When the blockchain came around, many people associated it with only money. 'Blockchain' and 'cryptocurrencies' sounded like foreign high-risk investment options, and many people decided to stay away from them. Familiar terrains were safer and traditional practices were more predictable. But that all changed in just a few more years.
Today, the blockchain doesn't just stand for a new way to handle money but for completing vital aspects of work; many industries recognize blockchain technology. Decentralization, fairness, time management, and inclusivity are just some benefits of the blockchain. In this article, we will look at the categories of industries that have integrated blockchain technology and what this means for them.
Blockchain Vs Banking
The blockchain trumps the conventional banking system by enabling a peer-to-peer payment method with security and minimal fees. With the blockchain, no central body is required, so there is no need to pay a central authority. This eliminates traditional banking deficiencies such as longer transactions or response times.
It also eliminates unnecessary bank charges or banking fees. Suppose a user sends $50 to another user through a traditional bank. User 2 might only receive $40 if the bank charges user one a $10 fee. With the addition of bank transfer rates and other hidden costs, user 2 might get much less if she's in another country. Ultimately, the procedure is time-consuming and costly, and it cannot be guaranteed to be completely secure.
Cybersecurity
Cyber security uses technology, processes, and policies to prevent internet and digital assaults on programs, systems, networks, devices, and data. Therefore, the cyber security industry has the primary aim to limit the risk of cyber-attacks and protect networks, systems, and technology from illegal use. The use of cryptographic algorithms has created a high level of security for the bitcoin network.
Every transaction carried out by blockchain is verified and encrypted, creating utmost security from hacking, alteration of data, or a single point of entry. It is decentralized, and every edited transaction is verified and recorded on a new block.
Cyber attacks have remained a significant threat, especially to financial and trading platforms. Therefore, the existence of this level of transparency and security blockchain reduced reliance on the need for cybersecurity services, further disrupting this industry.
Many centralized platforms have access to our data and insights about critical areas of our lives. Cyberattacks are the most severe danger facing our digital world as precious information, and sometimes millions of dollars can be stolen in a flash. Blockchain technology has the potential to put an end to such tragedies. It can protect our data against illegal access and alteration.
Blockchain Supply Chain Management
Blockchain technology can trace through all the phases of a supply chain. It can be used for verification, such as seafood verification, which can track the seafood from the ocean to the market.
A good use case of this is The Pacific Tuna Project. This project uses blockchain to manage fishing information, exporting/importing details, and purchasing details. This helps to prevent illegal fishing.
In other words, using blockchain for supply chain management allows individuals and businesses to track and find the information they need, tracing it even right from the beginning.
Blockchain is the future; cryptocurrencies, NFTs, NFT communities, DeFi applications, and everything contained within. In years to come, blockchain technology will be applied in so many more industries, disrupt more industries, and gain further intercontinental reach.
Government
With the utilization of blockchain voting platforms like MIVote, voting fraud can be stopped because, with blockchain, there exists no central authority, therefore reducing the chances of voter fraud. With blockchain, voters can vote online easily, much from the comfort of their homes, without having to reveal their identities.
Once a vote is administered and verified on the ledger, it cannot be erased; therefore, officials can count votes with surety and accuracy. Fraud can be eliminated with blockchain, as transparency, security, and reliability are assured.
Real Estate
In the real estate industry, the adoption of blockchain technology helps simplify the process, the hitches, and the paperwork involved in buying a home. Smart contracts can be created and stored in blocks. These contracts could only be verified and executed after the buyer meets the required conditions, these documents can be stored securely and retrieved whenever, and transparency is assured.
The Healthcare Sector
In this case, blockchain technology eliminates the need for a central authority and enables quick access to patient's data and information. This is because each block is linked to another and distributed across the blockchain nodes, therefore making it difficult for a hacker to corrupt the data, and keeping personal medical file information private.
Another healthcare concern is counterfeit medication, which blockchain technology can also control. The issue is that counterfeit medications are altogether challenging to distinguish from genuine ones. Blockchain technology solves this problem by utilizing supply chain management protocols that allow the provenance of the medicine to be traced.
This is why blockchain technology is essential in this sector. United Healthcare adopted the use of blockchain in medical record-keeping and privacy and has recorded significant improvement in its operations since.
Rentals and Ridesharing
Rentals and ride-sharing could seize the opportunity to utilize blockchain. The blockchain could create a real peer-to-peer network for sharing and renting goods and products, borrowing, and leasing. It would also eliminate the need for an intermediary or a middle man company, which would typically collect a fee charge. There is no reason blockchain shouldn't expand to these industries.
Conclusion
The blockchain disruption is still at the early adoption stage but has already started significantly impacting different industries. Blockchain technology has been called a bubble for so long by many, but today, we can see that that bubble doesn't seem to burst.
Other industries that are getting disrupted today include the entertainment industry, the transportation industry, and the insurance industry. With the potential of changing the world, blockchain enthusiasts are eager to see how the technology will evolve to make the world a better place.
