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24 Industries That Blockchain Will Radically Transform

  • 17 January 2019, Administrator
Blockchain technology may have been introduced through Cryptocurrency but, it goes way beyond this application. There are numerous uses for this technology in varied industries. The technology can be used for more than just as a medium for exchange or storage.
Here we will discuss a total of 24 industries that will be redefined with Blockchain technology.

#1 Banking

The banking industry is constantly looking for ways to expedite their backend functions and improve the level of accuracy within the various functions. They also want to maintain the security within all levels of the system. Blockchain will offer a digitized, secure and tamper-free information sharing board for the banking industry, thus managing the ecosystem and sustaining it.

#2 Publishing

The decentralized Blockchain model can benefit the publishing industry in many ways. The authors remain unrecognized and the whole industry is controlled by the publishers. With blockchain this can change. While the authority stays with the publishers, the writers get a fair share of recognition and payment. The blockchain model can also help in self publishing and approvals. This will boost the publishing industry immensely.

#3 Real Estate

Technology has reinvented the real estate industry massively. If you are able to see a difference already, it is because of the effective use of technology made by the industry. The Blockchain technology can be used to define smart contracts between those finding a house and the ones renting their homes out. It will also prevent the unnecessary handing out of high fees to the brokers. The smart contracts can even help make sure that neither party backs out at the last minute or can be used if any one of them refuses to follow what’s written in the contract.

#4 Healthcare

Healthcare contributes to one fifth of the national economy in America. From patient data to the administration, there are a lot of things that calls for technology for effective management. It is time the legacy systems as well as the outdated systems are removed and replaced with the modern technology. Blockchain will help in effective patient data processing. Accessing data, entering into historical data, and checking into patient’s history is made easy with the help of Blockchain.

#5 Messaging Apps

Encryption is important in the messaging apps as it is used to transmit important and private messages. Telegram is already working on developing its Blockchain based platform. This will help in file storage, payments as well browsing while keeping in mind the censorship requirements. Other messaging apps are also looking at Blockchain for cryptocurrency based trading and transactions.

#6 Voting

To avoid manipulation in voting systems and also to hide the true identity from public of the person voting, the voting systems are all set to use Blockchain. The portability of the data in the decentralized system will be easier, and the apps can be used for interoperability as well.

#7 Ride sharing apps

Ride sharing apps are centralized in nature. There is a central algorithm that controls the dispatch hubs as well as the fleet of drivers involved in the algorithm. The distributed ledger that comes with Blockchain as well as dynamic options it provides can inject user centric and value oriented marketplace that will benefit both the drivers and the riders. With Blockchain logging all interactions, and the drivers gaining more authority in pricing, the users and drivers would be more than satisfied.

#8 Supply Chain

If there is one industry that works on multiple challenges, it is the supply chain industry. The efficiency required in managing the supply of the products and meeting the demands as well as managing the costs is indeed a challenge. Rising fuel costs, overproduction etc. are some of the issues commonly faced by this industry. The smart contracts will help resolve most of the issues faced by the industry. The smart contracts will mention the production rate after which the production will begin. There are quite a few things that the smart contracts will manage efficiently.

#9 Internet of Things

Gradually, IoT is becoming the trend of the hour, for technology. With the Internet connecting us to our home and office appliances, it is definitely a major transformation for our lifestyle. There are security and transactional issues that prevail over such an arrangement. That’s where Blockchain is set to help us. The security will be handled with the encrypted data, and with tokenized system, the lot of devices will be chained to each other. It will help resolve the heavy processing, and ensure faster and smoother processes.

#10 Education

The education system is radically evolving, and Blockchain will only enhance its growth further. With Blockchain, you can streamline the verification processes and reduce the chances of fraudulent educational credits being earned by many people. It will also help secure the student records for the university.

#11 Cloud Computing

Blockchain allows for tokenized management of CPU usage, and allows for secure transactions on the cloud. It also helps manage the cloud computing with the help of smart contracts, which enables the subscription and the related transactions.

#12 Insurance

The pain areas for the insurance industry includes the claim processing as well as the approval of insurance policies. There are several intermediaries involved in the insurance industry. With Blockchain at the core of the industry, the processes become faster and efficient. It increases the transaction speed and allows better data access to the users. It also helps improve the overall customer experience.

#13 Forecasting

This is typically useful to the sales personnel. The research, and analysis is better with Blockchain introduced as part of the sales department in the organizations. With the right level of analysis of the available data, and sound forecasting operations, the blockchain technology helps reveal the accurate sales figure and other forecasts for the upcoming quarter or year.

#14 Music

As an industry, music is definitely facing IP and copyright issues, with its growing availability online. The smart contracts will help secure the creative work that has been laid out on the Internet. It will also keep a record of all the downloads and logs made to the website, and keep up with the transactions made online for the music.

#15 Trading

The process of buying, selling and trading stocks has always been quite a tedious task for all the parties involved. With blockchain as the underlying technology, the processes will become smooth and streamlined. In fact, the technology will automate and secure the processes completely.

#16 Energy Management

This is a highly centralized industry, involving several layers and multiple intermediaries. The use of blockchain technology will reduce the number of intermediaries and will speed up the transactions between the different layers involved in the industry. It will also help in easy transactions, and the smart contracts will keep them secure and intact.

#17 Sports

getting funds for the athletes is currently a centralized process, which can become faster with the decentralized blockchain technology. It will give more power to the fans, and will involve them in order to promote the future athletes.

#18 Charity

A lot of misspending occurs of the funds raised by the charitable organizations. This can be prevented with the help of blockchain technology. The public ledger will ensure every transaction is recorded and is made available for scrutiny. No changes can be made within the public ledger, leading to secure and safe spending of the money.

#19 Digital Advertising

Digital advertising reaches people in a way the traditional advertising medium has not been able to reach. Moreover, it has better influence on the people, and is able to target better. However, there is the problem of irrelevant information floating around, which in turn gives the creators no reward. With Blockchain, you can target better and the creators will have more power over what is being sent on the channels and how the audience is receiving it. There will be an option given to the users to receive the data being channelled towards them.

#20 Credit

The credit industry will be heavily disrupted with the introduction of Blockchain. In time, Ethereum blockchain would be used to create the credit and debit ledgers, which will feature the smart contracts. Risk assessment algorithms will be made better with blockchain, thus introducing better credit projects.

#21 Job Markets

The increase in the need for flexibility in the job markets has led to a growth in the freelancing network. More and more people are looking to work from home at flexible hours. However, the issue of professionalism and trust continues to exist, which is why Blockchain is essential. It will help the parties connect, and transact using the smart contracts. It will make sure the payments and delivery occur on time.

#22 Recruitments

The most time consuming area for the HR department is verifying the information. With Blockchain, the information will be available with ease, and the verification time will be reduced. Moreover, the information will be available in a secure format, ensuring complete privacy towards the resource. In fact, Blockchain will make the processes such as opening bank accounts, offering medical benefits and other processes easy for the HR department.

#23 Loyalty Programs

The process of loyalty programs and gift cards will become secure as a result of the introduction of Blockchain to these methods. The need for middlemen will be removed from the process. The process of acquiring and using the gift cards will become cost effective. The chances of fraud in this case will not exist as there will be a unique verification involved and the entire process will be more accurate and reliable.

#24 Government

The paper-based transactions and the fraud involved in public services will be reduced with the introduction of Blockchain enabled services. There will be more accountability between the authorities and those who serve them.

Conclusion

Blockchain will also disrupt the fishing and gun tracking industry as well as the cryptocurrency exchange industry. It is definitely a better and reliable technology if used in the right way.
You will need to hire Blockchain developers who know the industry and understand the technology in-depth. You can connect with our Blockchain enthusiasts to convert your idea into a Blockchain application and improve your offering and make it more reliable. Write to us or call us, and connect with our experts.

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