Which Industries Will Blockchain Revolutionize?

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FinanceX

4 min readNov 12, 2018

It’s not so easy to find someone who hasn’t heard of Bitcoin in 2018. During the bull market of late 2017, Bitcoin got a tonne of media exposure as it soared up to very near $20,000. Not so well-known is the technology behind Bitcoin, which is the basis of its independence and perceived value.

Blockchain technology is a digital distributed ledger in which information is transfer without the need for a third party or middleman. In the case of Bitcoin, blockchain confirms transactions from two willing parties without traditional banking intervention. Information cannot be deleted or modified and everyone involved has access to its history.

The utility of blockchain technology reaches much further than just Bitcoin and other cryptocurrencies. Many industries can and are benefiting from the implementation of the technology for improved speed, security, transparency, and the decentralized nature helping businesses in the transfer of everyday information.

In this article, we look at some industries that can gain dramatically from the application of blockchain technologies.

What industries can benefit from blockchain application?

Consumption

Fake and misleading information in regards to retail and foods products presents trust, health and safety issues in the industry. The retailer and consumer need accurate and honest information to establish who, where, how, and when the product was made for authenticity. Implementation of blockchain technology will improve transparency, simplicity and food safety standards as goods move across borders and trading zones. Invoicing times and costs can also be cut by at least half.

Education

A number of technology and engineering colleges have begun providing courses introducing blockchain for their students. For the education industry itself, blockchain will also have its own applications. Thanks to transparency and confidentiality, (keeping personal records, internal transcripts etc.) is sure to be much simpler. Large documentation cabinets containing information of the school year are a thing of the past. People faking qualifications will be found out as all education information will exist on the blockchain. Fake entries can’t be confirmed and the blockchain can’t be edited. Schools and universities will be able to collaborate and information can be transferred quickly and easily. All information is transparent and cross-checked. Also, a student attempting to get in to a course based on grades can be instantly accepted upon achieving those grades!

Manufacturing

For manufacturers, blockchain has a lot of management implications. When the technology of the 4.0 era is in place, product creators will know where their goods are being shipped, whether they have been sold or not, and how much and when the product will expire. One more application is the application of blockchain to supply chain management where producers can better control raw material inputs in terms of quantity, quality, and type limiting risks of disatisfaction at the other end.

Banking and Financial sector

FinanceX cryptocurrency trading platform utilizing blockchain technology to develop a future decentralized exchange

Bitcoin, Ethereum or other cryptocurrencies being traded on the market today could well be the future of currency. A currency with a limited supply where inflation and interest don’t exist. Sounds sustainable, right? The process of carrying out financial transactions is often slow, expensive, and requires a third party. When using blockchain, you can reduce the time and cost of performing those transactions. In addition, the security of banks in recent times has also been in question and blockchain with its high security features can handle it well. Banking records will be safer and the nature of it will be decentralized. Without a central vault, there’s minimal risk of a collapse.

Healthcare

Blockchain might not cure cancer (although that is yet to be proven either way), but the application of blockchain in healthcare could make a doctors job much easier and avoid unnecessary risks. Paper records are a thing of the past but even today’s computer storage of patient information is difficult and time consuming to access, potentially tragic in an emergency situation. On the blockchain, health records can be accessible regardless of changes in doctors, insurance, or countries. Your information will be available from the day you were born until the day you die.

Government

Hacked elections and rigged votes have created huge problems in the world as recently as the 2016 US election. There have been many other famous instances including 2000’s “hanging chads” controversy. Implementing blockchain techonology would confirm identities, keep an accurate record of registrations and tally votes. Blockchain could also help to reduce corruption in government and make information more transparent and accessible to the people they serve. Government funds could be released automatically in some cases when certain criteria is met through the use of smart contracts.

Conclusion

Blockchain is in the best interests of trust and transparency and will also reduce time and costs making it attractive to businesses. In my view, many governments will be reluctant to embrace blockchain for everyday use and voting due to its transparency and decentralized nature. Relinquishing control is something some governments will be unwilling to do. Blockchain really is a revolutionary technology and will make the world a better, more efficient place!

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