The blockchain technology has recently gained major traction in the mainstream media, and for a good reason too. Its security, efficiency, speed, transparency, and versatility are unprecedented. Since the dawn of the internet, few have been revolutionary technologies enough to disrupt so many different industries.
With these unique attributes come great opportunities for transforming the way many present markets operate, and several industries around the world are already rising to the occasion.
Here are the top six industries the blockchain technology is set to disrupt.
Blockchain technology offers a more secure method of storing and sharing bank records as well as a faster and cheaper way of conducting money transfers by eliminating the third party. What’s more, there’s a minimal risk of the database being hacked because there is no such thing as a central system to hack into.
2. Cyber Security
The main goal of developing the blockchain system was to create a decentralized network and beef up the security of storage and verification of information. The advanced cryptography used eliminates the possibility of hacks that have hit the technology industry since the invention of the internet.
3. Private Transport And Ride Sharing
Forget companies like Uber. Blockchain is bringing major changes in the way taxis, rentals, and ridesharing is handled. Obviously, a reduction in the costs is the first benefit that comes with the elimination of the middleman (such as Uber).
We already have startups such as Chasyr or La’Zooz coming up with innovative ideas that allow independent drivers to build their own transportation businesses with personalized rates.
Blockchain systems could allow healthcare providers instant access to the full medical history of a patient from the day she was born. The problem with paper records and even today’s digitized health record keeping system is that they are mostly created and stored in multiple locations.
With this tech, however, we could have a singularity of records regardless of how many doctors a patient has had. And the information could be accessed instantaneously, anywhere, and any time.
5. Energy Management
Oil and gas providers such as Shell and BP are experimenting with blockchain to process transactions faster and eliminate third parties. This should reduce trading costs (and ultimately fuel prices), help clarify ownership of cargo, and make the whole process more transparent.
6. Real Estate
Anyone who has bought or sold a property knows how much paperwork you have to deal with. With blockchain-based smart contracts, you could buy a house without the need for an agent. What’s more, the documents will be stored more securely and available to authorized parties only.
The infographic below covers these cases and other implementations of this disrupting technology. Make sure to study it and be prepared for the next industrial revolution.