Industries That Blockchain Will Disrupt

by Cato Conroy 2 years ago in blockchain

Experts claim that there are many industries that blockchain will disrupt. Some of these might surprise even the biggest tech geeks.

Industries That Blockchain Will Disrupt

Blockchain technology is revolutionary in nature, and while it may seem like just a tiny tweak to regular coding, it has led to amazing advances in tech. It's created Bitcoin and just about every other cryptocurrency being exchanged in the world.

Through the advent of this simple decentralized digital ledger technology, humanity is seeing a new world of computing open up to them. Every aspect of our world is going to see evolution as a result of smart contracts, cryptocurrencies, and just blockchain as a whole.

Experts are already trying to place which industries will be affected by this paradigm shift the fastest. According to them, these are the industries that blockchain will disrupt first...

Green Energy

There has been a lot of talk that green energy will be one of the first industries that blockchain will disrupt. This is because there are two types of energy being traded on the market—traditional energy and green energy. Energy grids can't tell the difference, which is where one of the bigger issues comes into play.

Since green energy is traced through ledgers and has to be manually entered, catalogued, and quantified, it's difficult, expensive, and also very time-consuming to manage. Blockchain allows automated ledger-keeping that saves time, can't be altered, and also lowers costs.

Needless to say, blockchain can give us a smarter energy grid, lower priced energy. However, implementing blockchain will be a bit difficult and may end up eliminating a lot of jobs as a result.

Music Sharing

This is one of the most surprising industries blockchain will disrupt—and it already is, actually. The biggest issue that has stopped file sharing in the past was the fact that there was still a centralized hub to store all the data. Actually, almost all peer-to-peer sharing could use blockchain successfully.

Whenever people wanted to, they could take out the hub and shut down the music sharing. Blockchain is decentralized, which means that it can't happen. One sharing platform, Upfiring, is already beginning to use blockchain to prevent attacks that could harm its ability to transmit data.

Supply Chain Management

Supply chains are notoriously hard to track, and depending on where you are in the world, they also can be open to theft. Being able to accurately track and theft-proof your supplies would be an absolutely revolutionary logistic upgrade for those who work in this industry.

The only thing is, adding blockchain technology into this mix could easily disrupt a lot of processes. In some cases, it could be pricey or may eliminate major sections of this industry. Joblessness may be an issue for some, which means that major disruption could occur.

It's easy to see why something like blockchain could totally change the way that this industry works. Experts rightfully consider supply chain management one of the top industries that blockchain will disrupt sooner rather than later.

Prediction and Market Forecasting

Right now, there's a major industry that is based in learning how to forecast market trends—not to mention political ones, as well. A centralized system has proven to be effective, however it can be easily swayed if hacked.

Blockchain has the ability to create a more open playing field that is hackproof as well. This would allow people to share their predictions, data, and votes without the potential of being hacked.

Voting and Government Bureaucracy

It's no surprise that government bureaucracy is slow and lethargic in most countries. It's also notoriously corrupt in many parts of the world. Sadly, the same can be said about voting. Truth be told, there's a lot about governing that has proven to be in dire need of transparency.

Blockchain, being alter-proof and open in transparency, could allow citizens to hold their governments more accountable than ever before. This could have huge political implications.

If there were any major industries that blockchain will disrupt, it'll be this one. With corruption reduced and major crimes easily traceable, a lot of politicians will probably end up behind bars on a global scale.

Cybersecurity

Blockchain's unique ledger coding has proven to be an effective prevention against DDoS attacks. Since any tampered blocks in the chain get disregarded, it's also very heavily tamper-proof. Moreover, since blockchain is also decentralized, it can't be affected when a central database gets attacked.

Because of all of its perks, blockchain renders a lot of classic attacks obsolete. Blockchain is literally revolutionizing cybersecurity. Is it really surprising that cybersecurity is quickly turning into one of the industries that blockchain will disrupt the most?

Healthcare

Healthcare has been having an increasingly difficult time keeping track of patient records in a secure, highly detailed manner. It's also becoming increasingly difficult for administrations to keep track of hospital costs without having prices passed onto the wrong person.

This is actually a huge reason why healthcare is so expensive in the United States. Healthcare's need for a decentralized, hackproof ledger is obvious and it could be the best way to reduce healthcare costs. The healthcare administration in almost any hospital will quickly have plenty of costs cut through this tech.

Between the rapid decrease in price and the virtually flawless automated tracking, it's easy to see how this is one of the most likely industries that blockchain will disrupt. Using blockchain for healthcare? Not as insane as you'd think.

Banking and Finance

This is the "well, duh" entry on any list of industries that blockchain will disrupt. Blockchain is already disrupting it by the invention of cryptocurrency and multiple banks are already debating adding blockchain into their database programming to improve cybersecurity.

Investing in Bitcoin has made many major trading firms rethink the way they see money and opened them up to a new marketplace. It's already disrupted the realm of many investing platforms by the invention of cryptocurrency exchanges too.

Though not all banks are open to cryptocurrency and blockchain tech, there have been some early adapters in the game. Some are investing in stocks based on Bitcoin. Some banks are even transferring funds via Ripple.

Real Estate

Though people would never have believed it 10 years ago, you can now buy a house with Bitcoin. The biggest issues with the real estate world is the bureaucracy and recordkeeping that is required during a transaction. It's a large part of realtors' jobs, too.

The digital ledger aspect of blockchain means that this is going to be one of the more surprising industries that blockchain will disrupt. However, the way it will disrupt things will be more along the lines of getting the paperwork completed rather than buying with Bitcoin.

Programming

If you are a computer programmer or a software engineer, you already know that you work in industries that blockchain will disrupt. After all, every other industry will need blockchain-based software for their sites, machinery, and more.

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Cato Conroy
Cato Conroy
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Cato Conroy

Cato Conroy is a Manhattan-based writer who yearns for a better world. He loves to write about politics, news reports, and interesting innovations that will impact the way we live.

See all posts by Cato Conroy