Top 12 Industries that Blockchain Will Disrupt in Future
“The application of Blockchain technology is rapidly becoming a core component of our infrastructure!” ― Kevin Coleman
A business process consists of a series of actions with the required steps to achieve an expected outcome. Every process is structured and repeatable. Every employee in an organization has to experience the same process. If a sort of action is unperformed, the entire workflow might become a mess. Therefore, streamlining a business process is the key feature of an organizational structure. With a structured business process, every employee can recognize their responsibilities and reduce errors to achieve added productivity. Blockchain technology has initiated a new world of possibilities with innovative business processes. Around the world, Blockchain service providers introduce novelties in every business function.
Every growing company needs to introduce novel elements for getting revolutionary changes to all components of their business functions. Recently, blockchain has entered the tech world as a game-changer. This disruptive technology generates distinctive opportunities to decrease complexity, produce secure and immutable information, and facilitate collaboration.
By decentralizing data, blockchain technology keeps our personal information more secure. With the support of this technology, every firm can ensure a safer online experience. In this article, learn about the top 10 industries that blockchain technology will disrupt in the future.
- Banks and Financial Services
It was said that what internet has done to media applies to what can blockchain do to banking. Banks and other financial services face different types of risks since they hold various data regarding the personal and financial information of customers. According to statistics, banks can save approximately $19 billion in the total banking process as a whole if they have an authentic approach to storing and sharing. To reduce the risk, banks can apply blockchain technology to performing their routine tasks and other major functions. A few banks have already started using this but not all.
- Healthcare Industry
Adopting blockchain technology to transform the healthcare industry increases the security, interoperability, privacy of health data and minimize the costs while providing patients access to healthcare. This technology provides a safe and systematic model for making medical records well-organized and secure. With its unique and result-oriented functions, healthcare industries improve healthcare communications, facilities, and functions on the whole.
It is expected that blockchain will change the world of healthcare with so many possibilities. In the coming years, every healthcare industry may boost its functions with this disruptive technology. Nevertheless, implementation will not be a cakewalk since every company needs to make a new infrastructure to avail all the opportunities of blockchain technology. The potential benefits of blockchain in the healthcare market are enormous as it:
- Creates the data which cannot be altered by anyone.
- Gives patients medical records of every communication and prescription.
- Develops healthcare industries with more reliable approaches.
- Offers possibilities for pharma companies to collect data in real-time.
- Presents healthcare professionals easy access to the patient’s data.
- Provides a great deal of transparent communication related to patient billing.
- Stores the data in a hack-proof centralized database.
- Internet of Things
If we connect any internet-connected devices with other things or gadgets wirelessly, the things in this system can transmit and receive data from each other. IoT supports smart work and modern management of life. It aids in improved business process insights. It also helps in cutting down operational costs and downtime as well as enhances overall efficiency and productivity. With the support of blockchain technology, we can transform IoT industry processes to protect communications, facilities, and modernize software, monitor bugs and energy usage and functions on the whole.
- Cloud Computing
Unique features of Blockchain such as decentralization, transparency, and security have brought a revolutionary technology for the present generation of several industrial usages. One of those technologies is Cloud Computing. Blockchain provides a very crucial solution that can remove all the challenges in Cloud Computing through decentralization and provides data privacy as well as network security. Hence, the integration of blockchain and cloud computing becomes very useful for a large number of industrial applications.
- Digital Marketing
Blockchain is also useful to disrupt the ways digital marketers do as it has a massive effect on delivery, purchases, metrics and value on such digital marketing campaigns. It is the future of digital marketing. With the support of this technology, small businesses can compete with larger companies to reduce costs, increase transparency, and trust with consumers. The following are some of the benefits of blockchain technology in marketing.
- Blockchain allows marketers to accept alternate payments.
- Companies can get genuine customer-related data.
- Small companies can build trust in customers.
- Companies can post ads without middlemen.
- Every company can improve security.
- Blockchain enables consumers to take charge of the ads they see and give advertisers an advanced means to fabricating high-quality leads.
- Public Transportation
Every national highway in the world has become a centre of accidents. To reduce the number of accidents, governments must install traffic systems expensively. Employing blockchain technology could help global national highways to become accident-free zones and it may bring statistics to better understand how people are utilizing public transportation options. Blockchain could also contribute to public transportation with a more functional, streamlined system, and pollution-free system.
- Energy Management
Blockchain technology is technologically potential to transform the energy sector as well even though Energy Management has been an extremely centralized industry for such a long time. This energy industry is continuously introducing several innovations such as rooftop solar, electric vehicles, and smart metering. These innovations bring new use cases that include new business models for energy markets with real-time data management, and moving carbon credits or renewable energy certificates with the support of blockchain.
- Government Records
The management of government services is another area in which blockchain can help decrease paper-based processes, lessen fraud, and increase accountability between authorities and the public. Some governments have already started taking it upon themselves to enjoy the benefits of blockchain technology-based advancement.
Blockchain technology can transform the e-commerce industry by reducing transaction costs and increasing transaction security. Most famous e-commerce companies such as Amazon, Walmart, and Alibaba have already begun utilizing blockchain technology. By keeping time-stamped records of shipping and receiving, both owners and customers can reduce several price-related disputes. To simply put, blockchain can give a massive impact and changes on the following E-commerce categories- technological, legal, organizational and quality concerns and consumer issues.
When it comes to the retail industry, customer trust is the most important factor. If companies apply blockchain technology to increase auditability, transparency, and confidence in every business process, it may be an approach to building trust among payment gateways, retailers, and customers. Blockchain will link consumers to vendors and won’t be needing a middleman with associated fees. Next-generation retail industry will be based on blockchain technology as both retailers and customers need to be more transparent and authentic in buying and selling.
- Real Estate
By applying blockchain, such issues concerning bureaucracy, no transparency, scams and public records errors which are normally faced in the buying and selling process in the Real Estate Industry will be reduced. Blockchain technology can fasten negotiations as the paper-based record keepings will be minimized and related work such as trailing, confirming ownership, ensuring precision of documents and transferring property deeds will be more convenient and efficient.
Blockchain is an advanced way of trust management and can be used to authenticate various types of data in insurance contracts like the insured person’s identity. An oracle can be used to incorporate real-world data with what you call ‘blockchain smart contracts’ and this type of technology is very advantageous for any type of insurance that counts on real-world data.
Blockchain will not only transform how we use the internet but it has the potential to primarily reinvent and redesign business functions on the whole. Apart from the above companies, the business functions of every company are based on a certain process which needs more authentic data management for solving problems. Hence, blockchain providers can focus on solving problems of various sectors. Companies, which aim to become next trendsetters, should rely on providing blockchain-centred services that help them achieve an efficient management and innovative infrastructure.