Blockchain has become a trendy topic nowadays and everyone has heard of it by now. This technology has the knack to make the organization that uses it transparent, democratic, decentralized, efficient and secure. With blockchain, we can visualize a world in which contracts are embedded in digital code and stored in digital databases, where they are confined from tampering and obliteration.
Bitcoin, ethereum, ripple, etc are various cryptocurrencies that are built on the Blockchain technology. Blockchain store data decentral and immutable, without a central authority. There are several examples and applications besides digital currencies from foreign exchange transfer to identify management. Many experts have predicted that blockchain technology will be the most disruptive technology since the creation of internet. It will likely to disrupt many industries in coming years. The few industries which blockchain will be disrupting are as follows:
Banking & Financial: Blockchain will disrupt financial industry, the way Internet disrupted media. Banks are seeking to use blockchain technology to transform sizeable chunks of their business.
Legal: Blockchain will transform legal industry by facilitating regulatory and compliance procedures. The records can’t be altered and information will be stored securely.
Payment & Money Transfer: Through blockchain the more direct payment will be done connecting payer and payee across the globe without intermediaries at low cost and high speed.
Crowdfunding: Blockchain creates trust through smart contracts and online reputation system removing the need for middleman. The new projects can raise funds by releasing their own tokens which represent value through this technology.
Real Estate: Blockchain technology helps in storing the real estate data securely and permanently, which earlier includes paperwork with less expense and effort.
Supplychain Management: Blockchain technology helps in storing records permanently, reducing waste and monitoring transparently which results in reduction of human mistakes and time delays.
Healthcare: Blockchain technology allows medical institutions and hospitals to store data securely like medical records without compromising with data integrity.
Human Resources: The verification during hiring includes lot of time and the recorded data gets falsified and even misplaced. Blockchain technology makes the work much simpler and record data securely.
Retail:The trust of retail system while shopping is directly linked with the trust of the outlet or store. The decentralized blockchain connects buyers and sellers eliminating the middleman and fees.
Insurance: Blockchain helps in minimizing fraud by eliminating the paperwork and improving the quality of data.
Cybersecurity: Blockchain technology help in encryption of data using advanced cryptography which eliminated the human intermediaries and lessen the thread of hacking or human error.
Stock Trading: Blockchain technology helps in making trade accurately and instantly without involvement of any type of middleman.
If your industry deals with data or transactions of any kind, it is a field than can likely be disrupted by blockchain technology. The space is wide open and the opportunities are many.