Blockchain technology has been made popular through its use in the world of cryptocurrency. It is now in use more than ever before and is already taking over some industries.
Blockchain was first proposed as a research project in 1991. It however had its breakthrough in 2009 when Bitcoin debuted.
It has since exploded via the creation of thousands of cryptocurrencies, decentralized finance (Defi) applications, Non-fungible tokens (NFT), and smart contracts. Many industries are now utilizing the benefits provided by this blockchain for their services. This has made these industries sought out for blockchain developers.
In this post, we’ll learn about Blockchain and the top industries it will disrupt in the nearest future.
What is Blockchain?
A blockchain is a distributed database that is shared among the nodes of a computer network. It is a type of shared database that is different from a typical database in the way it stores information. Blockchain store data in the block that are then linked together via cryptography.
Blockchain can be used to store different types of information but the most common use so far has been as a ledger for transactions.
Blockchains and cryptocurrency are part of the most used words in our world today. Although it is known for its role in the cryptocurrency system, it has several other functions.
Blockchain
Things You Need To Know About Blockchain
1. Blockchain allows digital information to be recorded and distributed. The data in any given block cannot be altered retroactively without altering all subsequent blocks.
2. Although it was first proposed in 1982, blockchain was popularized when Satoshi Nakamoto’s Bitcoin debuted in 2009.
3. Blockchains are involved in the creation of thousands of cryptocurrencies, decentralized finance (DeFi) applications, Non-fungible tokens (NFT) and smart contracts.
4. There are currently four types of blockchain. They are public blockchains, private blockchains, consortium blockchains and hybrid blockchains. Private blockchains have been proposed for business use.
5. The technology is yet to be altered as a system that guarantees the fidelity and security of a record of data and generates trust without the need for a trusted third party like a central bank.
Top 10 Industries Where Blockchain Is Being Used
Blockchain technology can make the organizations that use it transparent, democratic, decentralized, efficient, and secure.
It is therefore taking over systems used by traditional industries due to its advantages. Listed below are the industries that will disrupt.
Blockchain is known for crypto but will disrupt other industries
1. Banking & Payments
One of the advantages of blockchain is its decentralization i.e. it can’t be controlled by an authority or government. Money can therefore be sent without financial system interference.
Bitcoin allows anyone to send money across borders almost instantly and with relatively low fees. This can be seen in El Salvador where BTC has become a legal tender.
2. Private Transport & Ride Sharing
The blockchain can be used to create decentralized versions of peer-to-peer ridesharing apps. This allows both car owners and users to arrange terms and conditions securely without third-party providers.
The use of built-in e-wallets can allow car owners to automatically pay for parking, highway tolls, and electricity top-ups for their vehicles.
3. Healthcare
Blockchain technology can allow hospitals to safely store data like medical records and share it with authorized professionals or patients. This can improve data security and can even help with the accuracy and speed of diagnosis.
Projects are being developed on the blockchain for the creation of dAPPs for the healthcare sector. This makes the healthcare industry ripe for disruption by the blockchain.
4. Music
The music industry is already utilizing blockchain technology. Several startups are coming up with ways for musicians to get paid directly from their fans, without giving up large percentages of sales to platforms or record companies.
Smart contracts can also be used to automatically solve licensing issues and better catalogue songs with their respective creators.
Some artists now have their albums/singles in NFTs. They earn from their music without taking the traditional route of making profits.
5. Real Estate
Blockchain has several use cases in the real estate industry today. It can help to prevent some of the issues in the industry which include bureaucracy, lack of transparency, fraud, and mistakes in public records.
Using blockchain technology can speed up transactions by reducing the need for paper-based record-keeping. It can also help with tracking, verifying ownership, ensuring the accuracy of documents, and transferring property deeds.
6. Government
Government systems are often slow, opaque, and prone to corruption. Implementing blockchain-based systems can significantly reduce bureaucracy and increase the security, efficiency, and transparency of government operations.
Top governments of the world are creating their own Central Bank Digital Currency (CBDC). Among these are China and the United States whose President, Joe Biden, recently signed an executive order in this regard.
7. Voting
The electoral system has been floored with rigging in many parts of the world. Blockchain technology can be used to solve this issue.
Blockchain technology can be used for voter registration and identity verification, and electronic vote counting. This will ensure that only legitimate votes are counted, and no votes are changed or removed. Creating an immutable, publicly-viewable ledger of recorded votes would be a massive step toward making elections more fair and democratic.
8. Cloud Storage
Data on a centralized server is inherently vulnerable to hacking, data loss, or human error. Using blockchain technology allows cloud storage to be more secure and robust against attacks.
A good example of a cloud storage network using the technology is Storj.
9. Charity
Some of the issues with charity organizations which include inefficiency and corruption can be solved by utilizing the blockchain. Using blockchain technology to track donations can let you be sure your money is going to end up in the right hands.
Projects are being developed, which use blockchain’s secure and transparent distributed ledger to let donors see that the intended party has received the funds.
10. Energy Management
Energy management has been a highly centralized industry for a long time. Energy producers and users cannot buy it directly from each other assets to go through the public grid assets and trusted intermediaries.
Today, a crypto asset such as BTC, ETH, DOGE etc. can be used by customers to buy and sell energy from each other in a peer-to-peer way.
Conclusion
So many industries are on the verge of being disrupted by blockchain technology. The future is already been owned by digital technology. If your industry deals with data or transactions of any kind, you can also make use of blockchain.
Although blockchain has a lot of benefits, it is still prone to be hacked or changed without authorization. The numerous use cases however make it a system that is here to stay.
Also Read– A General Overview on Blockchain Consensus Mechanism
