4 industries that will greatly benefit from blockchain technology
Blockchain technology took the world by storm in 2008 and is now an integral make up of cryptocurrencies. Desirable features of blockchain technology include decentralization, transparency and immutability, which makes it incredibly appealing for business sectors who deal with private and secure information. If you’d like a breakdown of blockchain technology and how it works, check out our blog post on it here. Then quickly come back to this post.
We’ve rounded up some of the top industries that, if not phasing in blockchain technology already, will soon be dedicated users of blockchain technology.
The Real Estate industry is huge and will continue to grow; we all need a home to live in after-all. In a recent report, real estate advisor Savills estimated that the value of the world’s properties totals to a whopping $217 trillion and residential property makes up around 75% of the total value. To put those numbers into perspective…
“…The total value of all the gold ever mined is approximately US $6 trillion.” — Yolande Barnes, Head of Savills world research
Any industry that involves handling data that is both private and worth value could potentially benefit from blockchain technlogy, and that’s exactly where blockchain could help real estate. With blockchain, all the data regarding home owners, tenants and landlords can be secured and stored on an online encrypted platform, which would save time, reduce hassle and decrease breaches of data.
Most people often assume that blockchain and banking are conflicts of interest and shouldn’t work well together which isn’t true. Blockchain technology will allow the banking sector to record data regarding transactions in a much more secure way. Millions of people lose money to fraud from their own bank accounts and blockchain will provide a way to help alleviate this issue. It may take some time to convince those who are used to traditional methods of banking though; according to a PwC report, 24% of financial executives from all around the world are very familiar with blockchain technology. It may happen sooner than they think; according to Global Fintech Report 2017, 77% of Fintech institutes expect to adopt blockchain by 2020.
If you’re a 70’s, 80’s or 90’s baby you’ll know that the way we consume music pretty much changes every other year; we’ve gone from vinyls, to walkmans, to CD players, MP3 players to now having online music streaming apps such as Spotify and iTunes to download our own songs to our smart phones. We’ve witnessed a lot. So what’s the music industry’s next move? Many music artists prefer the idea of being independent rather than signing up with a record company and with blockchain technology, music artists may soon be able to receive payments in a decentralized network from their fans directly without third party involvement.
If any industry is affected the worst by data breaches, the healthcare industry arguably have the most disastrous effects. Blockchain technology can provide the healthcare sector with much safer platforms to store as well as share data about patients and ongoing prescriptions. Blockchain technology will decrease the probability of breaches because all data on the blockchain would be encrypted.
Which other industries do you expect to see adopt blockchain technology? Comment below and let us know.