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10 Industries That Blockchain Disruptions Will Radically Transform

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Olawale Danielhttps://olawaledaniel.com/
Olawale Daniel is a business builder and psychologist, a network marketing professional, a world-class motivational speaker, a successful internet entrepreneur and a digital media strategist interested in all things mobile and digital — start-ups, media, branding. He started TechAtLast back in 2010 as a platform to quench his thirst for latest technologies. As a motivational speaker and author, Olawale has published several motivational and personal development books and he's currently working on "SUCCESS AHEAD - Don't Quit" which is billed to hit the stand by Q4 of the year. He writes regularly on his personal website on motivation and personal lifestyle and tips for network marketing success, OlawaleDaniel.com. His latest book on How to Sponsor More People in Your Network Marketing Business is still one of the best sellers in its category. He's presently working as a Health and Wellness consultant at BURN SLIM TRIM Inc., a firm that helps people regain their perfect lifestyle through state-of-the-art recent discoveries way back from nature. He's also the brain behind FOBCourse, a business university for startup entrepreneurs in Africa.

Blockchain is a disruptive technology. In fact, the name comes from its ability to decentralize, secure, incentivize and digitize the validation of transactions. A vast majority of industries are already looking into the possibilities of blockchain to see whether or not it can make a strategic difference in the traditional way they do business.

Soon to be disrupted industries include but are not limited to cybersecurity, banking, real estate, crowdfunding, transport, online music, energy management, healthcare, voting, and retail. The reason why blockchain disruption is gaining a lot of traction is that it is set to transform the above-listed industries radically.

Blockchain and Industries:- 10 Industries That Blockchain Disruption Will Radically Transform

Blockchain Technology
There are lots of misconception about blockchain technology which might ages to recorrect. Many sees it as the new DOT COM bubble that would soon blast while some people see it as the next disruption that would would channel us into the next chapter of human race. On the other hand, some other people sees it as a baby lacking motherly care, hence they seek for it to be censored so the baby won’t go wayward. However, the bottom line remains that, blockchain technology is here to stay and it might mean diverse things to many people at different time – but you learning about the right perspective of it would be to your own good.

Cyber Security

Experts in cyber security are increasingly starting to evaluate and assess how blockchain technology can address the issues of cybersecurity around the globe. This tech has the mechanism to change the traditional systems data security by creating a distributed network for storing and maintaining data. In the same industry, data will be secured by using advanced cryptography thus making it impenetrable and resistant to unauthorized changes and hacking.

Banking

In the banking industry, as well as many other financial institutions, the blockchain tech can be used to provide cryptographically secure ways of sending digital assets, without having to rely on a third party or intermediary.

Moreover, smart contracts are set to automate and digitize tedious processes currently experienced in the banking industry such as compliance, claims processing, and distribution of will contents among many other processes. The main aspects of the banking industry that will be targeted by blockchain disruptions are payments, fundraising, clearance and settlements, loans and credits, and securities.

Real Estate

Blockchain technology is also already being experimented by sellers, renters, and buyers of real estate. This is done to trim the cumbersome middlemen from the industry. By migrating all the paperwork containing records of buying and selling of houses to blockchain databases, the byzantine process can be transformed into a straightforward transaction.

This will ensure that all parties have access to applicable documents. In addition, smart contracts can be verified and time-stamped, and they’ll help reduce fees and costs of buying and selling of homes.

Private Transport & Ride Sharing

Private transport and ride-sharing industry experts expect blockchain technology to bring about travel efficiency and reduce transport costs in the industry. The potentials of blockchain disruption to solve the many problems faced in the transport industry are undeniable. These include things like transportation of perishable goods that are temperature controlled, reducing processing and administrative costs, and expediting dispute resolution.

Furthermore, blockchain can be used to create decentralized peer-to-peer ride-sharing apps. This will allow car owners and riders to set the terms and conditions in a more secure platform.

Crowdfunding

Startups and projects have found an easy and reliable way of raising funds in crowdfunding. The revolutionary technique has been developed to create trusts between entrepreneurs and supporters. However, the crowdfunding has one major downside, and that is the excessive fees they charge.

Blockchain-based crowdfunding promises to bring out smart contracts that do not need the trusts needed in the traditional crowdfunding systems. Through this, new and upcoming projects can issue their own tokens which are exchanged for services, products or cash.

Healthcare

The healthcare industry which heavily relies on legacy systems is also more than likely to be disrupted by the blockchain innovation. The reason why blockchain is set to be adopted by the entire healthcare industry is that hospitals need a secure way to store and share data, something that blockchain can facilitate with ease.

Blockchain technology can help hospitals share data with medical professionals, and patients can decide and authorize what data can be shared and what cannot be shared. This will help improve the accuracy and speed up medical diagnosing.

Online Music

Blockchain in the online music industry is set to take center stage in the creation of the digital rights database. The issue of digital rights has been a major concern in the music industry because things such as identifying copyrights of a song and defining the split of royalties between songwriters, performers, publishers, and producers is difficult.

Often, artists lose out on royalties due to a complicated copyright environment, but blockchain disruption is about to change all that. The immutable blockchain ledger system can ensure that no single entity claims ownership, thus providing an effective solution to the problems rocking the online music industry.

Energy Management

The energy industry is also facing a major radical disruption from the blockchain startups. This is the likely scenario given that the energy management has been a highly centralized industry for quite some time now. With blockchain disruption in the picture, energy providers and consumers will be able to buy directly from each other instead of having to go through a public grid system.

Voting

Society will also be on the receiving end of the blockchain innovation considering that it will likely be adopted in voting systems. This technology can be applied in the registration of voters, verification and counting of votes.

Retail

A number of retailers are already using bitcoin as one of the accepted means of payment. Although consumers are adopting it at a slow pace, this is expected to change with major retailer investing in the blockchain technology. Blockchain disruptions in the retail industry has its host of advantages including cheaper processes compared to credit cards, quick and fast transactions, transparent records, and secure payments.

The infographic we used as our source for this article shows that the blockchain technology revolution is not going away anytime soon. More so, all conditions pointing out that it is about to disrupt nearly all industries as we know them. It is only a matter of time before industries adopt it on a full scale.

 

10 Industries That Blockchain Disruptions Will Drastically Transform
Talking about blockchain disruptions and its likely recipient of its disruption in the next couple of years to come, here we have the ten industries that Blockchain disruptions will drastically improve and transform.

Infographic URL: https://bitfortune.net/blockchain-disruptions-infographic/

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