While blockchain was once seen as just the force behind cryptocurrency, it is already revolutionizing countless other industries and many unique sectors.
When Bitcoin changed the way people and businesses exchange money in 2009, blockchain became known as a powerful, secure, and efficient technology. The decentralized ledger is immutable, allowing secure transactions to be carried out quickly without any central authority processing them. Each encrypted block contains information about the transaction and it is practically impossible to change this information because doing so would disrupt the entire chain.
While blockchain was once seen as just the force behind cryptocurrency, it is already revolutionizing countless other industries and many unique sectors. In fact, it is now about to change the very face of business and data exchange. There are many opportunities for blockchain to affect a wide range of industries. Here are some of them.
1. Banking and Finance
Banking and finance are the most obvious areas where blockchain development is changing. Cryptocurrency, as we have already mentioned, allows for economical, fast and secure monetary exchanges. It can also give more opportunities to people with limited access to the banking system. But blockchain has implications for Fintech .
For example, it could eliminate the need for human brokers and traders, making it easier to buy and sell stocks, which would mean more efficient trading overall. Additionally, because transactions do not require intermediaries, payments can be processed faster and without unnecessary fees, whether the transaction takes place with a company or between peers.
2. Health
Blockchain has numerous applications in the healthcare sector. For starters, if a patient visits multiple medical providers, those providers can transfer health records and history securely, quickly, and easily. This is much more efficient and secure than paper records. Through a network of healthcare professionals around the world, data can be made available regardless of where the patient is.
Blockchain also has implications for research. It provides an efficient channel for collaboration, sharing results, and streamlining the overall process. Because each block contains information including the owner's identity, the results can be easily tracked and copied.
3. Cybersecurity
Each block in the blockchain is encrypted and changing one item will disrupt the entire chain. This provides a secure means of storing data and information and makes hacking extremely difficult. Therefore, blockchain could be a game-changer when it comes to cybersecurity, offering a way to protect important data across many channels.
4. Voting and Politics
Thanks to blockchain, voter fraud could become obsolete. People could vote using the technology, which would create an immutable record with a trackable and verified identity behind each ballot. Blockchain could also provide a secure system for registering voters and ultimately providing the verified results of an election.
5. Supply chain
A supply chain has many complex components and pieces that must work in harmony with each other. Tracking inventory, shipments, transportation , and other parts requires an organized system, and blockchain can play a big role. Using the distributed ledger, anyone involved in any step of the process can view past activity, such as tracking where a shipment came from and where it currently is.
6. Insurance
Given that insurance is a system that requires the secure management of sensitive personal data, the industry is ideally suited to implement blockchain. Not only can it enable the secure transmission of information, but it can also be used for verification purposes, such as verifying the identity of the insured. This is just one application of blockchain in the world of insurance. It can also be useful for contracts, for example, which can be automatically enforced via blockchain smart contracts.
7. Real Estate
There are many different ways that blockchain can impact real estate software solutions. For one, transactions – in this case, property sales – do not require an intermediary to facilitate. This means that two parties can connect directly without the need for third-party involvement. As discussed above, this also means stronger security.
8. Education
If this year has taught us anything, it's that traditional teaching and learning are a thing of the past. Online learning can not only be a temporary solution but also serve as a new norm for education. Blockchain can play a huge role in the digital learning landscape, enabling the delivery of unalterable records. These records can be delivered from institution to institution. They can also be used to allow employers and other parties to view transcripts and grades.
9. Retail
Just one of the ways blockchain could impact the retail industry is in the supply chain. Payments are another area that is already taking a hit, with some retailers accepting cryptocurrencies and others relying on the technology for fast, secure transactions that omit the middleman for processing purposes.
Another area that blockchain can support is loyalty and rewards programs. Customers don't have to worry about data theft when they submit their personal information, and retailers can be confident that hackers won't fraudulently obtain rewards – they'll have a distributed ledger with a record of transactions.
10. Government
With so much at stake in exchanging government data, it is no surprise that many governments are implementing blockchain-based procedures for handling important information. Technology has the ability to increase safety and improve efficiency. Furthermore, thanks to blockchain’s core decentralization feature, it provides transparency to government work.
The UAE, Australia, China, Singapore, Switzerland and several other countries have already started experimenting and adopting blockchain.
11. Intellectual Property
Finally, blockchain can be used to protect intellectual property. Given the immutability and security of the distributed ledger, those who want to prove they own their ideas can provide evidence of their creations using blockchain. They can use the information stored in the ledger to verify dates, names, and other important data to support their legal claim to your work.
Blockchain has implications across many industries and can disrupt almost every field. These are just a few of the many ways technology can revolutionize the way business can be conducted now and in the years to come. As technology becomes more sophisticated, the options are virtually limitless.
If you liked this article, be sure to check out our other articles on Blockchain technology:
- What is decentralized finance (and why you should care)
- How Can Blockchain Consulting Help You Grow Your Organization?
- 11 Blockchain Industries Will Change Forever
- How IoT, AI and Blockchain Lead the Way to a Smarter Energy Sector
- Is Blockchain a solution that waits to solve a problem?
Source: BairesDev
