Five industries that blockchain will revolutionize
Bitcoin is on the rise, and blockchain is taking the tech world by storm. Companies and entrepreneurs are popping up left and right with ideas for ways to apply this amazing technology to new industries. But where is blockchain technology making the most progress? What industries is it poised to change the most?
Banking has been a pillar of civilized society for centuries now. However, the industry could be shaken to its core by blockchain technology. Banks serve the purpose of regulating the storage and transfer of wealth. However, blockchain serves the same purpose, and some banks are already experimenting with the technology in an effort to increase efficiency and security while lowering costs.
With all the talk about hacked elections and vote rigging, the this sector sorely needs a method for regulating votes securely and safely. Luckily, blockchain can be adapted to serve this purpose. Think of each individual vote as a transaction in the blockchain ledger. In this scenario, the tamper-proof verification offered by blockchain technology could remove any concern over voter fraud and rigging.
Piracy and copyright disputes plague the entertainment industry to no end. However, media captains are already finding use for blockchain all across the industry. For instance, JAAK is a startup working to create “smart content,” or repositories of music that streamline ownership and licensing through the established Ethereum blockchain.
Health care is a highly regulated industry, and for good reason. Patients are heavily protected against health care providers revealing their information to anyone, and although it’s with good intent, these restrictions can lead to inefficiency and high costs in the health care industry. However, blockchain’s ability to securely transmit data between organizations is already being put into practice in health care.
It’s no secret in tech that the world is quickly running out of data storage. However, blockchain could be adapted to solve this issue, and besides that, it could be used to revolutionize cloud storage as a whole. Blockchain applications are already being developed to completely shift the cloud storage industry and make it much more efficient and less expensive to store data in the cloud.
There you have it; five industries that are gearing up to be completely revolutionized by blockchain technology. The sheer number of applications for this technology still has yet to be seen, but one thing is certain: The future will be built on blockchain.