Companies around the world are turning to blockchain to help solve several of their business problems. Additionally, emerging technologies bring innovative and new opportunities for companies to grow and expand. They help change how we think and run our day-to-day life.
That means technological innovations impact a lot more than how we lead our daily lives. It disrupts entire industries and even changes how businesses operate. As new technologies continue to develop, the affected industries have to adapt or risk being replaced. As more business ventures invest in Blockchain-based technology, there’s no better time to start with a blockchain technology course.
Blockchain is impacting how business is done worldwide. Let’s look at four industries that are primed for blockchain technology disruption.
What Is Blockchain?
Blockchain works as a decentralized ledger that stores records of the source of digital assets. Blockchain systems record information such that it’s impossible or difficult to hack, change, or even cheat the system. These attributes make it a valid disruptor for industries like healthcare, payments, and cybersecurity. Some industries that blockchain technology is disrupting or is likely to disrupt include.
- Supply chain management
Blockchain technology ensures transactions are documented in a decentralized record that is monitored transparently and securely. This helps reduce human errors and time delays. Also, it can be used to monitor labor, costs, and even emissions and waste in each area of the supply chain. That has serious implications for understanding and even controlling the environmental impact of any product. Also, blockchain can be used to validate fair trade status or the authenticity of products by tracking the products from their origin. Examples of blockchain companies in this sector are Blockverify, Provenance, and SKUChain.
Voting is among the most crucial areas of society that blockchain technology will disrupt. There have been many incidents during elections where parties were suspected of rigging voting results. Blockchain can help with voter registration and even identity verification. It also helps in counting electronic votes to only ensure that legitimate votes are tallied, and votes aren’t removed or changed. Creating a publicly-viewable, immutable ledger of recorded votes can be a huge step in making elections more democratic and fairer. Examples of startups that aim to disrupt democracy are Follow My Vote and Democracy Earth which help create blockchain-based digital voting systems for governments.
Healthcare is another industry that uses many legacy systems and is primed for disruption. One major challenge hospitals face is the lack of secure platforms to share and store data. Hospitals are repeatedly victims of hacking since they use outdated infrastructure. Fortunately, blockchain technology allows hospitals to safely store sensitive data like medical records or even share it only with authorized patients and professionals. This can improve data security and also help with speed and diagnosis accuracy.
- Real estate
When it comes to selling or buying real estate, bureaucracy, fraud, lack of transparency, and errors in public records are issues that blockchain can help resolve. Blockchain technology can help reduce the need for keeping paper-based records which speeds up transactions. Also, it helps with verifying, and tracking ownership to ensure document accuracy and ease when transferring property deeds. A good example of a blockchain-based platform is Ubitquity which supports real estate record-keeping and is an alternative to paper-based systems.
Blockchain can help businesses in all industries become more efficient. Implementing a blockchain solution can help your company adjust to the dynamic business landscape. Understanding blockchain technology and the success it affords your business will have you thinking like a blockchain pro.