Blockchain is a distributed ledger technology that enables all members to register transactions in a decentralized database that uses state-of-the-art cryptography so that all the data and information that goes into it cannot be obtained without the original password or key.
Blockchain technology is set to disrupt many industries and revolutionize the way world transacts once the adoption of technology is predominant. Let’s take a look at 11 such industries that are expected to be revolutionized by blockchain technology.
Banking and payments
Blockchain can be used to provide access to banking and payments services to billions of unbanked people all over the globe, especially the regions that have lack of access to conventional banking system. The blockchain technology is expected to make considerable progress in the banking and payments industry and lenders all over the globe are getting ready to leverage the blockchain technology the best possible way they can. Moreover, blockchain would be a secure way to store banking records and a cost effective and faster way of remitting money. There is also minimum risk of a collapse or a run on blockchain system as there is no central vault.
Blockchain can enable healthcare institutions and hospitals to store data safely like medical records and share it with patients or authorized professionals. This is likely to help with the speed and the accuracy of diagnosis and can enhance data security. Blockchain technology can enable patients to maintain health records properly regardless of the times they change their physicians or insurance systems. Moreover, the technology makes it possible to access patients’ health information at any time, instantly, providing physicians with lifesaving information in an emergency. The technology can also help the healthcare industry to collaborate with insurance.
Blockchain will allow musicians to directly connect with their fans and get payment directly from the fans. A large part of the earnings from music sales go to recording companies or platforms and musicians only get a fraction of it. However, musicians can leverage the blockchain technology to connect with fans directly in a secure and efficient manner.
Blockchain could transform the energy sector by allowing individuals to purchase and sell energy via smart contracts. The energy used by individuals in their houses could become a microgrid by which communities can use the stored energy when there is a blackout and also minimize the burden on the environment.
Blockchain can help the publishing industry by using token pay system and decentralization that will make sure that writers get their fair share of pay. By using blockchain technology, publishers can digitally publish writers as well as writers can write and publish without the help of publishers. The technology can level the playing field for both writers and publishers and make sure that all the involved parties get their fair share of pay.
The entire idea of blockchain is to create decentralized and eventually secure the ways of collecting, storing, authenticating, and encrypting data. Decentralized way of storing data in the cloud removes several of the problems of cyber threats. Even though the blockchain ledger is public, the data is authenticated and encrypted with the use of advanced cryptography. Advanced security based on blockchain technologies can make it a lot less risky for data to get hacked or altered without authorization.
Blockchain technology can be used to secure voting systems to make elections fair and totally free from the risk of getting hacked. Earlier this year, West Virginia became the first state in the United States to test blockchain-secured mobile voting to enable military service members stationed in offshore locations to vote by using their federal or state ID over a smartphone app. Many countries are looking to adopt blockchain technology for a real-time ballot for voter transparency and to combat voter fraud and intimidation.
Blockchain technology can be used to track charity donations as well as in charity tracking, charitable donations, and transparent management, among others. Blockchain technology can be efficiently used to verify the transactions done in the name of charity and the donors can track the way and the means their donations have been (or are being) spent.
Blockchain technology can be used to accelerate transactions by eliminating the need for the requirement of record keeping on a piece of paper. Blockchain technology can also assist in monitoring, authenticating ownership, verifying the accuracy of documents, and transferring property deeds.
Supply chain management
Blockchain technology can be used to document transactions in a permanent decentralized record and tracked transparently and securely, thereby considerably minimizing human errors and delays. Blockchain technology can be utilized to keep an eye on labor, costs, waste and emissions at each point of the supply chain.
Blockchain can be used in crowdfunding by creating trust through via smart contracts and online reputation systems that eliminate the requirement of a middle-man. Several blockchain startups have garnered several millions of dollars via token sales.