Here Are 13 Industries Which Blockchain Technology Will Disrupt

Last Updated: October 21st, 2020

The blockchain is the most promising technologies of the future. Do you know that how Blockchain will disrupt these industries? Blockchain technology has been in trend soon after the popularity of several cryptocurrencies including Bitcoin, Etherium, etc and is now being implemented by several industries to skyrocket their business in the shortest time period Blockchain technology provides transparent and decentralized transaction procedures utilizing the distributed ledger technology with the assurance of highest security. The mechanism exhibits future business scopes with minimal error possibilities and thereby being adopted with all types of manufacturing and processing based industries. Cryptocurrencies even being virtual have succeeded all over the world utilizing the technical mechanisms which have proven an idol to be followed by a list of organizations.

The Blockchain Technology Will Disrupt and Transform These 13 Industries 

1. Banking

The Blockchain technology is likely to disrupt the banking sector very soon using the decentralization technique involved under the mechanism. Decentralization will ensure a secure way to maintain the banking related valuable records and will even provide the best possible strategies to instantly transfer money. As there exists no central “vault”, accordingly there stands the negative possibility of system collapse during the transaction procedures. The technology will further ensure the emergence of own private vaults for each person’s money which cannot be accessed by any other providing an assured level of security.

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2. Real Estate

The use of Blockchain technology in real estate based proceedings will be effective in assuring the minimal paper works with smart operations digitally. Escrow can be eliminated and the processes can be made simplified. Blockchain technology will help in designing the smart contracts based upon the specified types of constraints i.e. these can only be utilized when the mentioned constraints are met. In addition, the safer maintenance of the information is assured with this high-end technology. Commission rates for the agent will also be decreased with the ‘Deedcoin’ mechanism involved under this technology.

3. Election

The implementation of Blockchain technology will be very effective by providing the voters for casting their votes using smart devices such as cellular phones etc. Such online voting solution using Blockchain technology will save the voter’s time of going to the polling booth and casting their votes and will be effective enough in removing the voter’s fraud for casting bogus votes due to losing system management. ‘Follow my vote’ is a similar online voting solution utilizing the benefits of blockchain technology to cast the vote securely sitting at home using the smart devices.

4. Healthcare

Blockchain technology in the healthcare sector ensures an improved level of information security and improved transparency for healthcare professionals as well as patients. The system will make the information of the patients safe from the hacking attacks of the hackers and will provide convenient access to the authorized persons. Things will go on smarter and smoother with the removal of paper records and manual file maintenance.

5. Photography

The technology will be helpful in providing the paid royalties to the photographers for their awesome snaps which is still facing several major challenges. KODAKCoin is one of the digital currency launched by Kodak. Blockchain ledger backs up the digital currency and accordingly ensures the digital image rights for all the digital photographers to get them securely registered with assured payments.

6. Cloud Computing

Storing and accessing data and information using the cloud services provided by leading IT giants still lags in providing assured data security permanently. The downtime and losing access along with the complete hacking up of the cloud services have decreased the user’s reliability on cloud services. The Blockchain technology will ensure the safety of data in all such cases by providing a  peer-to-peer mechanism with a data distribution facility over a distributed network for the enhanced protection of information.

7. Leasing A Car

Leasing a car is one of the troublesome activities in automobile sectors as the proceedings require manual document verification with multiple parties involved in the transaction. Blockchain technology has completely revolutionized the system by providing a ‘Click, Sign, and Drive’ approach digitally eradicating the entire manual proceedings of verification at different stages. ‘DocuSign’ is an approach being used to secure digital documents and payment processes are assured by VISA.

8. Music

The entertainment industry which was passing through a severe issue of piracy after the introduction of MP3 files has got benefited from the advent of blockchain technology. The technology ensures the digital rights for media files including audios, videos, etc along with the potential to recapture the lost income. The British company JAAK has been actively involved in providing such services globally to stay safe and sound from the ill effects of piracy.

9. Government

The use of Blockchain technology in government sectors assures for the release of funds only after meeting the required criteria and conditions. The technology’s importance is being analyzed by all the government’s departments to highly ensure the security and safety of the project funds. Using the advanced digital mechanisms, only the targeted beneficiaries will be provided the claimed benefits using the handling and maintenance of the digital documents.

10. Education

The Blockchain technology will assure the safer handling and maintenance of student’s records and transcripts and will thereby be beneficial enough for the educational institutions and universities to provide student’s ease. Online availability of the courses offered by any specific educational institution will be made possible and the students will no longer have to remain in the queue for longer days to get confirmation about their admission. Additionally, the facility will ensure the remote areas students as well to get admitted to study a specific course via online medium without any manual formalities.

11. Internet Of Things

The use of Blockchain in the Internet Of Things (IoT) will revolutionize our lives in various ways. IBM has partnered with Samsung to develop a concept for ADEPT. ADEPT stands for Autonomous Decentralized Peer-to-Peer Telemetry will create a decentralized network of Internet Of Things. ADEPT was unveiled in CES 2015 and would serve as a ledger for a large number of devices that will be able to communicate with each other by themselves to update software, solve issues, and much more. ADEPT will be using the Bitcoin protocol and will be cost-effective.

12. Charity

Most people who want to donate money for charitable causes are worried whether the money will reach the needy. With the use of Blockchain in Charity, the charitable organizations will be able to display the transactions in the public ledger for the donors to see that the charity is going to the right hands. The United Nations World Food Programme is using Blockchain to distribute food for refugees.

13. Jewelry

Leading jewelry companies like De Beers are using Blockchain electronic ledgers to verify the authenticity of their diamonds and gems. With the help of a new Blockchain-based electronic ledger named Tacr De Beers was able to track 100 diamonds of high value from mine to jeweler.

The Blockchain is in an early stage and there is a vast possibility of the use of technology in various industries. The above mentioned are some of the industries which are likely to be disrupted by this awesome technology with positive impacts in the coming future for the assured sake of user’s convenience and security. How do you think Blockchain will disrupt and improve the industry in which you work?