There has been a buzzword that has been doing the rounds across multiple industries these days and that is “Blockchain”. Everyday, you come across news about how Blockchain would transform the healthcare industry, why some industries hate this technology and so much more. Before we get into the details, what is Blockchain?
If you do not already know the answer, it is just the concept of transferring and sharing data in a digital form without really owning or storing a copy in the process. It is all about cryptocurrencies and other such digital currencies that are now being traded by people all over the world, arduously.
So are all the industries going to be affected?
This is the type of technology that is expected to disrupt almost every industry that allows the penetration of technology, the penetration of internet. When you buy cryptocurrencies you own them without really owning anything. That is the whole point of going. It removes the physical bulk and simply focuses on the value. Here are the major industries that are going to be transformed because of the incorporation of blockchain technology:
Evidently the first one on the list is the one industry that deals with the currencies all over the world. World banks are now oscillating between tapping the potential of the new technology to the skepticism of integrating it in the existing system. We cannot deny the fact that Blockchain technology would result in quicker and cheaper transactions. This would enhance the efficiency of the banking systems. The banking industry is still one of those industries where there is a huge percentage of human errors and the results are expensive too. Authentication process is crucial and the money spent on this could be saved with the efficient use of Blockchain technology.
The healthcare industry is definitely not something that would come to your mind immediately when we talk about Blockchain but the truth is basically any industry that involves the collection and maintenance of huge volumes of data would find this technology to be beneficial. The healthcare industry has suffered from data leaks and breeches multiple times. To make the system more secure and to make interoperability easy Blockchain helps in simplifying the process of data sharing without the security risks.
3. Supply chain management
Talk documentation then the supply chain management is one that comes to your mind as the maintenance of centralized records is of prime importance in this industry. Tracking the transactions is not an easy task in supply chain management and this trend can be broken when Blockchain technology is used. Digitization of the records including the creation of a virtual ID for the physical assets and then the establishment of the links between them would all change the game altogether!
In an age of the ever increasing incidents of cyberattacks, creating a system that is resilient to cyber-attacks is a challenging task. Real time monitoring of the vulnerable areas and thus detecting the attacks is one thing that the introduction of Blockchain in cybersecurity can do. The other strategy is, as we have already seen, removal of the authentication procedure is a way in which this technology would impact the security. If there is no password, there is nothing to hack. There would be a centralized system where there is just one point to enter and this would reduce the number of weak points to identify and the number of entry points for the hackers. In the end the data being shared across the social media platforms, messaging applications can all be made secure as well.
You heard that right! The music industry is among those that have noticed the first changes due to the integration of blockchain in the system. In the music industry the main issues observed are in terms of the royalties and digital rights. The “struggling musicians” would not be struggling anymore to make good money for their work. Earning the ownership rights would not be a difficult task anymore. By removing all the intermediaries and strengthening all the licensing management strategies blockchain would benefit the music industry, the online music in particular and the musicians. Even financial transactions would be made easier with this.
The level of transparency that one obtains with the blockchain technology is something that is hard to come by. This thus makes the technology a long term solution to store and maintain customer data. This would later make the insurance claim processes smooth for the insurance companies as well as for the customers. The repeatability you get in blockchain is unparalleled. And in the end, along with the transparency there is also a strong encryption of data which also helps remove the step of authentication which might sometimes turn out to be a weak link in the chain.
With every election the problem of voting machines being rigged keeps occurring. Digitization of the votes made counting and interpretation of the election results easier. But then there were other issues. When blockchain is integrated in e-voting systems then it would make it easy for the voters to verify their identities and cast their votes. This would help remove the miscalculation errors in counting the votes.
8. Real estate:
The real estate market is going to benefit a great deal from the blockchain technology. There is a lot of documentation involved in the real estate market. Including name transfers there are several steps where intermediates are involved as well. Blockchain in real estate would make the whole transaction quicker and more transparent. Escrow companies and their services would no longer be required in rea estate if blockchain is predominantly used.
Besides the above industries, retail, forecasting, crowdfunding and almost every other industry that now relies on digital payments would soon be seen to reap the benefits of blockchain technologies and change the way people do their research and share the information.