What relevance does blockchain, or distributed ledged systems, have on other, more traditional, industries?
Life in the 21st century seems to be filled with long, painful legal and contractual processes. Have you tried to buy a house recently? How about obtain a visa, renew your passport or claim on your insurance? Anyone who’s job role involves obtaining new clients will also understand (and maybe even dread) the long, onboarding legal process that often follows a win.
These processes, tied down by multiple contracts, seemingless endless ID verification and long waits for physical forms to arrive are unarguably tedious. For the most part though, they seem necessary; it’s just the way things have always been done, backed up and verified by, usually, the government.
What if there was a better way?
Blockchain technology has the potential to revolutionise the way every official agreement is processed. With everything validated through a digital ledger, the need for many middlemen like lawyers and bankers will be reduced. Clunky, slow process will now move forward with little friction and cost. This is the true potential of blockchain.
The changes have the potential to hit every industry, so it’s time to get in the know.
Watch now to hear Josh Somma, Technical Consultant at Squiz, break down everything you should know about blockchain to start to identify potential uses in your business.