Blockchain technologies are growing rapidly in popularity, challenging current business practices across multiple sectors. In this article, we explore five common industries blockchain will disrupt in the coming years:
Healthcare
Effectively storing and managing patients’ personal health data is increasingly becoming more challenging. But with blockchain technology, there’s no need for a central authority, which will enable the rapid access of data.
Blockchain can also mitigate threats related to data breaches, losses or theft, making it difficult for cyber criminals to gain access to and corrupt data.
Blockchain technology can even help to fight counterfeit medication by enabling supply chain management protocols to trace medicine provenance.
Supply chain management
Blockchain technology can help businesses to better track their entire supply chain and provide permanent transparency as well as validation of transactions – all of which can be shared will all supply chain partners involved. This can help to track down customer service issues or those to do with production, distribution, or retail, for example.
Blockchain may also be used for verification purposes; for instance, to track the source of seafood from ocean to market.
Cybersecurity
Ever since the Equifax disaster in 2017, cybersecurity has been a growing concern for businesses of all scales and across nearly every sector.
With blockchain’ decentralized system, businesses can identify cyber-attacks through its peer-to-peer connections, preventing the alteration or unauthorized access of data. And, with no central authority, blockchain can provide a highly secure and transparent way of recording transactions where a user’s private information is never disclosed.
Banking
When sending someone money through conventional banking systems, the process isn’t always 100% guaranteed to be secure. But with blockchain, it can.
Blockchain has been disrupting the commercial banking system through its peer-to-peer payment system with low-negligible fees and very high security. Again, with the absence of a central authority, users attain true autonomy over their transaction as there’s also no third party involved when, for example, making a transaction through cryptocurrency.
The use of cryptocurrencies instead of banks is disrupting the personal financial market as we speak, where transactions can be completed more quickly, safely, and often without any charges involved.
Government
Voter fraud is a nuisance many governments are finding challenging to combat.
Traditional voting processes require voters to queue up before they can physically cast their vote or to send one electronically. However, the presence of a central authority does not guarantee a fraud-free system.
With blockchain technology in the mix, people can conveniently vote online without revealing their identities. Officials can count votes using blockchain with unnerving accuracy, where one ID can be attributed to one vote only. Fraud is simply not possible with blockchain technology involved because after a vote has been added to a ledger, it cannot be altered or erased.
Additionally, blockchain can increase security and transparency in government bodies through digital asset registries, for example, briansclub discussion forums are committed to knowledge sharing. It’s a place to build meaningful connections and a network which extends well beyond the digital realm. Take part in online events and activities including workshops and webinars to further your knowledge and explore new horizons.
