10 Industries That Changed After Introduction Of Blockchain

10 Industries That Changed After Introduction Of Blockchain

The constant rise of Bitcoins has made Blockchain a technology to reckon with. It seems like the ecosystem of Bitcoin has proven that it is going to stay longer than you can imagine. Apart from cryptocurrency, there are other industries where Blockchain is offering enhanced security and transparency to customers which shows that it is here to stay, doesn’t matter with or without cryptocurrency. So, let’s check out the 10 industries affected by the blockchain in the race to stay for forever.

1. Forecasting

It seems like blockchain is all set to make amendments in the whole tactics of research, evaluation, analysis, checking and forecasting. So, undoubtedly, forecasting is one of the industries affected by the Blockchain.

Augur, an online platform is looking at the bright side and getting involved in creating global decentralized prediction markets. So, it seems like technologies can be applied to various platforms starting from sports, to elections in a decentralized way.

2. Cybersecurity

Cybersecurity is the major and first shield of security of Internet-connected systems from cyber bullies and hackers be it software, hardware or data. From the computing perspective, security and safety comprises cybersecurity as well as physical security. In fact, both physical security and cybersecurity are used by enterprises to safeguard from unauthorized access to computerized system and data centers.

The Blockchain data is confirmed and encrypted using advanced cryptography because Blockchain ledger is public. By using the method, the stored data is prone to fewer cyber attackers.   However, according to future growth, the apps need to be developed with advanced technologies.

3. Banking and Payments

As Bitcoin permits everyone to transfer money across the globe instantly just by paying the minimum charges. So, it reflects like Blockchain is going to do to the same with banking, just as internet did to media. That proves, now everyone can access financial services across the world including the people who don’t have the facility of traditional banking.

In fact, there are various banks (for example – Barclays) that are planning to follow the Blockchain technology to make their business effective, secure and to enhance its operations. As per recent reports, banks are also showing their interest in Blockchain and have initiated participating in various Blockchain projects and startups.

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4. Cloud Storage

Cloud storage can be defined as a cloud computing model where the data is kept on remote servers accessed from a cloud or the internet. The data that is stored on a centralized server is integrally vulnerable to cyber attackers, human blunder, and data loss. Adopting the Blockchain technology can make the cloud storage more effective and efficient against hacking.

5. Insurance

Most of us are aware that the global insurance market works on trust management. Just like the other fields, now Blockchain is also used to manage trust. In fact, Blockchain confirms various types of data in insurance contracts such as verifying the identity of the insured person. Moreover, insurance management has plans to utilize Oracles to integrate real-world data along with the Blockchain smart contracts to get the most out of the process. Certainly, the latest technology will be beneficial for majority of the insurance that works on real-world data such as crop insurance.

6. Real Estate

Blockchain technology can make the process faster, capable of reducing the risk of fraud and offer complete transparency. People are often fooled and duped out of money in real estate, if not careful.  Fortunately, Blockchain has the ability to record each transaction and safeguard it with cryptography. Certainly, Blockchain is offers a safe environment to buy your dream house.

7. Retail Business

The various methods of adopting Blockchain technology to retail have started and exciting developments are taking place. Blockchain can easily help the shipment tracking and downloading a virtual resume to track a product at each stage. Furthermore, Blockchain can simply create the record of the handler’s actions, apart from tracking the real-time locality, pressure, and temperature to ensure the protection of the product.

8. Donation

The basic and the biggest dispute of charity industry is corruption and incompetence that is the reason, people who are supposed to get charity don’t get it all. However, Blockchain technology can monitor charity transactions that ensure donations are received by the needy people. Moreover, Blockchain provides ‘radical transparency’ of donations, to make sure that donation is received by the people who need help. It also challenges anonymous cryptocurrency donations.

9. Music and Media Industry

Music piracy is highly prevalent across the globe and has unfortunately resulted in copied content, cut in artist’s royalties and low revenues. To fix the piracy issue, Blockchain is working on offering permanent and undeletable records in a cryptographic form. The platform where the transactions happen across a peer-to-peer network that is verified and computed. In fact, Blockchain is planned to remove the requirement for any third-party or intermediator to handle the information.

There are some startups that are coming up with many ways for the artist to get remunerated straightforwardly from their fans, where there is no requirement of sharing the huge percentages of sales with the record firm and with other platforms.

10. Supply Chain Management

Blockchain technology provides a secure, safe and transparent way to monitor your transactions. This technology allows documenting each transaction in a permanent decentralized record where it tracks labor, costs and additional waste at every point of the supply chain. Using this technology can extremely diminish the time delays and human error that plague transaction today.

So, these are the industries affected by the Blockchain. Don’t you think that it is more than obvious? Given the fact, Blockchain has a lot to offer in each industry such as it is secure, decentralized, transparent, effective and democratic.

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Bhoomika Basera is an analyst and blogger at Systweak Software. She likes to explore and discover latest technological updates and hacks.She is a backpack traveller and loves to explore cities and off beat places!

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