Top Industries that Blockchain is Expected to Disrupt
If there is something that has really changed in the world over the past few months then it is the blockchain ecosystem. This has indeed led to a rapid growth not only in the cryptocurrencies but also Bitcoin. Last year around December 16th, Bitcoin was almost surpassing $19,000 due to the fact that many startups are now entering the blockchain field.
Blockchain can be described as a ledger technology that provides a way that one can record data and transfer data. This means that the costly intermediaries in some of the industries can be eradicated and a leverage on such a technology made. The time frame for disruption of such industries cannot be determined at this moment, there areas that need to implemented first for such disruptions to take place. The following are some of the industries that are most likely to be disrupted by the blockchain ecosystem:
1. REAL ESTATE
Over the past years, real estate has been known to be one of the industries that has been vulnerable to massive corruption and abuse of office. This is due to the fact that record keeping is done in paper work which is prone to mistakes and is hard to maintain. It should also be noted that there are so many intermediaries that are involved in the process which leads to lots of fraud taking place.
Blockchain comes in a solution to some of these problems when the technology is harnessed to fit the industry. What blockchain does is to offer systems that can reduce the manual process that is there and leverage on technology to offer an automated process or system. There are companies that are already tapping into the multi-million real estate market.
When blockchain startups enter such a space, then there will be elimination of rogue elements whose intention is to robe people money in the real estate industry. Blockchain technology will lead to good exposure on the real estate industry and thus attracting investors from around the world.
Government processes all over the world are known to be slow and this is because of errors that are committed by humans and neglect of duties some. As the world is rapidly developing and shaping up, it is important that the future of the nation is not left with a few people with massive power to handle it.
When there are blockchain systems that run smoothly, then politicians will be held accountable and this will also lead to transparency in some of the government offices. The government will turn into a system that will eventually be serving people. Blockchain technology can also lead to the development of systems that will help in increasing the government Intel and data.
Blockchain will also help in solving the biggest headache that United States has been having, election malpractices. Smooth transition into a secure electronic voter system will occur and this will help in eliminating any form of fraud that could take place.
3. HEALTH CARE
Everyone has been talking about amending the health system for some time now but none has ever got an opportunity to come up with some good solution. Most hospitals lack where to store and share health information and this sometimes lead to information leak due to cyberattacks that frequently happen. This makes hospitals to be prone to cyberattacks hence leading to insecurity.
When such backed dated systems are replaced with blockchain technology that will improve efficiency in hospitals and also empower them together with the service providers. This will especially improve with time as new ways of storing data will emerge. Such innovations are expected to disrupt the health sector or industry.
4. INTERNATIONAL LOGISTICS
The logistics industry is a multi-billion dollar industry that is going to turn into a revolution due to blockchain technology. A good company that is already tapping into this technology is Shipchain. This company has gone to lengths and it is already building an integrated blockchain system that will unify the modern supply chain. Through logging transactions via an encrypted ledger, users will have an opportunity and control over their shipment.
The logistics industry is known to be a very complex industry with many intermediaries who happen to be brokers and broke each and every transaction that takes place.