Blockchain Disruption:10 ways.
Blockchain is one of the latest topic buzzing around the technology and finance field, but it will disrupt many other industry beside finance and banking. One of the reason behind its popularity, is it distributed ledger system, which help Bitocoin to born and become one of most valuable currency in the world now. Bitcoin use distributed ledger, which help for safe and encrypted transition and more transparent and audit-able than traditional system. This decentralized and democratic system has attract many other industry to use this technology. Here are the top 10 field, where it will bring disruption.
Cyber-security:- Even though blockchain ledger are public, but the data is encrypted using advance technology, which will enhance cybersecurity and keep Internet world more safer. It will also help to remove middle man in the system.
Supply Chain:- The most greatest challenges for supply chain is human error ,verification, emission and other. Blockchain can help verifying the supplier and buyer and bring fair trade authenticity. The transition can be recorded in decentralize and permanent way, which help in verification issue.
Networking & IOT:- Networking use mostly a centralize way, which cost more and need more powerful central database. Using IOT devices , networking can be done in a decentralize and efficient way, removing the barrier for a central network. It will also reduce electricity cost and reduce pollution. Samsung and IBM are creating a device specifically for this use.
Insurance:- Trust is one of the most vital fact in insurance field, where blockchain can help to bring trust. It help by verifying identity of the real person.
Charity:- One of the most challenge issue in charity is, whether the donated fund is reaching the right person of needs. Blockchain can monitor and verify the transition from the charitable organization to the donating person. This will help eliminate corruption and inefficiency.
Voting:- One of the most disruption blockchain will bring is in the voting process in a democratic society. From the recent US election to many election of other country, vote rigging is one the most common issue. Blockchain can solve this by voter registration and verifying the right voter, beside public ledge can help all party to monitor and verify all the vote. Democracy Earth is one of the startup working on it.
Public benefit:- Challenges in this field are slow timing and corruption, the reason lot of public don't get their legitimate befit in timely manner. Blockchain can help government to send public benefit directly to a citizen and verify it. It is also a good contender for universal basic income, and help to deploy it for public.
Energy management:- One of the most centralize system in the world is still energy industry, which distribute energy centrally and hinder peer to peer energy selling. Blockchain help to decentralize this system and help energy producer to sell it directly to people who needs it.
Retail:- Blockchain disrupt retailing by direct supply chain between seller and customer in a decentralize way and thus removing middleman cost. One of the problem with traditional retail(both online and real life), is extra cost and fees. Blockchain help peer to peer buying and selling without any extra charge and fees. One of the startup called Openbazar(openbazar.org) are using this method.
Crowdfunding :- One of the most popular and disrupting platform for financing business, charity and projects are crowd-funding method. Costs and many other regulation from this platform hinder mass people to use it. Blockchain is helping to solve this issue by token and smart contract system and help raising money more easily. For example, Estonia based platform name as Funderbeam use token system, where investor easily can sell and transfer their investment share to other party.