Blockchain technology is on the rise. It is already gaining more traction across different key industries than you might think. And since our endeavours deal with data in multiple aspects, the chances are that this technology will bulldoze its disruption through the current status quo.
In this article, we take a look at banking and five other industries that blockchain technology is set to radically disrupt very soon, if not already.
Banking And Finance
It is no surprise that banking is the most talked-about industry whenever one mentions blockchain disruptions. This is especially true given that a lot of fraud and security risks that banks are facing are the core issues that blockchain seeks to resolve.
It is no wonder that major banks such as Barclays have started rolling out processes to adopt the technology.
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If you were concerned that your medical records would fall into the wrong hands, blockchain has given you a reason not to be.
A number of medical institutions have already made the switch to using a blockchain-based data storage of medical records, and many more are bound to follow. This move will facilitate safer storage and verified retrieval of patients’ medical records, in addition to authorized access by healthcare professionals and patients.
Media And Entertainment
Intellectual property theft has been going on unabated for a long time. Moreover, fake news has been a hotbed of conspiracies and controversies.
With the adoption of the blockchain technology by media outlets, the authentication, appropriate award, and management of innovative creativity in the entertainment sector is going to change for the better.
Supply Management and Logistics
The supply and logistics industry has fallen prey to human errors, malpractices, adverse processes, and fraudulent transactions. These have contributed to a lot of losses and time wastage, which is something that Blockchain technology can easily rectify if properly implemented.
The technology will allow businesses to document and record transactions as well as stocks in decentralized ledgers, which also creates room for secure and transparent monitoring of the shipped goods.
The real estate is yet another sector that has suffered heavily from fraudulent activities, money swindling, and an array of other criminal offences.
You can expect a sudden death knell on these activities in the future of real estate industry with simplified verification of documents, speedy transfer of deeds, smart contracts, and transparency in the whole transaction process.
There has been an increase in campaigns for crowdfunding as a credible source of funds for startups. Unfortunately, crowdfunding charges exceptionally high fees, with many cases of understatement of raised funds being experienced.
It is only a matter of time before we see blockchain technology becoming standard that will mitigate such unwanted scenarios. This technology provides transparency hence ensuring that all participants receive due funding.
Blockchain is here to stay, and its level of disruptions is only at the initial stages. Although the banking sector seems to face the most imminent disruption, a lot more companies are on the same path.
Infographic URL: https://bitfortune.net/blockchain-disruptions-infographic/