7 Industries the Blockchain Technology will Disrupt

​If you are even slightly active on the Internet medium, you must have come across the term “Blockchain Technology” at some point in life. The Blockchain technology is considered as one of the most revolutionary technological advancements in modern times that offer the assurance of enhanced security and reliability of the digital transactions. With its wide range of technological applications and benefits, the Blockchain technology is revolutionizing almost realm of life out there. In the modern era, the Blockchain technology is known to be disrupting a wide number of industries out there. 

​What is the Blockchain Technology?

​In simplest words, the Blockchain is referred to as the decentralized database. The presence of the decentralized, distributed database ensures the safest and the most reliable transactions on the digital platform. The Blockchain technology makes use of cutting-edge cryptography technology. This offers the assurance that once the information in the given system goes inside, it becomes virtually impossible to get the same out again without the original key or passcode. 

​Industrial Disruption Due to the Blockchain Technology

One of the major disruptions of the significant industry verticals due to the Blockchain technology is through the trust ensured through the secure code & collaboration, instead of the central authority. As such, by making use of the Blockchain technology, there is no longer the need for making use of the respective bank for making the money transfer across the globe. When it comes to buying a new home or facilitating some real estate agent, there is no more requirement of an Escrow account. There is no longer the need for any centralized authority or company for facilitating a transaction of any type. The Blockchain technology is highly revolutionary and has the potential of revolutionizing or transforming almost every industry vertical out there.

Here are some of the major industries that are or might be facing disruptions due to the Blockchain technology:

  1. Banking: Once an average individual comes across the term “Blockchain,” he or she probably thinks about “cryptocurrency.” As such, it is no surprise that the banking sector tops the list of the industries facing disruptions by the Blockchain technology. In the banking sector, the Blockchain technology serves to be offering a highly secure manner of storing relevant, confidential banking records. The implementation of the Blockchain technology helps in ensuring a faster and secure way of making financial transactions with the help of the decentralization technique provided by the Blockchain. In addition to this, there is the minimal risk of the Blockchain network collapsing –there is no presence of the “central” vault.
  2. Healthcare: Most of the major challenges in the healthcare industry can be easily solved by the Blockchain technology as it allows the healthcare providers and professionals to assess the overall health records easily and securely. Unlike the transactions made by using papers in the healthcare industry or storing the health records in a myriad of different systems, the health records in the given healthcare system could be singular & complete with the help of the Blockchain technology. Moreover, the health information in any given system can be accessed easily and instantly –potentially providing the healthcare professionals lifesaving data in case of an emergency.
  3. Real Estate: If you have eve sold or bought a home, you must understand the overall volume of paperwork that is involved in the given task. However, with the effective implementations of the Blockchain technology in the real estate industry can serve helpful in simplifying the overall process and eliminating the need for Escrows altogether. In the real estate industry, Smart Contracts can be designed in the manner that they are executed only when specific conditions are met –including funding. Moreover, all of the important documents for selling & buying a real estate property can be stored securely.
  4. Government: In addition to the tech-oriented voting systems, the revolutionary Blockchain technologies can be useful in reducing and eliminating the overall bureaucratic red tape as well as corruption in the government agencies around the world. For instance, disability, welfare, unemployment, veterans benefits can be easily distributed and verified that helps in eliminating waste & fraud. The presence of the Smart Contracts can help in ensuring that government funds only get released when specific conditions are met –to foreign contractors or governments in the form of aid. Moreover, the overall efficiency, security, and transparency in government functions can be increased across the boards.
  5. Ride and Rental Sharing: It appears like startups like Uber and Airbnb are already disrupting the available ride & rental markets. However, the Blockchain technology can help in creating original peer-to-peer networks for the rental industry, and enabling the sharing of products & services that will help in eliminating the need for a middle-man organization. Typically, there is no valid reason why the available peer-to-peer networks could not expand to the renting scenario. 
  6. Education: As the overall power of distance, online learning continues growing, so does the requirement for the independent, secure way of verifying the educational records and transcripts of the students. Using blockchain in education industry can help in serving as a notary for the existing educational records –helping in the creation of a secure way for the employers along with other educational institutions for the purpose of assessing the secure transcripts and records. Moreover, it can also help the colleges & universities collaborate effectively. 
  7. Security: The entire concept of the Blockchain technology is the creation of the decentralized, secure platforms for ensuring the storage, verification, and encryption of data effectively. As such, the security industry across the globe is definitely going to experience the entire force of the all-new, innovative Blockchain technology. The presence of decentralized data storage on the cloud platform can help in eliminating major problems related to data hacks happening all around in the recent era. 

​There are several industries making use of the revolutionary Blockchain technology for bringing about an effective disruption for ensuring an enhanced user experience. What opportunity to observe and feel for the Blockchain technology in disrupting your field of the industry?

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