11 Industries that Blockchain Will Disrupt

Blockchain is a distributed ledger technology that underpins cryptocurrencies such as bitcoin and platforms such as Ethereum. It offers a way to save and transfer data that is transparent, secure, verifiable and error-free.

This technology has the potential to be used by organizations that use it in a transparent, democratic, decentralized, efficient and secure manner.

These are some industries already disrupting blockchain.

• VOTING

Probably the most important sector of society that this blockchain will obstruct is voting. The 2016 US election is not the first time some parties have been accused of manipulating election results.

Blockchain technology can be used for voter registration and verification, and for the counting of electronic votes to ensure that only legitimate votes are counted and that no votes can be changed or deleted.

The formation of an immovable and publicly led ledger of registered voters would be a major step towards holding more fair and democratic elections.

Democracy Earth and Follow My Vote are two startups that aim to disrupt democracy by creating a blockchain-based online voting system for governments.

• CLOUD STORAGE

The data on the central server is inherently at risk of hacking, data loss, or human error. Blockchain technology can be used to make cloud storage more secure and robust against attacks. Storj is an example of a cloud storage network that uses this technology.

• INSURANCE

The global insurance market is based on the management of trusts. Blockchain is a new way of managing trust and can be used to verify many types of data in an insurance contract, such as the identity of the insurer.

So-called oracles can be used to integrate real-world data with the Blue Block Kitchen Smart Deal. This technique is very useful for any type of insurance that is based on real world data.

For example, crop insurance- Aternity is a blockchain project that creates tools that are useful in the insurance industry.

• CYBERSECURITY

Although the blockchain ledger is publicly available, data is verified and encrypted using advanced cryptography. This makes the data less susceptible to hacking or changes without authorization.

However, blockchain-based applications are still young, and there have been several hacks in the past few months. Future applications must grow on this.

• FORECASTING

The blockchain is set up to change the entire focus of research, advice, analysis, and forecasting.

Online platforms like Augur want to create decentralized and global forecasting markets. These technologies can be used to place and monitor bets on everything from sports to stocks to voting in a decentralized manner

• BANKING AND PAYMENTS

Some say that blockchain does what the Internet has done with the means for banking. It can be used to provide access to financial services to billions of people around the world, including third world countries that do not have access to traditional banks.

With Bitcoin, anyone can send money across borders almost instantly at relatively low rates. Abra is one of the startups working on bitcoin-based money transfer services.

• CHARITY

Common complaints about charities include incompetence and corruption. This prevents the money from reaching what it should. By tracking your donations using blockchain technology, you can be sure that your money is in the right hands.

The use of safe and transparent decentralized palm oil by bitcoin-based charities such as the BitGive Foundation blockchain forces donors to verify that the desired party has received funds.

• ONLINE MUSIC

Several startups are offering ways for musicians to be paid directly by their fans, without giving up significant percentages of sales to platforms or record labels.

Smart contracts can also be used to automatically resolve licensing issues and better catalog songs with their respective creators.

• ENERGY MANAGEMENT

Energy management has long been a highly concentrated industry. Energy producers and users cannot purchase directly from one another and should bear public grid or trusty personal intermediaries.

Transactive Grid is a startup that uses Ethereum to allow customers to buy and sell interactive power in a peer-to-peer way.

• HEALTHCARE

Another industry that is highly dependent on genetic systems and likely to be disrupted is health care. One challenge for hospitals is the lack of secure platforms for collecting and sharing data and they are vulnerable to hacking due to outdated infrastructure.

Blockchain technology allows hospitals to securely store data such as medical records and share it with authorized professionals or patients. This data improves safety and also helps with the accuracy and speed of diagnosis.

• INDUSTRY

If your industry deals with data or any type of transaction, this is an area that may be blocked by blockchain technology. The space is open and there are many opportunities.

Thanks for reading!