Blockchain is one of the growing and leading revolutions in the technology world right now. Known as an open and distributed ledger of transactions, it comes with numerous possibilities for making every industry operation quick, secure, and efficient.
The real disruption comes up when the trust is established through transactions, rather than a central authority. So, with this technology, you don’t need a bank to transfer money; escrow for your home’s transaction or authority to facilitate any monetary deal.
Blockchain is now a modern business infrastructure, and here are industries that are about to be disrupted by revolution.
Blockchain technology facilitates a highly secure way to store banking records and an economically feasible way of transferring money through decentralization. Each person has its own vault, and they are responsible for their own financial affairs. Since there is no central authority or vault available, the chances of a run case or system collapse are quite less.
As the system is secure, it would provide the banking institutions permanent records of million transactions that take place every day.
There is no denying that the healthcare sector is prone to various disadvantages when it comes to securing data and transferring information. With this, the potential of fraud, error, and lost records is also on rise.
But with Blockchain, the data remains secured and can also be seamlessly shared from one doctor to another.
Whether it’s your prescriptions, emergency room records or other medical reports, it creates a seamless network of secured records. This technology also helps in authorization and identification of certain doctors.
However, it will disrupt the sector, when the doctors will have the ability to access a patient’s information when the patient is unavailable and incapacitated.
Not all but Blockchain is definite to disrupt some areas of the legal industry.
The case records stored on the blockchain can be easily verified, and changes to any documents will be authenticated. With this, the legal issues associated with inheritance and wills of the deceased can be dealt easily.
Regardless of the case type, it will eliminate all the to and fro court rounds that are going over months or years.
The intersection of blockchain and Internet of Things (IoT) has emerged as one of the most promising use cases for this revolutionary technology.
Blockchain technology has the potential to create IoT enabled traffic lights, cars, street signs. It can also help in the development of objects with sensors that would collect and send the data to a system that can re-route the vehicles on the basis of traffics and other factors.
The sensors will also work for drivers to find traffic tickets, open parking spots, and regular maintenance issues. This approach will lead to faster commutes, less traffic, and lower gas emissions. Hence, this revolutionary technology will disrupt the transport sector.
The government parties across the world have been accused of altering their voting results. But now voting systems will be secured with blockchain technology, and there will be no threat of vote hacks.
Moreover, whether it is about voter identification, registrations or counting the votes, the blockchain system is going to work for every politics aspect. The disruption is that the system will ensure that only valid votes are counted. Also, the results will be maintained by the Decentralized Autonomous Organization (DAO), which will be unbiased.
Whether you have bought a home or planning to buy one, you might be aware of headache that process entails. But blockchain technology brings the entire process online. Sellers can send the title and deed securely, while buyers can transfer money via cryptocurrency. With smart contracts, both the parties can work on funding release when pre-defined conditions are met.
There is a chance that this technology will also eliminate the entire escrow process. It also provides a cost-effective solution by eliminating intermediaries. Hence, the real estate industry will also see significant changes in the coming years.
With the advancement in distance learning and massive open online courses (MOOCs), the Education sector is sure to dive its foot in the blockchain realm. It will act as a centralized database that will store the candidate’s records, making way for employers to have access to the data seamlessly.
It will also help leading universities and other institutions to collaborate. Even, online course streaming, creation of on-demand classroom, and certificate authentication is also a part of big picture.
So, blockchain has the potential to change the face of education systems, as we experience its effects today.
The Startup Industry
What is the one thing that startups need? Investors! Now, they can’t get the investors without compromising on the security of their ideas.
Blockchain technology is sure to change the scenario, especially when it comes to keeping information secure.
Ethereum’s Smart Contracts gives the ability entrepreneurs a secure way for sending in their pitches.
Cybersecurity industry is going to have the impact of blockchain revolution before any sector does. Since this technology has a decentralized mechanism and is based on cryptography, it can be used to improve online security.
The data stored in the cloud can also be secured through cryptography so that risk of data hacks and dark web issues can be eliminated. Organizations can also prevent potential frauds, and reduce the chances of data being stolen.
The Final Words
Developments in Blockchain technology is changing the way every industry operates. The opportunities are endless, and future is open.
Some industries are growing on an unparalleled rate; some are rising from the base, but every industry already has an effect.
However, everything will not be based on growth; it will be about the human adaption, and how industries transform their core operations by leveraging this revolution.
As blockchain evolves, we can only wait and see how this disruption affects us.