Blockchain technology is one of the most significant discoveries of the recent years. It facilitates decentralized transactions within a P2P network, cutting off the middleman. This aspect brings lots of benefits to the table – like almost instantaneous operations, low fees, security, and privacy.
Many industries are expected to benefit in various ways from blockchain. In fact, a lot of them have already started using the technology and some companies have a standing blockchain team even though they are yet to incorporate it into their operations.
The team behind Bitfortune.net has released a new infographic expounding on what the technology is all about and the industries that have already employed it, as well as the many advantages that should be expected. They take us through 16 different fields where blockchain is transforming the way things work and go on to mention companies as well as the advantages they get.
Industries Influenced by Blockchain Technology
In a nutshell, blockchain technology is set to revolutionize banking and finance, cyber security, private transport and ride sharing, voting, charity, healthcare, and crowdfunding among others. It is easy to see how blockchain will benefit most of these industries. However, some of them came as a surprise and others have simply exceeded expectation.
For instance, in voting, blockchain is beefing up security and enforcing integrity as well as transparency. Earlier this year, Sierra Leone became the first country to run a blockchain-based election. They stored votes in an immutable ledger, allowing instant access to the election results. Russia too tested blockchain to protect the 2018 presidential exit poll. Inspired by the same quest for fair elections, a startup called Follow My Vote has been formed to build a secure online platform to enhance election transparency. And, there are more businesses getting founded along the same lines.
In healthcare, the tech is expected to facilitate the availability of complete medical records to be accessed by physicians, offer tamper-resistance storage of medical histories, and reduce time while increasing efficiency in providing quotes. Various startups (such as PokiDok and MedRec) have already been formed to provide a secure network for storing and accessing patients’ data.
In the transport industry, Arcade City and Chasyr allow drivers to build their own transportation businesses and set rates independently. Another company, LaZooz, is helping drivers to utilize unused space in the car through a number of smart transport solutions. As the technology matures, we will get to enjoy reduced time for lease/rent/procurement, direct connection between riders and drivers, and transparency of customer base among other benefits.
Blockchain Is Bound to Make an Impact on Various Industries
This is arguably the most disruptive discovery of the 21st century. It is bound to have an impact on almost everything that can be done over the internet. Even online music! For one, BitTunes provides a bitcoin-based peer-to-peer file-sharing platform that empowers ordinary people to have their own distribution channel. Blockchain is expected to improve the way we listen to and pay for music by transforming publishing and changing its monetization.
This detailed infographic offers insight into the applications of blockchain in sixteen industries, as well as predictions for what the future holds. They are confident that blockchain is going to shake up many fields, and that the process has already begun.