The Blockchain is one of revolutionary and promising technology, Blockchain is a distributed ledger technology that underlies cryptocurrencies like Bitcoin and provides a way to record and transfer data that is transparent safe auditable and resistant.
It’s like a decentralized server based on cryptography, and have a wide range of usages.
You think blockchain means Cryptocurrencies hey wait it has more usages than you think yes it is usable for HealthCare, Transport, Real estate even in a Voting system.
Let’s See Which are those 20 Industries…
Banking and Payments.
You already knew that now blockchain most used in cryptocurrencies, these digital currencies main aim is to eliminate the middleman for money related transactions.
Blockchain technology can be used to give access to financial services to billions of people around the world including those in third world countries who don’t have access to traditional banking technologies like Bitcoin allow anyone to send money across borders almost instantly in very low fees.
Supply Chain Management.
With the help of blockchain now companies can easily monitor their products or services Supply chain in the blockchain, every transaction recorded and monitored securely and transparently.
This can be used to monitor costs labor and greatly reduce time delays and human mistakes it even monitors waste in emissions at every point in the supply chain this has serious implications for understanding and controlling the real environmental impacts of products.
Blockchain can also be used to verify the authenticity or fair trade status of products by tracking them from their origin.
The blockchain is changing the entire prediction industry by going decentral way, it can change the entire approach to research consulting analysis and forecasting.
Decentralized prediction market technologies can be used to place and monitor bets on anything from sports to stocks to elections in a decentralized way.
Online platforms like Augur are looking to create a globally decentralized prediction market.
Now everything in form of data that means security measures can be taken seriously, blockchain uses encryption methods to store and transfer of data that means the data is less prone to being hacked or changed without authorization.
The blockchain eliminates the need for middlemen making it more efficient than many legacy systems in cybersecurity.
Internet Of Things.
Blockchain eliminates the need for a central location to handle communications between IOT devices, the devices would be able to communicate with each other directly to update software manage bugs and monitor energy usage.
IOT devices do not need any company to manage, lookup security and updating process.
If data is stored in the centralized server it is vulnerable to hacking, data loss or human errors.
With the help of blockchain, we can build a decentralized data storage space with more secure and robust against attacks.
The insurance market is based on trust management, blockchain is very helpful to verify various types of data in the insurance contract like insured person identity.
So-called Oracles can be used to integrate real-world data with blockchain smart contracts, this technology can be used for any types of insurance that relies on real-world data for example Crop Insurance.
Blockchain can be used to build a decentralized peer-to-peer Ridesharing Apps, apps that connect user and owner or driver directly not by any middleman like Uber.
Also, blockchain based E-wallets can be helpful for owners to pay for fuel, parking charges, and tolls, and users to pay traveling expenses.
In charity space, the main complaint is inefficiency and corruption which prevent money from reaching those really meant to have it.
With the help of blockchain technology, we can track the donations to be sure that your money is going to end up in the right hands.
Voting is a most important area of society, remember 2016 US election..? but that is not the first time certain parties were accused of rigging election results.
Blockchain technology usable in voting registration, identity verification, and electronic vote counting to ensure that only legitimate votes are counted and no votes are changed or removed.
Creating a public viewable ledger of recorded votes is a massive step forward to make elections fairer and democratic.
You already known government systems are slow and opaque, corrupt. By implementing a blockchain based system can reduce bureaucracy and increase security efficiency transparency of government operations.
For example, Dubai is aiming to put all its government documents on the blockchain by 2020.
The public benefits system is also suffering from slowness and bureaucracy, blockchain technology can help to distribute welfare and unemployment benefits in a much more secure way.
Now, most of the hospitals are facing a problem of data security, data storage like their medical reports and patients information, and secure way of data sharing sensitive data, they are also victims of hacking many times because of outdated infrastructure problems.
The blockchain is providing a way to store data safely and share those with the authorized professionals or patients, this improves data security and even data accuracy and speed of diagnosis.
You shop in your retail distributor with a blind trust that products are good and fulfill your needs, sometimes products just not full fill your needs.
With the help of blockchain retail utilities work differently because of they connect buyers and sellers without any middleman and associated fees, in these cases trust comes from the smart contract systems, security of exchanges and built-in reputation management systems.
The energy management industry is highly centralized industry, energy producers and users cannot buy directly from each other and they have to go through the public grid or trusted private intermediaries.
Blockchain allows customers to buy and sell energy directly from each other in a peer-to-peer way, like Trans Active Grid
Musicians are not getting profit as per sales, with the blockchain technology they can get paid directly from their fans and the smart contract can be used to automatically solve licensing issues and better catalog songs with their respective creators.
This blockchain benefit can eliminate artists go to record companies and pay a large amount of their album profit.
Real Estate industry also suffering from bureaucracy, lack of transparency, fraud, and mistakes.
Blockchain can increase the speed of transactions by eliminating paper-based record keeping system, it can also have tracking and verifying of property ownership, ensuring the accuracy of documents and transferring property deeds.
Crowdfunding is one of the popular methods to raise funds from people to new startups and projects, crowdfunding platforms exist to create trust between project creators and supporters but they also charge high fees.
In blockchain based crowdfunding trust is created through smart contracts and online reputation systems, which removes the need for a middleman, the new project can rice the fund by realizing their own token that represents value and can later be exchanged for products services or cash, also many startups are raising millions of funds through this method.
Movies released in a theater with the help of distributors and online platforms like Netflix, that cost a lot of money and also piracy is a one of a major problem to the industry.
With the help of blockchain movie makers can directly contact to theaters, and reach the audience directly and the smart contract can be used to automatically solve licensing issues so this all happens in low cost that means privacy can be controlled.
There is two side of everything and also blockchain can take away many employment opportunities and also open the door to new opportunities for examples blockchain developers, and blockchain consultants are needed to implement any blockchain projects, also blockchain can take away more opportunities in banking, cybersecurity, charity and many other fields you already know.
These are some of 20 industries that can be changed by adopting blockchain.