Blockchain is a disruptive technology. In fact, the name comes from its ability to decentralize, secure, incentivize and digitize the validation of transactions. A vast majority of industries are already looking into the possibilities of blockchain to see whether or not it can make a strategic difference in the traditional way they do business.
Soon-to-be disrupted industries include but are not limited to cybersecurity, banking, real estate, crowdfunding, transport, online music, energy management, healthcare, voting, and retail. The reason why blockchain disruption is gaining a lot of traction is that it is set to transform the above-listed industries radically.
Blockchain and Industries:- 10 Industries That Blockchain Disruption Will Radically Transform
Experts in cyber security are increasingly starting to evaluate and assess how blockchain technology can address the issues of cybersecurity around the globe. This tech has the mechanism to change the traditional systems’ data security by creating a distributed network for storing and maintaining data. In the same industry, data will be secured by using advanced cryptography thus making it impenetrable and resistant to unauthorized changes and hacking.
In the banking industry, as well as many other financial institutions, blockchain tech can be used to provide cryptographically secure ways of sending digital assets, without having to rely on a third party or intermediary.
Moreover, smart contracts are set to automate and digitize tedious processes currently experienced in the banking industry such as compliance, claims processing, and distribution of will contents among many other processes. The main aspects of the banking industry that will be targeted by blockchain disruptions are payments, fundraising, clearance and settlements, loans and credits, and securities.
Blockchain technology is also already being experimented with by sellers, renters, and buyers of real estate. This is done to trim the cumbersome middlemen from the industry. By migrating all the paperwork containing records of buying and selling of houses to blockchain databases, the byzantine process can be transformed into a straightforward transaction.
This will ensure that all parties have access to applicable documents. In addition, smart contracts can be verified and time-stamped, and they’ll help reduce the fees and costs of buying and selling homes.
Private Transport & Ride Sharing
Private transport and ride-sharing industry experts expect blockchain technology to bring about travel efficiency and reduce transport costs in the industry. The potential of blockchain disruption to solve the many problems faced in the transport industry are undeniable. These include things like transportation of perishable goods that are temperature controlled, reducing processing and administrative costs, and expediting dispute resolution.
Furthermore, blockchain can be used to create decentralized peer-to-peer ride-sharing apps. This will allow car owners and riders to set the terms and conditions in a more secure platform.
Startups and projects have found an easy and reliable way of raising funds in crowdfunding. The revolutionary technique has been developed to create trust between entrepreneurs and supporters. However, crowdfunding has one major downside, and that is the excessive fees they charge.
Blockchain-based crowdfunding promises to bring out smart contracts that do not need the trust needed in the traditional crowdfunding systems. Through this, new and upcoming projects can issue their own tokens which are exchanged for services, products, or cash.
The healthcare industry which heavily relies on legacy systems is also more than likely to be disrupted by blockchain innovation. The reason why blockchain is set to be adopted by the entire healthcare industry is that hospitals need a secure way to store and share data, something that blockchain can facilitate with ease.
Blockchain technology can help hospitals share data with medical professionals, and patients can decide and authorize what data can be shared and what cannot be shared. This will help improve the accuracy and speed up medical diagnosing.
Blockchain in the online music industry is set to take center stage in the creation of the digital rights database. The issue of digital rights has been a major concern in the music industry because things such as identifying copyrights of a song and defining the split of royalties between songwriters, performers, publishers, and producers are difficult.
Often, artists lose out on royalties due to a complicated copyright environment, but blockchain disruption is about to change all that. The immutable blockchain ledger system can ensure that no single entity claims ownership, thus providing an effective solution to the problems rocking the online music industry.
The energy industry is also facing a major radical disruption from blockchain startups. This is a likely scenario given that energy management has been a highly centralized industry for quite some time now. With blockchain disruption in the picture, energy providers and consumers will be able to buy directly from each other instead of having to go through a public grid system.
Society will also be on the receiving end of the blockchain innovation considering that it will likely be adopted in voting systems. This technology can be applied in the registration of voters, verification, and counting of votes.
A number of retailers are already using bitcoin as one of the accepted means of payment. Although consumers are adopting it at a slow pace, this is expected to change with major retailers investing in blockchain technology. Blockchain disruptions in the retail industry have a host of advantages including cheaper processes compared to credit cards, quick and fast transactions, transparent records, and secure payments.
The infographic we used as our source for this article shows that the blockchain technology revolution is not going away anytime soon. More so, all conditions point out that it is about to disrupt nearly all industries as we know them. It is only a matter of time before industries adopt it on a full scale.