back to top

12 Industries That Will Soon Be Disrupted By Blockchain

In many industries, companies will need to adapt or be replaced.

Posted on
Maxpixel's Contributors / <a href=" target="_blank"></a>

Let's face it. Many people are resistant to technological changes in both their personal lives and at the office. However, what they often lack is the vision to see how the new technology they are resisting will improve their lives in the future.

Emerging technologies are exciting and bring innovation and new opportunities across the globe. They change our life by altering the way we think and operate on a daily basis.

Technological innovation can impact a lot more than our daily lives. In fact, it can disrupt entire industries and change the way we do business.

As new technologies are developed, affected industries are forced to adapt or be replaced.

The newest technology that is quickly becoming the next major disruption is blockchain technology.

Blockchain is a digital ledger system used to securely record transactions. It is poised to impact the way business is done across the globe.

Here are 12 prominent industries that are slated to be overhauled by blockchain technology in the near future.

1) The Real Estate Industry

Lannister Development is developing the world’s first blockchain platform for real estate funding, servicing and packaging.

They are dedicated to being the world’s premier US-based blockchain development firm, Lannister will build bespoke systems for clients around the world while deploying, testing, and globally protecting the systems and technologies vital to their internal focus of facilitating real estate finance on blockchain.

2) Social Media and Influencer Marketing

Do you know where your data is being stored on the internet? If you’re like many, you may feel you have lost control over it. You also probably have no clue who is profiting from it and how much they are earning off YOUR data.

Don’t blame yourself, it’s quite complicated and who knew that by doing that 3rd party quiz about what you would look like on a magazine cover on Facebook would give away your data to a random company?

here is one company which is poised to change the game on how data can be used and who can profit from it.

Profede is the next generation of professional data privacy. Thanks to blockchain, you can be sure your data is protected and you can profit from it. A decentralized professional ecosystem will help you get compensated for your data, making intermediaries unnecessary.

“Profede is bringing power back to the professional user and Influencers with Blockchain. Users will have control of their data and will be a participant in the profit equation.” -Profede Founder, Juan Imaz

3) Gambling Industry

The day of coins falling from slot machines when someone hits a jackpot are long gone. But the coin could soon make are return, but in a digital form via blockchain. RAcoin's mission is to make the blockchain technology an essential part of the traditional gambling industry and distribute RAcoin as a properly featured gambling cryptocurrency.

4) Payment Industry

Kora is building an infrastructure for cross-border payment that facilitates financial transactions between people and/or businesses in a more transparent way using the blockchain other value-adds like Identity and interoperability across other range of financial services are things we also bring to the table.

Kora's use of blockchain will soon unlock growth in emerging markets by connecting people, communities and capital. Their services include the ability to access marketplaces, to make payments, transfers, investments, and to lend & pool capital across any community. Kora's native token has been named, KNT, it is the medium for interaction to be used on their in the future.

5. The Healthcare Industry

The healthcare industry has been in need of a significant disruption when it comes to sharing and storing medical data and records.

The potential for error, fraud, and lost records has created distrust between consumers and healthcare providers.

Blockchain technology can revamp the trust by securely storing medical records that can be accurately and safely transferred to and accessed by the doctors and people who are authorized.

Blockchain will aid in the authorization and identification of people. In fact, one startup called Ontology is already working to make positive, multi-source identification a reality across all industries using the blockchain technology.

6. The Legal Industry

Blockchain technology is poised to disrupt some areas of the legal industry by being able to store and verify documents and data. 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.

Blockchain technology can also eliminate legal issues dealing with inheritance, even including cryptocurrency assets.

Safe Haven, for example, gives users the opportunity to secure digital assets so that the investor's legacy can be passed down to his children or designee safely and securely.

This technology eliminates lengthy court battles arguing over digital inheritance.

7. The Cryptocurrency Exchange Industry

Digital money is the way of the future, and it is thanks to blockchain that it can be securely transferred and recorded.

However, the "mining" required to verify and authenticate every transaction of digital money requires an enormous amount of computing power.

In recent years, this has created a lot of issues on several platforms when certain transactions "ran out of gas" or fizzled out due to the sheer amount of computation required.

This issue was costing users valuable time and money.

New developments in blockchain technology are changing the way the cryptocurrency exchange industry operates. Zen Protocol has developed an alternative to other platforms, which has solved the most significant issues in the cryptocurrency space.

Unlike other platforms, Zen Protocol utilizes smart contracts that know in advance how much computation each contract requires. That means that unless there is enough "gas" to support that contract, it won't run.

8. Politics

In the recent past, government parties here in the U.S. and around the world have been accused of rigging election results.

But that won't be possible if blockchain is used because it would take care of voter registration and verification of identity, and it would count the votes to ensure only legitimate votes were counted.

Gone are the days of recounting votes and voting day drama.

9. The Startup Industry

With thousands of startups looking for investors, there is no current way for them to get in front of the right investors without jeopardizing the security of their ideas. Likewise, there is no right way for investors to find the companies they are interested in backing.

Blockchain technology can change all of that. In fact, it has already started.

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.

10. The Video Industry

Video is predicted to form 82% of all Internet traffic by 2021, and blockchain may play a significant role by decentralizing the video infrastructure.

Decentralizing video encoding, storage, and content distribution will dramatically reduce the cost of video traffic by tapping into $30 billion in wasted Internet computing services.

Startups like VideoCoin are already making good on the promise of freeing up this capital, which will allow entirely new and innovative ecosystems of video apps to emerge on the market.

11. The Education Industry

The education industry is poised to see some significant breakthroughs utilizing an emerging version of the Internet that combines blockchain, cryptocurrency, and virtual reality.

This new Internet will be known as "3DInternet," and it has the power to create a global classroom like never before. SocratesCoin is making big moves to make this a reality.

The company will create a global community of faculty, students, campuses, and curriculum. The students will encompass all ages, cultures, and locations.

SocratesCoin has secured Nauka University, which will utilize 3DInternet to unite science, thought leadership and science through education.

Blockchain-distributed ledger technology provides a safe and auditable way to record and transfer data. It can transform the way we live our everyday lives and disrupt any industry that uses data or transactions at all.

12. The Banking Industry

Blockchain technology has the potential to solve several significant problems faced by the banking industry today. Right now banks store money for their customers, and they also handle the transfer of that money.

Blockchain inherently has a secure system that would provide permanent records of the millions of transactions that take place in the banking industry each day. This ledger system could significantly lower the risk by providing secure records. Furthermore, money could be transferred cheaper and faster by the decentralization provided by blockchain.

And all of this disruption is a good thing.

Whether or not you like to introduce new tech into your life, I think we can all agree that added security to our financial data would give everyone more peace of mind.

About the author:

John White is the CMO and founder of Social Marketing Solutions. White writes at the crossroads of social media, entrepreneurship, startups, and marketing.

This post was created by a member of BuzzFeed Community, where anyone can post awesome lists and creations. Learn more or post your buzz!