The list of some of the major industries that might be disrupted by Blockchain

Blockchain technology is booming by the day and is becoming popular by the day. This has posed a challenge for some of the major industries and might even disrupt their services provided to the customers. There is even evidence that this technology is being adopted by many industries and they have found that this technology is better when compared to other forms of technologies. Blockchain came into existence with the creation of popular cryptocurrencies like Bitcoin and the technology is preferred by the industries because of being able to record and verify immense data volume of the digital transactions.

What is Blockchain technology?

Blockchain technology is basically a distributed ledger technology or DLT which works as the base of cryptocurrencies such as Bitcoin and Ethereum. This new form of technology provides us with the ability to record and transfer information in a secure and transparent manner. Now, blockchain has moved beyond its beginnings and is adopted by several other organizations such as banks, health, insurance, etc.

This technology is spreading roots across different industry domains because of offering transparent and verifiable transactional information. Because operating through a decentralized platform this using this technology requires no centralized body to supervise, thus making it fraud resistant. When it comes to security blockchain technology could help us in protecting sensitive data, and as the name suggests it is a chain of digital blocks or a network of blocks containing information of real-time online transactions.

Companies are using this technology and across different digital information ecosystem. Here is the list of industries that might be disrupted by blockchain in the future –

•    The Banking industry

Blockchain has the potential to disrupt the banking industry and might even be the reason for huge losses as well. Because of being working on a peer-to-peer network or payment system and highly secure and low transaction fees blockchain is might be adopted by the banking industry. Without the involvement of any centralized body to supervise the entire transaction process there is no requirement of paying extra transactional charges. Blockchain helps in recording the transactions in the public ledger used which can only be viewable by a network member or user. With the use of cryptocurrencies the banking services might be disrupted as blockchain will help in completing the transactions more quickly and efficiently.

•    The Supply Chain Management Industry

Blockchain technology has made transactions easier and all of it can be documented in a permanent decentralized record form by monitoring everything in a much more secure way. This reduces the time delays and human mistakes. This technology can be efficiently used to monitor costs and labor at every point of the supply chain network. The consequences can be serious and it might affect the understandings and controlling process of products in a real environment. The base of blockchain, the distributed ledger technology can be used for the verification and authentication process and the products can be tracked directly from their point of origin.

•    The cybersecurity industry

In the digital world, cyber threats cannot be ignored as our data might be at the risk of being breached. Blockchain technology comes as a savior and can protect huge data against unauthorized data access and tampering as well. Because of being a decentralized form of technology it provides us with an ideal environment with heightened security as all the information is encrypted using a cryptographic type of algorithm. Even malicious data attacks can be easily recognized due to the peer-to-peer connections which do not allow for any form of data tampering. Eliminating the centralized supervision blockchain allows a much secure and transparent data management and recording of transactions without revealing a single bit of data.

•    The Internet of Thing (IoT) and the networking industry

Some of the leading information technology giants such as IBM and Samsung are using blockchain technology to create a decentralized network of IoT devices. The IoT devices being operated on a public ledger on a huge scale blockchain eliminates the need for any centralized body to supervise the devices. It even eliminates the need for a centralized body or any centralized location to manage communications with the IoT devices. Using blockchain technology the IoT devices can now communicate with each other directly and can even update their software and fix the bugs as well.

•    Healthcare industry

Anyone can have access to this very private information because it is all contained in centrally located files. When someone asks someone else for a person’s information, it can take hours for that person to locate the right file, offering opportunities for data breaches, theft or losses. That’s why blockchain technology in this industry is so important. technology here eliminates the need for a central authority and enables rapid access to data. Here, each block is connected to another block and distributed across the blockchain nodes, making it difficult for a hacker to corrupt the data. 

Another healthcare concern revolves around counterfeit medication and blockchain technology can control this, too. The problem is that, often, counterfeit medications are difficult to distinguish from real ones. Blockchain technology solves this problem by using supply chain management protocols where the medicine provenance can be traced.

When it comes to global usage blockchain technology could be a helping hand in terms of improving services and managing the entire process of the industries. This technology has the potential to bring in a huge change in the way the industry functions now and might even change the entire scenario in the near future.