In systems of record, blockchain technology is a revolution. Initially, it was developed as a supporting technology for cryptocurrency we now know as Bitcoin. In simple terms, it is a distributed ledger that keeps track of transactions and links them to others by securely encrypting the information. This ledger technology is not just restricted to cryptocurrencies and can have implications for every industry. Its innate flexibility has allowed blockchain technology to be used for a wide array of industries. Listed below are the top 7 industries that can and are being transformed radically due to blockchain technology:
1.Financial services
Without a doubt, the biggest implications of blockchain technology have been seen in the financial industry. As sophisticated as today’s banking systems are, there is a lack of fairness and inclusion. Transactions and interest rates are heavily in favor of banks and customers have to deal with the consequences. Blockchain and cryptocurrencies can rectify this situation. A smartphone and internet connection is all that’s needed for banking. With no centralized authority and incorruptible ledgers for oversight, financial services on the blockchain would be able to provide solutions without exorbitant middleman fees and interest rates and place power back in the hands of individuals.
2.Publishing
The decentralization offered by blockchain technology can also be helpful in the publishing world. A small group of publishers control today’s publishing industry and an unrecognized writer finds it very difficult to break in because they have to put up with the whims of these publishers. While the internet and digital publishing has helped in some way, it still lacks the recognition and scale of traditional publishing. Blockchain technology can be immensely useful here as it can equalize the system in order to ensure that both writers and publishers get the fair cut.
3.Healthcare
Healthcare is an important aspect of every economy, but modernizing is very difficult due to outdated infrastructure and obsolete processes. Patient data is a very vital aspect of this industry and blockchain can be quite helpful here. This technology can provide secure data and storage access, which not only protects the information, but also allows for a more efficient diagnosis. A secure space can be created for storing and managing data and patients and healthcare providers can access it according to their convenience.
4.Gaming
There is a correlation between blockchain technology and the gaming industry. People have already begun to use blockchain-based currency to buy, sell and trade in-game items. Gaming related data can also be stored via blockchain as it is transparent and immutable and reduces the possibility of fraud. No centralized serve has to be used for storing data, which makes it easier to manage. Apart from gamers, even developers will find this technology immensely useful as they will be able to secure funding for their games. You can start taking advantage of these benefits from platforms such as Bitguild to make gaming smoother and safer.
5.Music
Just like in the publishing industry, an unfair structure is also followed in the music industry where all the favor is enjoyed by recording labels. Streaming services have been derided by musicians because they claim that they have siphoned away their earnings. As a large share of the profit is taken up by recording labels, musicians have begun to release their albums directly to the fans and have even begun accepting cryptocurrency payments. With blockchain technology fans can connect with their favorite artists in a safe and secure way. Payments are secure and artists can also license and copyright their music with ease.
6.Supply chain management
There are numerous challenges in the supply chain industry due to rising costs and the need to supply products efficiently to retailers and customers. Rising fuel costs make transportation expensive, overproduction leads to wastage of resources and also takes up storage space. A potential solution can be found in the form of smart contracts based on blockchain technology. Funds are locked in a contract and production is only begun once a certain number has reached. This can eliminate middlemen as consumers and manufacturers can connect directly and also prevent overproduction.
7.Government
Decentralized systems in governments have become a necessity these days. Even in the most renowned democracies, it is a known fact that voting systems are contorted and manipulated in favor of parties or even some individuals. In political system, there is a great demand for ‘one individual, one vote’ and this is where blockchain technology can help. It can enhance transparency and can even encourage traceability of how the government sector spends currency. It could also be used for tracking asset registration like in the case of vehicles, which can reduce operation and fraud costs.
Suffice it to say, blockchain technology has a plethora of applications and can be used in numerous industries to reduce costs and boost efficiency.
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