With time, consumer demands and expectations across all industries tend to change, therefore encouraging disruption through new technologies that could better fill the needs of both consumers and companies throughout the world.
As you may have probably heard, blockchain technology has the potential to change the future for numerous industries, with better services being provided. For those who do not know, a blockchain is more or less a continuously increasing list of records known as blocks, which are then secured and linked using cryptographic protocols. While the blockchain technology is still fairly new to the market, experts are now finally understanding the fact that its potential doesn’t only reside in the financial and banking sectors. In this article, we will outline a few important industries which could be significantly changed after the introduction of blockchain technologies.
1. Logistics
At this time, the logistic industry desperately needs a change across all of its layers. From drivers to carriers, shippers, customs, haulers and more, the interaction between all of these layers could be easily improved through blockchain technology. By introducing it, the industry will see more transparency backed by accountability for everything being shipped. Therefore, the public could easily verify the status of their products, and better monitor the process from one end to another. Additionally, with the possible introduction of smart contacts, it will be much easier for products to be validated upon completion.
2. Healthcare
When it comes down to sharing and storing data, the healthcare industry requires more security, especially in light of the recent extortionists targeting hospitals. With blockchain technology, bigger trust networks could be built between healthcare specialists and customers, as hospitals will be able to safely deal with data. By pairing blockchain technology with, for example, a patient’s medical record, a newer and better level of data accuracy, integrity and security could be obtained through what experts like to refer to as a smart health profile.
3. Real estate transactions
Real estate represents an important market still working via the technologies of the past. Lack of transparency, mistakes, fraud, and long waiting times are all issues that the real estate market is actively dealing with. The verification process once a transaction is finished can be quite difficult, but with blockchain technology, transparent records could be kept. Additionally, the presence of smart contracts can make buying and selling property doable without needing to meet face to face, anywhere in the world. In fact, just a few days ago, a bitcoin fan purchased a house in Kiev, Ukraine via the Ethereum blockchain and bitcoin.
Based on everything that has been outlined so far, there are numerous other industries, such as crowdfunding, stocks, law, livestock and more that could be actively changed via blockchain technology. What do you personally think about its potential? Let us know in the comment section below.