9 Industries that will be disrupted by Blockchain
The incredible popularity of blockchain and the possibilities it presents mean that is becoming irresistible to many forward thinking companies. Those that don’t adapt to this new and exciting technology will soon find that they are getting left behind.
Whilst it is understandable that some people are resistant to change, particularly when it comes to ground-breaking technology such as the blockchain, the problem is that they do not realise the implications that their lack of vision will have on their lives. Blockchain technology is set to not just change the way that the technology sector operates, but its effects will be felt through every sector of society. Emerging technologies are exciting and bring innovation and new opportunities for business and personal life transformations, as well as changing the way that we think and go about our day.
As these new technologies develop, industries are faced with a decision whether to adapt or get left behind- these are 9 of the most prominent industries that are expected to be completely overhauled by blockchain technology.
The banking industry
The way in which the banking industry functions is far from perfect and there are several significant problems that hinder its smooth running. At the moment, banks store their client’s money as well as facilitate the transfer of it. Blockchain provides a completely secure system which would create permanent records of the millions of transactions that take place in the banking industry each and every day. Its distributed ledger technology means that it significantly lowers the risk of tampering and fraud, by providing secure records. The blockchain would also mean that transfers could be enacted quicker, cheaper, and more efficiently through the decentralised features of the technology
The real estate industry
The process of buying or selling property is typically very cumbersome and complicated. With mountains of paperwork and the inclusion of assistance from various parties, it can be a very frustrating experience but blockchain technology could offer a solution and provide a much welcome relief to the headache that this process creates.
By using blockchain, all documents and transaction records relating to the sale or purchase can be stored securely in once place and it can also be used to create smart contracts meaning funds are only released when conditions are met. The use of this technology could also see a decrease in the often expensive fees charged by real estate agents, as their role would be significantly diminished.
The healthcare industry
Whilst many areas of society have taken significant steps in digitising their processes and data, the healthcare industry has been left behind. When it comes to the sharing and storing of medical records, current procedures leave patient data wide open for error, fraud, and even the misplacing of important information. Blockchain technology can completely revamp the system by facilitating the secure storage of medical records so they can be accurately shared and accessed by doctors and other authorised parties.
The legal industry
Like the healthcare industry, the legal world is another one that has ended up being a little bit left behind. Cases can sometimes amount to thousands of documents with vast amounts of data that need to be stored securely. For example, in the case of litigation over the will of a deceased person- resolving concerns over the applicable documentation can be eliminated. Documents and records can be securely stored on the blockchain and can be verified in an instant. Any changes to the documents would also be logged, authenticated, and stored.
The cryptocurrency exchange industry
There is little doubt that cryptocurrencies are the way of the future, and it is all thanks to the power of the blockchain that it can be securely and safely transferred. There is still the issue of mining – a process that is required to verify and authenticate each and every transaction of transferring digital funds, requires a huge amount of computing power. Over the last few years, this has created some problems in instances where certain platforms die out due to the amount of computation power that is needed, not being fulfilled.
New developments in blockchain technology will, and are changing the way that the exchange industry operates, for example by using smart contracts which can predict how much computation each contract requires so it knows whether to run or not.
Allegations of vote rigging when it comes to elections, have plagued politics since day one. At the moment there is no sure-fire way of ensuring that votes and results are not tampered with in any way, that is until the Blockchain came along. If blockchain technology was used to handle voter registration, identity verification and vote counting, it would ensure that only legitimate votes were counted.
The start-up industry
With more and more start-ups on the market looking for investors, it is getting increasingly hard for them to find the right investors for them without putting the security of their ideas in jeopardy. Likewise, investors are struggling to find the right businesses to suit their strategies. With blockchain technology, this is changing and there are now ways in which start-ups can pitch investors in a secure manner. The entrepreneur will create a summary of their product or service using Ethereum smart contract addresses which provide a secure medium for the pitches, meaning secrets stay safe and people get connected.
The video industry
By 2021, video is expected to account for a whopping 82% of all online traffic by 2021 and it is expected that blockchain will play a big role in the decentralising of the video infrastructure. By decentralising the encoding, storing, and distribution of video content, the $30 billion in wasted internet computing services can be decreased and new innovative ecosystems of video apps will begin to emerge.
The education industry
Through a combination of blockchain, cryptocurrency and VR, the education industry is poised for some big changes. This new “internet” will be known as the 3D Internet and it has the power to create a global classroom- a concept that has never been seen before. The aim is to create a global community of faculty, students, campuses, and curriculum with students from all cultures, locations and ages.
Through the use of Distributed Ledger Technology, a safe and auditable way of recording data can be created that can and will change our lives.
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