Blockchain technology is going to bring a radical change in the functioning of various industry sectors. Until 2016, most of us were unaware of what the technology is all about but suddenly in 2017, the boom of Bitcoin emerged this technology.
People started updating themselves learning about Blockchain in depth, its benefit to business, pros and cons, etcetera, etcetera. Still, people are unable to understand Blockchain.
What is Blockchain?
It’s a complex term. Basically, Blockchain technology is a growing list of records that are linked and secured through cryptography.
Each block has a hash pointer (connecter) which links to the previous block. As it is an open distributed ledger, it makes the transaction between two parties easy and smooth.
What’s your opinion in bringing this technology to use for your industry sector?
Bydway, top Blockchain technology companies have already started working on it and soon we will step in a new world of technology wherein transactions and record keeping will be much more secure and facile than what it is today.
Let’s checkout which 6 major industries will witness a drastic change using Blockchain technology.
1. Financial Sector
How can we miss Financial sector? After all, this is the major sector which will be disrupted by Blockchain in the near future.
In Financial sector, middleman plays a crucial role in the stock exchange and share trading. Without the broker’s involvement, it becomes a tedious job for users to purchase and sell shares.
So, Blockchain – a decentralized distributed ledger will help in speeding up the trading process, provide users with the information about the share market and will also restrict brokers’ involvement if required.
In short, Blockchain will allow users learn about the quality shares and assist in making their own decisions in share trading and stock exchange.
How Blockchain can bring an evolution in Education sector? Think Think and Reply. Using Blockchain technology, various schools, institutes and corporate bodies can get rid of the paperwork and reduce it to minimal.
Not every school, college or institutes have a student board but using Blockchain technology it will be implemented. Students will be explored to a space where they can get amazing information of their interest.
Also, fake degree cases will be reduced to minimal and students will no more be demotivated to fulfill their passion.
With the introduction of Blockchain, eCommerce will evolve to a greater extent. The sense of trust and transparency will improve and other processes like order shipment, tracking, payment will also be streamlined.
Being an open source technology, all the records or say transactions will be accessed publicly. So, there is no chance of fraudulent cases and quality issues we usually face while doing online shopping.
Returns and damages of products will also be reduced in good numbers as eStores will come up with 3D product images helping potential users giving a 360 outlook so to make a firm buying decision.
Music? Seriously! How will Blockchain evolve this industry? Many music lovers will have this question.
Blockchain will bring a drastic change and ensure the copyright security of the song in this digital space which is currently a big issue.
Also, it will help keep the royalties of the singers, performers, writers, musicians intact and will ensure that no entity can claim ownership.
Added to it, with the introduction of Blockchain in this industry, fans can directly reach to their favorite artists through smart contracts and purchase the popular single, key and song’s tempo using cryptocurrency like Bitcoin, Ethereum, etc.
Hospitals and healthcare centers are always in a worry of data security because there are many cases occurred in the past which questions on data security and management.
It is a core responsibility of the hospitals, healthcare centers and even doctors to keep patients’ information confidential and don’t let them leak.
It seems the databases which are currently in use fail to secure the records, albeit the database is created with powerful security algorithms for encryption and decryption.
However, Blockchain will efface such problems and ensure a sense of data confidentiality and management helping in reducing administrative and maintenance cost.
6. Real Estate
Real Estate Sector is no behind when we think of the problems various domains are facing for record keeping and maintenance.
It is related to buy and sell of property and the database they are currently using for record keeping involves a plethora of issues like bureaucracy, fraud, lack of transparency and ample of mistakes in public records.
Plus, there is a lot of paperwork involved which makes the deal cumbersome between the broker, seller and buyer.
Using the Blockchain, these problems and paperwork will be reduced. All the property related documents will be stored in prior so there is no need to maintain a hard copy of the required documents, which is the current trend.
Apart from it, the above-stated problems will not be encouraged making the property deal between the buyer and seller as easy and transparent as it can be.
These were the 6 major industries that will witness a huge but a useful change in the functioning of their domain in near future.
Kim Smith is a Content Consultant at GoodFirms, a full-fledged research firm based out of USA. She’s been journeying through the world of content marketing for more than 4 years. You can find her on twitter: @contactkim11