Harald Seiz is an avid blockchain supporter and also the CEO as well as the founder of Karatbars International GmbH, a blockchain-related company with the aim of amalgamating blockchain and the traditional financial industry to make gold accessible not only as an attractive investment opportunity, but also a method of payment.
Seiz always believed in the power of the blockchain, which is why he set out to build a brand that is based on this amazing technology with the aim to revolutionize how payments are being made and processed.
As a lover of gold and all that it beholds, Harald Seiz has the vision to restore the value of gold as a form of payment through the help of blockchain.
It is his strong belief that the world is yet to see the true greatness of the blockchain, as he maintains that the blockchain is yet to be used to its full potential, even though a lot of industries are beginning to see reasons why they should embrace the technology rather than fight it.
He says that “blockchain will reach its full potential the day it powers the whole world,” and he further claims that the technology is on the right track to achieve just that.
The top 5 blockchain sectors according to the CEO of Karatbars
Just as Karatbars is looking to revolutionize the financial sector with its innovative approach that’s enabled by this technology, Harald Seiz believes that, beyond finance, blockchain has had and will continue to have an impact on a lot of industries because of other innovative businesses looking to do the same.
Here are Seiz’s top five industries that will be disrupted by the blockchain technology.
According to Harald Seiz, the banking sector is arguably the sector that can benefit the most from blockchain technology, as blockchain was created to tackle most of the issues that the banking sector is facing.
He argued that one of the original reasons behind the invention of the blockchain were the difficulties that bank users face when trying to put their own money to use.
He claimed that problems like high fees, transactional delays, and security issues are why the banking sector benefits from blockchain, as blockchain offers a cheaper, faster, and more secure way of carrying out transactions and making payments.
Right now, in many cases, bank users have to wait for days before their transactions are completed. And they have to pay high fees on top of that.
In the digital world, cyberattacks are the top threat to users’ safety. A data breach from a cyber attack is able to affect millions and potentially even billions of people as the world has gone digital and has most of its inhabitants using the internet.
There are numerous cyber attacks from hackers, with even Facebook being hacked recently, which had personal data from over 400 million users stolen.
With blockchain, these kinds of things will not be a problem as it is a decentralized system that is ideal for environments that need high security. All information that is stored on the blockchain network is verified and encrypted with a cryptographic algorithm that ensures that there is no single point of entry for a wide-scale attack.
Furthermore, malicious data attacks on the network can easily be identified due to its peer to peer connection, which does not allow for the altering of data.
Supply chain management
Blockchain allows users to look for any information they need, and they get the right answer at all times. It can be used for any type of verification and can track details to avoid any form of illegality.
A good example given by Harald Seiz is the food industry: A company delivers food to one of its customers. Now, with blockchain technology, if the customer doesn’t like the food and complains to the company, the owner of the company will be able to trace back the blockchain ledger to determine where in the supply chain the problem is actually from.
The supply chain can be traced all the way from the farmer over the producer to the customer.
The storage of people’s health data is faced with a lot of problems in today’s world, as anyone can have access to these files, which are stored in centrally located databases.
Using blockchain enables quick access to data and also eliminates the need for central authorities. Each block is connected to another and is distributed across the blockchain nodes, making it impossible for the data to be corrupted.
Most voters are forced to stand in queues to cast their votes in a traditional voting system. These votes are then calculated by a centralized local authority which brings with it the possibility of fraud even if the voting was done using an online system.
With blockchain, voters can cast their votes without revealing their identities, and the officials can calculate the votes accurately, knowing that each ID is entitled to one vote. The blockchain also eliminates the problem of fraud, as information cannot be tampered with, and each vote cast can neither be changed nor erased.
These are the top five sectors that blockchain will disrupt, according to Harald Seiz, although he says that there are many more sectors that can benefit from it.
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Leading global blockchain news provider. A blockchain, originally block chain, is a growing list of records, called blocks, that are linked using cryptography.