There is a millions application of the technology most of which have not yet been identified. Basically, blockchain builds and enforces trust in a trustless manner while significantly reducing the transaction cost. Moreover, it is a revolutionary technology and has the potential to revolutionize almost every industry. Here are the top 10 industries blockchain technology will most likely disrupt in the near future.
The blockchain associates with bitcoin, a form of payment system that renders banks useless. Blockchain would be a more secure way to store banking records. Also, can provide a faster and secure way for transacting with the bank.
At the moment there are some blockchain startups like Ripple developing blockchain solutions for banks. Blockchain also renders a secure way to store money in a decentralizing form. Moreover, that too without ever having a central storage location.
Blockchain has the capability to solve some of the biggest challenges in the global healthcare system. Consider a system that allows all doctors to access your health records securely and easily. Unnecessary wastage of time in diagnosis reduces since the patient health history is known at hand.
Meanwhile, this could save millions of lives that are lost due to time wastages. Blockchain patient databank can be used by researchers to develop better healthcare systems and pharmaceuticals.
Globally, every citizen and political contestants complain of rigged votes. Many developed countries deployed an electronic voting system. These systems are all good except for the fact that they are not secure. Blockchain system would provide a secure and transparent voting system for voting, voter registration, and verification. However, the blockchain system would automatically tally votes in an indisputable way.
4. Real Estate
The pain points in buying and selling property requires transparency, before and after transactions, substaintial quantity of paperwork, frauds and errors in public records. Using blockchain will help you reduce the need for paper based record keeping and enhance transactions. Hence, it helps stakeholders to improve efficiency and reduce transaction costs on all transaction sides.
These real estate blockchain applications helps to record, track and transfer land titles, property deed, liens and much more. It also helps to ensure if all the documents are accurate and verifiable.
5. Legal Industry
The legal industry involves a lot of storing and retrieving of very vital documents and verifying there provenance. With blockchain, important documents such as wills, contracts, and other legal documents could be securely stored and verified. Moreover, with the development of cryptocurrencies, digital inheritance will soon become a major issue.
Blockchain creates a decentralized and secure way of storing, verifying and encrypting data. The security industry data requirements fit almost entirely on to the capability of the blockchain technology. With blockchain systems, data hacks and bridge of major data storage banks will be history.
Blockchain can be deployed in governance to help reduce and eliminate bureaucratic red tape and corruption in government agencies. With a blockchain system, verification of beneficiaries and distribution of welfare, disability, veterans and unemployment benefits could be made effective.
With smart contracts, the release of funds in any form, to entity could be automated. Additionally, blockchain could increase security, efficiency, and transparencies in governments.
8. Rentals and Ride Sharing
Existing ride-sharing companies like Airbnb, Uber, and Lyft can also disrupt by the instruction of a true peer-to-peer network on the blockchain. However, blockchain peer-to-peer sharing will completely eliminate the need of a middleman. With blockchain renting and borrowing could include anything from homes, books, cars to furniture and beyond.
In the upcoming days, the blockchain tools will serve as foundational infrastructure basically for casting, tracking, and counting votes. Hence, it eliminates the need to recount by taking voter fraud and foul play out.
Transactions through blockchain will help government and voters to have a verifiable audit trail. Hence, ensuring no votes differ or disappear and no illegitimate votes get added.
With the massive growth in online learning and distance education, there is a need for an independent way to verify students transcript and education records. A blockchain based system could create a platform where employers and education institutions could securely access records and transcripts. Additionally, it could play a vital role in the collaboration between different institutions.
There are still very many industries that are under disruption by blockchain technology. This list, however, shows that will most likely be disrupted in the shortest possible time frame. Give a comment about which industry you see having a chance to disrupt by blockchain technology.
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