Industries Blockchain Will Likely Disrupt, And Why

Blockchain will Disrupt Everything!!!

You will agree with me that blockchain makes things transparent, democratic, decentralized, efficient, and secure…Hence it is likely that blockchain will disrupt many industries in the coming years.

Below are some of the industries it’s already disrupting :

Banking And Payments :

It’s being said that blockchain will do to banking, what the internet did to media. Blockchain technology can be used to give billions of people around the world access to financial services, including those in third world countries who do not have access to the traditional banking!

Technologies like bitcoin allow anyone to send money across borders, almost instantly and with very low fees.

Big corporations like Barclays are working on adopting blockchain to make their business operations faster and more secure.Banks are increasingly investing in blockchain-projects and startups.

Cyber Security :

Although the blockchain ledger is public, the data is verified and encrypted using advanced cryptography. This way, the data is resistant to unauthorized changes and hacks.

The blockchain eliminates the need for middlemen, making it more robust and efficient than many legacy systems in cyber security.

Supply Chain Management :

With blockchain technology, transactions can be documented in a safe and permanent, decentralized record, and monitored transparently. This will greatly reduce human mistakes and time delays in the supply chain.
In essence, it can be used to monitor costs, labor, waste management, and so on… This, of course, has an implications on controlling the impact of products on the environment.

Blockchain can also be used to verify the authenticity or fair trade status of products by tracking them from their origin.

Forecasting :

Blockchain is changing the entire approach to research, consulting, analysis and forecasting!

Platforms like Augur are looking to create global decentralized prediction market. This can be used to place and monitor bets in sports, stocks and elections, of course, in a decentralized way.

Insurance :

The global insurance market is based on trust management. Blockchain is a new way of managing trust, and can be used to verify many kinds of data in insurance contracts.

So-called Oracles can be used to integrate real-world data with smart contracts. This technology is useful for any type of insurance that relies on real-world data.

Online Data Storage :

Data on a centralized server are inherently vulnerable to hacking, data loss, and human error.

Using blockchain technology allows cloud storage to be more secure and robust against attacks.

Storj.io (decentralized cloud storage), is one example of a cloud storage network, using blockchain!

Voting :

This is one of the most important areas of the society that blockchain will disrupt. There are always cases of rigged elections all over the globe.

Blockchain technology can be used for voter registration, verification, and vote counting. This will insure that only legitimate votes are counted and no votes are changed or removed.

Creating an immutable, publicly-viewable ledgers of recorded votes would make elections more fair and democratic!

Government :

Government systems are often slow, opaques(shady), and prone to corruption…we all know that.

By implementing blockchain based systems, bureaucracy can be significantly reduced, and governmental operation can now be more secure as well as transparent.

Dubai for instance, is aiming to put all its government documents on the blockchain by 2020

Health Care :

Here’s another industry that relies a lot on legacy systems…And it’s right to say blockchain will disrupt. One of the challenges hospitals face is lack of a secure platform to store and share sensitive data!

As a result, they are victims of hacking.

Blockchain can help hospitals safely store medical records and share them with authorized doctors or patients. This will improve data security and even help improve accuracy and speed of diagnosis.

Online Music :

Several blockchain startups are devising ways for musicians to get paid directly from their fans, without giving up large percentage of sales to platforms or record companies.

Smart contracts can also be used to automatically solve licensing issues and catalog songs with their respective creators.
And so many others which I didn't cover in this write-up , you can feel free to write in the comment.