Blockchain is the new buzzword in almost all market sectors. It is among the most promising technologies for the future. The applications of blockchain are unlimited, and its benefits are numerous. Many companies are embracing blockchain because of the cost reduction, transparency, efficiency, privacy, and decentralization it offers. As industries become digitized, blockchain will transform the way they operate. In the next couple of years and decades, blockchain will revolutionize numerous industries ranging from governance to banking and education. The industries that deal with data and transactions will be the main targets of the blockchain technology disruption. Below are ten industries that blockchain will disrupt.
The 21st-century healthcare faces numerous challenges, especially regarding health patient data management. A good number of health institutions still use legacy systems such as paper records that are vulnerable to lose, unauthorized access, and hacking. The health sector lacks established standards for managing health information and technical upgrades for addressing security concerns.
The blockchain technology provides a functional solution to the pressing problem. It allows medical providers to access and share patients’ health records easily and securelyfrom anywhere anytime. This saves medics the hassle of dealing with loads of paperwork to retrieve patient medical history.
Blockchain stores patients’ medical records even if they change doctors and insurance providers. It not only improves data security but also enhances the accuracy and speed of diagnosis. In case of an emergency, your medical records are retrieved easily and quickly providing practitioners with lifesaving data. Patients benefit from the blockchain technology through access to all their medical records and receiving well-informed treatment.
Government systems are often slow, opaque, and susceptible to corruption. Blockchain technology can help government systems become more transparent, secure, and efficient in their operations. Also, it can get rid of the widespread bureaucratic red tape in government agencies. Blockchain helps streamline and secure the public benefits system. It allows the verification and distribution of veteran, unemployment, disability, and welfare benefits.
Although many people would like to donate to charitable organizations, they worry that their monies will not reach their intended recipients. Inefficiency and corruption override many charitable organizations that prevent money from reaching those in need. The blockchain technology brings unprecedented transparency to charities and aid organizations. Charities can use blockchain to trace donations and ascertain they reach the rightful beneficiaries. With increased transparency, charities gain more credibility with their donors and the public as a whole. Also, charities can use distributed networks to solicit for funds over the internet to support social issues and philanthropies.
Blockchain technology will disrupt the education sector –an active member of the blockchain community- significantly. It changes the manner in which institutions issue certificates, store and transfer qualifications, structure lectures, offer online databases, and provide valuable research. The blockchain technology will help the education sector store educational records easily and safely. It will create on-demand classes for students to attend rather than wait for physical classes. The blockchain infrastructure will create numerous opportunities to advance the education sector.
This is among the most important areas that the blockchain technology will disrupt. In the past, you’ve heard of cases of rigging and other unorthodox practices during elections. The blockchain technology can be implemented during voter registration, identity verification, and vote counting to ensure accuracy, transparency, and accountability. Cases of election rigging will be history, and elections will be fairer and democratic. The blockchain voting system will eradicate voting fraud resulting in unbiased, untainted and concrete election results.
Blockchain will offer banks a means to make their operations and transactions cost-effective, faster, secure, and efficient. It will also offer a secure mechanism for banks and other financial institutions to store their financial information. Blockchain lacks a central authority and hence poses a limited risk for unauthorized access and collapse.
Blockchain will allow supply chain management to document and monitor transactionssecurely and transparently. It will eliminate delays, human errors, and waste in different points of the supply chain. In a food-related supply chain, blockchain will ensure accountability as consumer awareness for food safety grows. Blockchain also helps you track products from their origin and hence verify their authenticity. It will identify counterfeit products and ensure a transparent distribution of goods.
Among the prominent functions of the legal industry is to store and retrieve data and verify provenance. Blockchain technology can help the industry perform all these functions flawlessly. It offers a platform to store legal documents safely and securely and verify their authenticity. Important documents like wills, contracts, and other legal documents can be stored securely and verified without hassles.
Storing data safely in contemporary society has become relatively hard. The numerous cases of hacking, data theft, and other data breaches have left people with limited options on how to secure data. Blockchain presents a secure way to store, verify, and encrypt data. It offers a decentralized as opposed to a centralized way of storing data in the cloud that is safe and virtually unhackable. Companies will no longer struggle with problems related and linked to data hacking.
Blockchain will disrupt the real estate sector enormously. Issues such as bureaucracy, fraud, countless fees, numerous intermediaries, lack of transparency among others are prevalent in the real estate industry. Blockchain technology eliminates these pain pointsand improves efficiency in real estate. It eliminates the need for paper-based record keeping, thereby speeding up transactions, guaranteeing document accuracy, and tracking and verifying documents. Once a transaction is complete, no one can tamper with the transaction details. Blockchain offers a transport record for storing titles and property details, which will save time and reduce processing costs. By embracing automated methods of managing data and reducing errors, real estate companies in the US will save approximately $550 million.
The blockchain technology is not merely about digital currencies. It touches on different industries and purposes to make operations faster, cost-effective, secure, and transparent. This article discusses ten industries that blockchain will disrupt. However, the bus does not stop there; hundreds of other industries will be revolutionized in the coming decades.