9 Industries That Will Soon Be Disrupted By Blockchain
In many industries, companies will need to adapt or be replaced.
PHOTO CREDIT: Getty Images
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.
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 in done across the globe.
Here are nine prominent industries that are slated to be overhauled by blockchain technology in the near future.
1. 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. 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.
2. The Real Estate Industry
Anyone who has ever purchased or sold a home knows just how much paperwork is involved in a real estate transaction. Blockchain technology can completely change the current headache that all of these documents cause.
By using blockchain, all of the documents and transaction records can be stored securely with measurably less work and less cost.
According to Piper Moretti, CEO of the Crypto Realty Group and licensed realtor, the use of blockchain can also potentially eliminate the escrow process.
The technology can create smart contracts that release funding only when the conditions are met.
Additionally, many people in the process of working with a real estate agent know how frustrating the commission rates can be, with many charging up 6 percent.
Deedcoin is looking to change that with their cryptocurrency-powered platform. Through using Deedcoin's platform and proprietary tokens, those rates decrease to just 1%.
Deedcoin's distributed architecture gives power back to homeowners and buyers by tokenizing the process and eliminating any middlemen barring direct interactions between agents and customers.
3. 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.
4. 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.
5. 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 "run out of gas" or fizzle 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 which 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.
In the recent past, government parties here in the US and around the world have been accused of rigging election results.
But that won't be possible if blockchain was used because it would take care of voter registration, verification of identity and count the votes to ensure only legitimate votes were counted.
Gone are the days of recounting votes and voting day drama.
7. 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 smart contract address allows a secure medium for the pitches, so privacy is maintained.
8. 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.
9. 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 "3D internet," and it has the power to create a global classroom like never before. SocratesCoin is making big moves to make this a reality.
Their 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 3D internet 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.
And all of this disruption is a good thing.
Whether or not you like to introduce new tech into your life or not, I think we can all agree that added security to our financial data would give everyone more peace of mind.