Top 10 Industries that Blockchain Will Disrupt

in blockchain •  3 months ago 

Investors associate cryptocurrencies with gold rush assets while terming the underlying blockchain technology revolutionary. How often have you heard blockchain technology will revolutionize… (Insert industry of choice)?

A blockchain is simply a distributed ledger on a decentralized network. The information is recorded on the platform and then spread to other computers across the world making millions of copies. The technology is however revolutionary for keeping the data permanent.

Once data is coded onto the blockchain, it is cryptographically secured and makes it virtually impossible to undo the action. With such qualities etched into the technology, it shows clearly why blockchains are termed the future.

The technology is so revolutionary to be implemented in every industry across the world. In this article, however, we look deeper into the top industries that are most likely to be influenced by blockchains.

Top industries to face a blockchain disruption

1. Data

One of the industries that is already experiencing the magic of blockchains is the data and research industry. The permanence and public nature of blockchains make it no surprise that the data industry tops our list. The privacy concerns witnessed by most of the third party data companies will soon be a thing of the past with blockchains such as Merculet, allowing security over data on permissionless blockchains.

Data will also be verified through the network which ensures that no false data is commissioned on the platform. With over 2.3 trillion gigabytes of data created every day, blockchains will play a big role in how the data is stored and verified in the future.

2. Banking

The banking industry is slowly experiencing the effects of an instant payment gateway through blockchains. Ripple Inc., a company building Ripple NET technologies, an instant settlement platform has partnered with over 150 banks around the world to reduce the cost of global transfers.

Recently, JP Morgan, one of the biggest banks in the world, announced they will be introducing their own cryptocurrency, JPM coin in the future. In an article by Forbes, blockchain is praised for the possibilities it offers banks,
“Blockchain would be a more secure way to store banking records and a faster, cheaper way of transferring money through the decentralization provided by blockchain. There's minimal risk of a run on a blockchain system or a collapse, as there's no central ‘vault’.”

3. Healthcare

According to records, 40% of the healthcare data is misinformed or misleading which leads to errors in the healthcare system. Furthermore, the costs of storing the data is currently heading to $380 USD per record and are expected to increase annually. Costs and errors, however, do not spell out all problems in the industry as outdated methods of record keeping and loss of records adding insult to injury.

Blockchains are a crucial development in the healthcare industry as it allows users to have control their data and reduce the cost of storage of data. Notwithstanding, blockchains are capable of improving the drug traceability from the manufacturer to the customer. Furthermore, blockchains can be used for patient matching, patient engagements (blockchain could be used to store all interaction points with a healthcare system as well as inputs from connected apps and devices), genomics and also health insurance settlements.

4. Voting and Politics

Democracy around the world is failing as voting protocols are being rigged and politicians affecting the voting outcome. This will be a thing of the past with the introduction of blockchain technologies. Voting mechanisms on a blockchain provide the voter with a fair and transparent system that makes rigging unimaginable. From voter registrations to verifying identity to tallying votes, the voting system would be indisputable.

5. Land ownership and Real estate industry

Land and real estate ownership involve a ton of paperwork before you are able to secure the property. In most developing countries, land ownership is heavily flawed as title deeds are faked, disputes in boundaries persistent and cost of agents increasing.

On blockchains, users will be able to verify the legality of the title deeds, transfer ownership and the ownership records placed on an immutable distributed ledger. Through smart contracts, real estate will be simplified as the execution of the agreement only occur once all conditions put in place are met.

6. Global trade and finance

Global trade is soaring as countries open up channels of trade and diplomatic ties improve especially between developed and developing countries. However, the growth of global trade is hindered by various problems including a backlog of containers at seaports and foreign exchange troubles.

Blockchains can be used to create tracking applications for the containers to reduce the backlog of containers in most major ports. Furthermore, digital assets payments are processed faster than the current fiat transaction systems hence more trades across the world. It minimizes foreign exchange exposure as well.

7. Advertising

Blockchain companies are coming up with incredible innovations and incentives on the blockchain to boost advertising. Unlike traditional advertising, blockchain projects such as Basic Attention Token (BAT) are coming up with a formula to increase advertising reach by paying the viewers.

This is known as “paying for attention” which will undoubtedly increase volumes interacting with the ad.

8. Gaming

One industry that is seeing massive adoption of blockchain is the gaming world. The gaming industry has experienced massive growth in revenues and worldwide reach in the past few years. The blockchain is yet to find the killer decentralized application which gaming is working to produce.

One of the biggest gaming blockchains, Tron (TRX) is strongly supporting the push for more adoption of decentralized gaming.

9. Education

Blockchains are also useful in verification of academic certificates. Universities around the world are looking at the possibilities to create a blockchain verification system of certificates offered. Strathmore University, one of the top universities in Kenya, began the development of their platform in which they aim to reduce fraud of academic certificates.

Furthermore, blockchains are crucial in a world of growing online courses and distance learning opportunities too. Transfer of academic records and grades from one university to another becomes more efficient through blockchains.

10. Governments?

One aspect that has popularized blockchains is the [decentralization of the network and abolishment of centralized power.(https://icodog.io/guide/centralized-vs-decentralized/) While governments aren’t industries, the sustained development of more decentralized platforms pushes them to the list.

Will we see decentralized national governments run autonomously on blockchain technology in the future?

The actual use case area of blockchains is vast in the digital world we live on today. The fourth internet is assisting mankind to efficiently secure, share, verify, interact and store data. Do you agree with the industries above and what industries do you think blockchain is set to revolutionize?


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And the most fascinating part, we don't even have a clue what are all of the industries that BlockChain will be capable to disrupt.

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This is true. We have NO IDEA how this is going to evolve....we just know it is going to

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That's a fact!

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soo true. I think gaming will be a big one, and governance is something that we are working on. I think Blockchain governance projects if legit are the most interesting things anybody can do with this tech

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Yes, and it makes it so much more fair.

great article

Great Article and I really dig it. I think one of the largest industries that will get innovated and affect all of us the the supply chain industry. Having worked in the field there are a lot unethical ethics and large overhead costs. I think Blockchain will bring resiliency to the good relationships for the people. It will also reduce costs which will make all our products cheaper. Its not only about the end product we get, its about the entire lifecycle of products and in today's connected world we have a lot to benefit from blockchain. God bless Satoshi!

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thanks for taking the time to read the article. Means a lot to us. Blockchain will be the industrial revolution of the 21st century and we are here at ground 0.

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or paying rent with upvotes!

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Paying workers salaries with your upvotes?

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Paying worker salary with my upvotes = Slavery.

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Why do you think that? Interested to know!

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we are paying part of the salary with upvotes :D

Great article ICO Dog! I have recently started looking for more creative and interesting content creators on the Steem blockchain and I'm glad I just found your page.

I recently wrote a post simply describing what blockchain is in three different versions to match people's understanding of Blockchain and help them understand it better. It's a good read for those who still don't understand blockchain.

Also, I followed the page and am going to keep looking through your recent articles. Good stuff! Glad to see good content on Steem raising its value.

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I think good content wont be enough to save steem. We need to come together as a community and start taking things into our own hands. My short time on steem made me already realize that the current leadership is a mess.

Excellent breakdown of the industries to be impacted. While blockchain technologies are here to stay. We must remember that it may not always be the best solution. That said, some industries, banking in particular, is locking up patents left and right. So the blockchain technology is here to stay. Thank you @icodog.

In the short term, I would like to see blockchain to be used in election, specially here in the Philippines.

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I hope that blockchain will radically change governance structures not just the election process.

Also...

Logistics

For example The XYO network gives developers real-world data to interact with on the blockchain and location based data for smart contracts.

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Cheers

It will disrupt quite a few industries and that is for sure as mentioned in your article.
Thanks for working this great source of inspiration.

Funny how you forgot to add social media.

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its true, but social media is part of governance to be honest.

Great piece

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This piece is rich with information

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Very interesting your post. Clear and understandable for people who do not know much about the blockchain

It's obvious blochchain is going to thrive beyond what will anticipated! Kudos to their teams and the brain behind the invention and for their unrelenting efforts to scrub out new innovation and creativity! I believe in its evolving!

Excelente !!

I think a big blockchain trade will be seen on sport activities. Especially football transfer butgeds.

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This year blockchain will show steps to mass adoption! Awesome post @icodog !

Government transparency is one of the biggest problems next to finance that blockchain can solve! Great article as always!

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Nice explanation! Online shopping can also be another area where blockchain can really help.

Absolutely correct. Cryptocurrency is completely transforming the world as we know it. Decentralization = Trust.

Excellent going man in future blockchain will be a need for every industries & Sectors

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That answered some questions for me. Thanks

great article the crytovalutes are the future

Excelente Articulo, Por favor sigue publicando artículos así para ir aprendiendo

Good list of industries disrupted by blockchain, many thanks.

Congratulations @icodog!
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Hey, do you think speculation on the stock market is interfering with the growth of BlockChain?
Also, I recently wrote a piece on the morality of money that ties in really well with the topics you discuss here.

gran articulo cada ves mas aprendo de esta nueva manera de emprender sigue asi.

Great piece!! Very informative.

utilities and teleco probably be in the top 10 soon

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Good list, we will find plenty more soon. ;)

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Future currency system

great

Good list

Blockchain can and will affect our lives greatly.

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ye indeed it wil be great

Oooo And the most fascinating part, we don't even have a clue what are all of the industries that BlockChain will be capable to disrupt. think u

i still wondering when will all the bank in the world will accepting crypto into their system

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Excellent article. I knew that the blockchain has a lot of potential in many branches of economic activity, but I do not imagine its application in education. I think you should also point to professional and consulting services such as lawyers, counters, audit, among others.

Best regards

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well imagine kids dont get graded on letters or grades, but by reputation and experience in each subject. The world needs radical changes and blockchain will bring it.