than half of insurance companies realize the potential and need for the coming shift.
The Republic of Georgia became the first government to manage land titles with blockchain technology, giving many citizens the rights to their land. Other legal professionals have discussed using the blockchain to record intellectual property (IP). Questions about trademark and IP will stay out of the courtroom, since ownership will be recorded and verified on the blockchain. And as an added bonus, cutting out third-parties, such as mediators, saves valuable resources and reduces risks of error and fraud.
Doc.ai envisions a blockchain that is capable of gathering medical data from patients, such as test results, symptoms and their full medical history. Keeping this data in the blockchain will allow professionals and patients to access iit and collect insights from anywhere—and share that information outside of their immediate network.
Blockchain use is growing as are the regulations surrounding it. As it continues to evolve and heavily-regulated sectors adopt it to greater extent, one thing is certain: the professional services industries will never be the same.