With the commencement of Blockchain technology, a large number of blockchain entrepreneurs are looking to disrupt multiple industries. Understanding the most basic concept of blockchain technology, it refers to a decentralized database. In blockchain, the trust is established through collaboration and code, rather than a central authority.
Blockchain today is growing at its own pace and has gained ground in several sectors. It is already believed that it’s closer to you than you think.
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Let’s dig into the industry segments in which Blockchain has started the disruption already or is planning to do so.
1. Banking and Finance
Blockchain has proven to be the most secure way to store banking records in a faster, cheaper and feasible way. It has laid the path of smooth transferring of money through the decentralization feature provided by blockchain. There is also minimal risk of failure if the banking industry has adopted a blockchain system as there lies no central vault for any transaction.
“For instance – One of the mainstream banking institutions like Barclays has begun processes aimed at adopting Blockchain technology in order to offer safer and faster services.”
2. Healthcare Delivery
Many medical institutions have already started to switch to the blockchain technology. Blockchain ensures the enablement of the safe storage of patient data along with authorized access to few and authorized healthcare professionals and patients.
Gone are the days of paper records, today digital health records are created and stored in a myriad of systems. For instance, a person can have the health record, stored in the system. The person can add data to the record with multiple visits to the doctors or institutions will time till death. When required, the health information could be accessed immediately, at any time, offering doctors with lifesaving information in case of an emergency.
3. Supply Chain and Logistics
In the Supply chain and logistics sector, soon Blockchain will erase human errors, sharp practices and the adverse impact of processes.
Eradicating the errors or mistakes done by humans during the documentation process, blockchain will ensure a smooth process as products get interchange across the supply chain cycle from manufacture to sale. The transactions are easily documented in the permanent decentralized record at each phase. This eventually exterminates the time delays, added costs, and human errors.
For instance, many blockchain startups like Provenance is building a traceability system for materials and products, enabling businesses to engage consumers at the point of sale with information gathered collaboratively from suppliers all along the supply chain.
4. Real Estate
When talking about the real estate sector, we know that it suffers from fraudulent individuals who are involved in committing crimes and sweep away with people’s hard earned money in property deals.
With the advent of blockchain technology, it ensures greater transparency in transactions, ease of authentication of documents as well as the speedy transfer of property deeds throughput the phase.
Blockchain systems in the real estate sector are used to simplify the property handover process and eliminate the need for bonds, deeds altogether. Smart contracts are designed that is executed only when certain conditions are met which also includes funding.
“For instance, a startup called Deedcoin is offering cryptocurrency powered transactions that decrease the commission rate for the agent to as little as 1 percent.”
5. Legal Industry
The legal industry is that sector which heavily relies on the authentic data and documentation. Blockchain technology in the legal industry is brought to disrupt a few areas of the legal industry that ensures data and documents are verified and stored reliably.
Records that are stored on the blockchain are quickly and securely verified for further use. Any changes to the documents could be detected automatically which again can be authenticated and stored on the system.
There had been much news of rigged election results across the world. With blockchain, it would take care of voter registration and verification of identity, and then it would count the votes to ensure only legitimate votes were counted.
The tool could also serve as an introductory feature for casting, tracking, and counting votes. This benefit of blockchain would possibly eliminate the need for recounts by taking voter fraud and foul play off the table.
“For instance- One blockchain voting startup, Follow My Vote, has released the alpha version of its stake-weighted end-to-end blockchain voting solution.”
7. Cab and Ride Sharing
A startup like Uber has already made a huge disruption in the cab market. It has transformed the way people travel and look at the ride-sharing deal. With the dawn of blockchain, it could maintain a transparent peer-to-peer network for cab sharing while eliminating the need for the middle-man company, which naturally cuts down the fee.
Blockchain technology eventually implements new options into the cab and ride sharing strategy. It runs around sharing a distributed ledger, driver and rider information on real-time basis creating a more user-driven, value-oriented marketplace.