Next year marks ten years since the inception of Bitcoin. Since then, it has gone from obscurity to the front pages of major publications around the world. Perhaps even more interesting than Bitcoin itself is the blockchain, the public and distributed digital ledger which keeps a record of all transactions done in Bitcoin.
While the volume of Bitcoin transactions continues to rise, the popularity of the blockchain has grown as well. The technology is being embraced in ways few could have imagined back when Satoshi Nakamoto published a little known white paper on the topic.
Here is a list of the 7 industries that Blockchain technology is disrupting and the industries that Blockchain is poised to change. Many industries will benefit from cryptocurrencies. The technology may also be used for other applications. Here are seven that are embracing the change.
Banking is the industry that will be affected by blockchain the most. This should come as no surprise. According to some experts, blockchain will cut the costs of financial intermediaries by $20 billion a year.
Distributed ledger developer Axoni states that Wells Fargo, J.P. Morgan and countless other banks are investing heavily in blockchain.
“Deploying distributed ledger technology in production at this scale is a watershed moment for the industry. The combination of technology and business expertise being contributed to this project from across the participating firms is unparalleled and the benefits are clear.”
The cybersecurity industry is also being disrupted by blockchain. Over 40 years of research on cybersecurity has led to the development of blockchain.
Blockchain is changing cybersecurity industry in a couple of ways:
- By eliminating the middle man in financial transactions, it reduces the number of possible links for hackers to exploit.
- It may shift the focus on safeguarding consumer devices, since many Bitcoin wallets are stored directly on their machines.
- Increasing the number of financial transactions requires cybersecurity professionals to develop new ways to monitor them.
The cybersecurity industry will both be affected by blockchain and shape blockchain in the coming years.
Academia is possibly the last industry that you expected to be changed by blockchain. However, The Holbertson School started using blockchain to verify educational credentials of applicants in 2015.
Other colleges may also start using blockchain to verify student credentials. Louison Dumont, the founder of Bitproof, a company that uses blockchain for document authentication, states that it will significantly improve efficiency of the admissions process.
“The blockchain is well known for storing Bitcoins transactions because it’s a decentralized, authenticated and hardened against tampering storage systems,” said Dumont. “Naturally, it also makes a perfect place to store academic certificates.”
4. Election Management
Preserving the integrity of elections is a major concern for people across the political spectrum. However, some of the proposed solutions have created a lot of controversy. Many people have vehemently opposed voter identification laws because they could disproportionately harm disadvantaged minorities.
Many people have proposed electronic voting as a solution. However, that won’t be viable until two conditions are met:
- People can track their vote without letting it be compromised.
- It as secure as possible.
Blockchain algorithms may be the solution they need. Nathan Hourt, founder and CTO of Follow My Vote, said that blockchain will arguably make voting much more secure than paper ballot voting. He states that when used on a large scale, paper ballots are very difficult to track. It becomes much easier for a scammer to commit election fraud. By allowing people to track their own votes, they can detect any discrepancies.
5. Supply Chain Management
Time delays and human error are two of the biggest problems with supply-chain management. Fortunately, both of these problems can be addressed with blockchain. Wholesalers, manufacturers, and buyers can all access transaction records through a decentralized ledger. They can identify problems with the purchase and make sure it is being processed on time.
6. Web Hosting
Web hosting providers are relying more extensively on cloud computing. However, while the cloud is extremely scalable and cost-effective, there are still some major concerns about security. Cloud hosting providers can leverage blockchain to make sure customer data is better protected.
Since the invention of Napster, technology has been a major disruptor to the entertainment industry. In recent years, VPNs have enabled customers to access their favorite content while traveling abroad.
Blockchain is the most recent technology to disrupt the entertainment industry. Some entertainment companies have started using blockchain to pay artists directly, which is a more efficient solution for everyone.
Blockchain is Disrupting Many Industries Beyond the Financial Industry
Blockchain has touched countless industries in unanticipated ways. It will continue to be a disruptor in the near future. What other industries do you think it will affect?
Guest Author: Monika Tudja
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