Here we explore what blockchain can be used for apart from cryptocurrency and uncover some industries that it seems set to change forever.
Is Blockchain a disruptive innovation?
In short yes. While it has been slow to receive the praise it does deserve, momentum is now building to see it disrupt many industries.
"Blockchain, the revolutionary technology behind Bitcoin, has been slow to receive the fame it deserves. Hailed as one of the most disruptive technologies in decades, blockchain technology is at the heart of the shift from centralized server-based internet system to a cryptographic transparent network." - inc42.com.
Here we will cover 7 such industries that look set to be revolutionized by blockchain over the next few decades.
What else can Blockchain be used for?
Blockchain is not just about cryptocurrency, it could also have many other amazing applications. According to The Motley Fool, it could, for example, be used for: -
- Payment processing and money transfers
- Supply chain management
- Digital IDs
- Data sharing
- Copyright and royalty protection
- Food safety
- Data backup
Which industries will Blockchain disrupt?
Here are 7 industries that could, and probably will be, revolutionized by blockchain technology. The following list is not exhaustive and is in no particular order.
1. The real estate industry could be revolutionized
For anyone who has ever run the gauntlet of buying a property, they will know full well how much paperwork and bureaucracy are involved. This can be a real headache and can also slow the process down to a snail's pace.
Real estate is an area where blockchain technology could work wonders to speed up transactions and conveyancing of property deeds between parties. By using blockchain, all necessary documentation and other transaction records could be stored securely for all authorized parties to access when required.
Piper Moretti, CEO of the Crypto Realty Group and licensed realtor, also believes the use of blockchain can also potentially eliminate the escrow process. This is because it could be used to create smart contracts where funds are only released when certain conditions are met.
It could also help save buyers and sellers from paying exorbitant fees from various professionals in the current process.
2. Education could be changed forever
Education could be another industry that will be disrupted by blockchain. It could be massively improved through a significant breakthrough in utilizing an emerging new form of internet that combines blockchain, cryptocurrency, and VR.
Called "3DInternet", this new iteration of the net could have immense potential to create global classrooms like never seen before.
One company working on this, called Socratescoin, is confident it will be a game-changer. They hope to create a global community of faculty, students, campuses and curriculum.
Blockchain will help provide a safe, secure, auditable ledger for all education-related data and transactions.
3. Healthcare is in need of blockchain tech
Healthcare could be another industry that will be changed forever by blockchain. Many industry professionals have long believed that the industry has needed a revolution when it comes to sharing and storing medical data and records.
Also, errors, fraud, and lost records have long been a bain for the medical profession for some time. This has created a certain level of distrust between consumers and healthcare providers.
This is where blockchain could change this situation forever. By securing medical records securely, accurately, and safely, authorized professionals could quickly and easily access a patient's medical history with little if any delay.
Blockchain should also eliminate the potential for fraudulent activities in the healthcare industry.
4. The legal industry will also be shaken up
In some way linked to real estate, the rest of the legal industry could also be disrupted by the use of blockchain. The ability of it to enable professionals, and clients, to store and verify documents and other data could be revolutionary.
"For example, litigation dealing with resolving concerns over wills of the deceased or any other documentation can be eliminated.
Records (including wills) stored on the blockchain will be quickly and securely verified. Any changes to the documents will be authenticated and stored." - inc.com.
Other areas like dealing with inheritance issues could lead to the development of cryptocurrency assets in the long run. It could also eliminate lengthy court battles.
5. Startups and investors could benefit from blockchain
Money is the lifeblood of business and nowhere is it more vital than for startup businesses. Thousands need investment every year with few methods of directly getting their business ideas in front of the right investors.
Especially in such a manner as to prevent their ideas from being stolen or copied. This also works both ways with many investors hungry to make their money work for them.
Blockchain will offer a means for both investors and startups to connect with each other in a way neither have ever seen before.
"Companies such as Pitch Ventures are creating a way for startups to pitch investors live in a secure manner.
Entrepreneurs create summaries of their product or service and investors can quickly sort and find potential opportunities. Ethereum's Smart Contract address allows a secure medium for the pitches, so privacy is maintained." - inc.com.
6. Politics and voting could be changed with blockchain
Another area that blockchain could change things forever is in the realm of politics and voting. With vote-rigging allegations becoming ever more common, perhaps the answer could be blockchain.
No longer would this really be an issue as voting registers could be created that would be safe from being manipulated. It could also be used for the actual voting process and ensure results are accurate and true.
Recounting would be a thing of the past.
7. The video industry could also benefit from blockchain
Blockchain could be used to help revolutionize the video industry in the not too distant future. Video currently represents a large amount of traffic on the net with sites like YouTube becoming largely a replacement for more traditional media like television.
Blockchain could be used to decentralize video infrastructure allowing video encoding, storage, and distribution costs to drastically be reduced.
Some startups are already working on this including VideoCoin. They are trying to make good on their promise to create innovative ecosystems for new video apps to break into the market.
What companies are using Blockchain technology?
Various companies are already either using or heavily investing in blockchain technology within their organizations. These include, but are not limited to (courtesy of blockchain-council.org): -
- Burger King Russia.