Blockchain technology has seen great innovation in the past few years. Originally designed for providing more security for cryptocurrency or Bitcoin, the technology can be seen almost everywhere. From supply chain, manufacturing, travel, finance, the technology is used to make all sorts of applications for various platforms.
Have a look at all the industries in which this technology has either become an integral part or is about to become shorter.
Top industries in which Blockchain Technology is going to interrupt
- Banking Industry
- Real Estate Industry
- Health Care Industry
- Legal Industry
- Education Industry
- Food Industry
- Video Industry
- Start-up Industry
Blockchain Serves Different Roles in Various Industries
- Banking Industry: Blockchain technology has the potential to solve major problems existing in the banking industry. The secure system of Blockchain could play a pivotal role in the banking industry. First and foremost, the transfer of money will be more secure and robust. The ledger system will lower the risk of breach of information present in various records. Moreover, money could be transferred in a cheaper and faster way with the help of Blockchain technology.
- Real Estate Industry: The Real estate industry includes purchase and selling of land and property which includes paperwork. Using Blockchain technology, all the records can be stored securely with lesser paperwork. The use of this technology can create contracts that release funds only when a particular set of conditions are met. This will eventually minimize the commission rates of the broker or agent as it nullifies the role of an agent.
- Health Care Industry: The first thing that comes to mind when we think of the healthcare industry is that of the documents or records. The practices of fraud, error, and loss of documents create a trust gap between consumers and healthcare providers. With Blockchain technology, the sharing and storing of data will become easier. Also, the transfer of documents and various records can be accurately forwarded to a patient or the healthcare professionals authorized for it.
- Legal Industry: The legal industry will get improved with the introduction of Blockchain technology. Storing and verifying of data will become easier. Also in case of a deceased, litigation over his will could easily be solved with the help of prior information available. Moreover, any changes made could easily be identified thus removing the events of fraud. Introducing cryptocurrency assets can help in eliminating legal issues dealing with inheritance or fraud. This moreover, prevents the existence of court battles over digital modes of inheritance.
- Education Industry: The education industry can improve a lot via the Blockchain industry. With combining Blockchain, cryptocurrency and Virtual reality, a lot of things will become easier. The new classrooms will be equipped with 3D and VR technologies thus minimizing the gap between real schools and colleges. A company named ‘SocratesCoin’ is making efforts to encompass students of all ages, cultures, and locations.
- Food Industry: A lot could be improved and even brands like Nestle and a few others are already working on Blockchain and supply chain management to make sure products are delivered on time. The quality of food items could be checked and any faulty or substandard food item or impurity could easily be identified and removed at any stage of production.
- Video Industry: It is predicted that by 2021, almost 82 percent of internet traffic would be video content. Decentralizing video content and storage could reduce the high cost of video traffic by tapping into almost 30 billion USD which would otherwise get wasted. Many start-ups like ‘VideoCoin’ are already working on entirely new ecosystems of video apps to make the transmission of video content safe and secure.
- Start-up Industry: As we all know that most of the start-ups need investors who could invest in their business. Moreover, they want to be assured that their idea remains secured in case of sharing it. Through Blockchain, investors can secretly invest in the start-up of their choosing. Investors can thus create summaries of their products or services and hence investors can quickly find out the potential opportunities.
- Cryptocurrency: Exchange Industry: Digital money is the way for future and with success in Bitcoin; the future will come up with more full-proof security in making payments. The recent development in Blockchain technology is changing the way transactions are done. With more emphasis on a secure transaction, the future seems to be more than bright than it has ever been.
- Ride-Sharing: More and more companies in the ride-sharing industry are considering and many are using the Blockchain as an essential part of the industry. A start-up named Arcade City works like other types of ride-sharing companies enabling transactions through a more robust system.
Blockchain has been an important part of many industries with primarily focused on providing more secure transactions. Its inclusion in various industries is a great step as it improves the cycle of a workflow to a whole another level.
The future of Blockchain can easily be envisioned as one of the most secure technologies of the modern era.
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