Which Industries will Blockchain Tech Disrupt Next?


Introduction

With its myriad uses, from tracking diamond and supply chain paper trails to providing financial privacy, blockchain technology is poised to disrupt a wide range of industries shortly. This article takes a deep dive into some of the following initiatives that blockchain technology will most likely affect and how it will impact them. This article covers how businesses are taking advantage of blockchain's abilities.

Blockchain technology is an emerging medium for implementing intelligent contracts representing the essential functions of a blockchain (i.e., digital assets, transactions and record keeping) across an industry. Smart contracts are agreements executed by blockchain technology as opposed to traditional contracts where parties take on obligations. Regardless of size and location, the business can share, store and utilize its data for new applications in just about any industry.

For example, you can use blockchain technology to create decentralized identity systems that allow users to store all their personally identifiable information within the blockchain, thereby eliminating the possibility of a breach or misuse of personal information. With blockchain's ability to record identity information, adjust policies and execute, you can use this technology to build complex but robust digital identities that can interact in a meaningful way with the real world.

Major Industries to be disrupted by Blockchain

Now let's dive into some of the following technologies that blockchain will disrupt. As we mentioned, these technologies can be implemented using smart contracts on the blockchain, allowing for increased transparency within an industry. The industries we picked include healthcare, education and businesses. These sectors are selected for the following reasons:

  • They are currently heavily relying on technology and digital communication to mitigate conflicts within and between their industries.
  • They have been in continuous change and development within their industry, forcing them to find new solutions to existing challenges. These solutions are implemented with the use of blockchain technology.
  • The requirements in these industries consist of complex interactions across multiple parties, leading to issues surrounding transparency and trust. Blockchain's ability to handle larger volumes of transactions faster would greatly benefit these industries by eliminating the need for human interaction (e.g., contracts, payments, etc. ) between parties.

Of course, this is just scratching the surface of the potential use of this technology within these industries. There are thousands of uses for blockchain technology across many industries, and it is expected that as time progresses, new applications will be identified and developed for tailoring to individual needs.

Two primary miners are making solid advances in blockchain technology: IBM, which is working on Hyper Ledger Technology, and R3, which is also a member of the Linux Foundation's Hyperledger Project (where most banking establishments will be joining shortly). R3 has already developed great tools such as Casper, which provides mass market consensus on a private network among parties to engage in financial transactions or execute smart contracts within their respective industries.

Technologies that will be Disrupted by Blockchain in Future

The blockchain has even more applications in the financial and non−financial sectors. It can be used for data storage and help with cybersecurity (for example, blockchain can be applied to stop malware from seizing control of a network) and allow for asset mobility.

Cars on the Blockchain

The automotive industry has been changing rapidly in recent years, and it isn't just electric cars we should be keeping an eye on anymore. Automotive giants like Apple, Google, and Uber are all looking to enter the industry, while manufacturers like Daimler are trying to create ride−sharing programs. But blockchain can provide even more significant changes in this space by helping with digital car ownership–making it easier for people to buy a vehicle with cryptocurrency or for companies to give out temporary access to cars.

Quality assurance in supply chains

Smart contracts are incredibly useful in the finance industry. These smart contracts allow for the automatic enforcement of conditions, allowing assets to flow from one party to another without needing a third−party intermediary. It eliminates the possibility of fraud and miscommunication, about 90 percent of which can be eliminated without blockchain. To make products like food or pharmaceuticals more traceable, we see that blockchain can improve quality control with its ability to audit every stage of production.

Medicines on the Blockchain

Also, in the pharma sector, blockchain is used to track medicine supply chains, improving the quality of medicine and ensuring that the public has access to needed health care. For example, a person who lives in a war−torn area may not have easy access to food or medicine, but with blockchain, it would be as easy as logging into your smartphone and receiving an organ transplant from a trusted blood bank.

Finance on the Blockchain

Finance is another sector that could get big with blockchain. More than $2 trillion changes hands every second, and for these transactions, there is no longer a need for any third parties (like banks). Instead, blockchain allows for peer-to-peer transactions (and shortly, it may even remove the demand for an actual centralized currency like the dollar).

Logistics on the Blockchain

The leading issue companies face when dealing with big data is finding a way to store and analyze it. Blockchain has great potential because it can store data without sacrificing security. It makes it easy for companies to track goods and services as they move along their supply chains, which means better planning and less waste. When logistics on blockchain get better, we'll see more automated transportation networks capable of delivering goods to consumers in under an hour−a feat that seems nearly impossible today.

Conclusion

Blockchain is a fantastic technology that offers some benefits, not only concerning financial transactions but also throughout other sectors. To realize the capacity of this technology, we need to stop viewing bitcoin as a currency and start accepting it as a decentralized platform for recording ownership and transferring value without the need for 3rd party involvement.

Updated on: 12-Dec-2022

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