Blockchain technology has emerged as a game changer in several industries. This is because it offers a secure and impenetrable record of transactions that is verifiable without the use of sensitive identifying data. Banking and finance have already been heavily impacted by this blockchain technology. Yet this is only the beginning. Users of blockchain technology can also engage in innovative fund-raising techniques for startups (through utility coins), as well as the creation of a secure and unchangeable ledger to track transactions in a range of industries. Here are a few sectors we expect blockchain will disrupt over the coming years:
Cloud storage has become a key part of the world’s digital infrastructure. However, cloud storage’s reliance on centralized servers makes them extremely vulnerable to hacker attacks. Blockchain technology allows for decentralized storage solutions that are less prone to hacks and threats. Filecoin, for instance, is an important crypto project by Protocol Labs that seeks to reward file hosting endeavors. Known as the “Airbnb for file storage,” Filecoin is only one of many projects that use blockchain technology for file hosting. Other prominent projects in this field include Storj and Siacoin.
The fundamental element of the real estate business is paperwork. Understandably, document security and document handling are huge challenges. Risks include errors in public records and a lack of transparency in real estate transactions. Blockchain technology will be a radical force for change in real estate because it reduces the need for paper-based records. Applications based on blockchain technology have the potential to assist in recording, tracking, and transferring land titles, property deeds, and liens, securely and verifiably, all without relying on single-copy physical document chains that are vulnerable to abuse or mistakes.
Supply Chain Management
Supply chains are crucial in a global market. Therefore, so is ensuring that documentation is accurate all the way along the chain. When engineers apply blockchain technology to handle supply chain issues, it can help minimize delays and human errors. Blockchain-based apps can also be used to measure costs, labor, and the resources used at every point of the supply chain, allowing companies to understand and control the impact that products have on the environment, and finding greater efficiencies. Startups like Provenance, Hijro, and Skuchain are actively working towards tapping into the potential of blockchain technology to revolutionize supply chain management.
Blockchain technology is also expected to transform a number of other industries. These industries include healthcare, human resources, insurance, distributed computing and stock trading. With each new endeavor, it becomes clearer that we are only getting started with how far we can take this innovative idea.