In healthcare, blockchain provides an effective way for maintaining patients' cards and a convenient way to share data between different providers. It also reduces insurance fraud by keeping undisputable records of all medical bills, client-physician communications, and other health related information. And in the midst of this, patients feel empowered, because they retain full control of their data.
In security, blockchain has capacity to validate incoming video streams from CCTV cameras located around the country, making tampering and editing video footage virtually impossible. As the result, it increases people's trust in the nation's security infrastructure, making Singapore even safer.
For government services, blockchain provides an effective mechanism to validate citizens' data and provide information. According to a 2013 McKinsey report, freely accessible, machine-readable government data is posed to unlock more than $2.6 trillion in economic value globally, Wired reported. From searching for organ donors to passport applications, blockchain enables critical part of responsive open data infrastructure, making data available on demand to all citizens - when they want it, and where they want it.
Companies striving to gain competitive advantage in a fast-paced market economy like Singapore should not overlook blockchain. This technology will have a profound effect on many industries in the country, and now is the time to have a closer look what blockchain has to offer your business.