The Era Of Blockchain Disruption
June 4, 2018
Blockchain technologies have sent a ripple across all industries. Being a positive aftermath of Bitcoin, blockchain technology has been accepted globally, and it has already been implemented in some of the industrial sectors. In other words, it’s no longer just a medium for Bitcoin exchanges and gambling with cryptocurrency, but it has an endless number of potential applications in many different trades.
While it may be still in its developmental process in most industries, its effect on a large scale has already been anticipated. It is set to change how operations will be run across different industries.
Here are some of the industries that will be affected by blockchain technology.
The Financial Sector
The need for a decentralised and independent system that is error-free has made the banking and finance sector to be one of the most targeted areas by blockchain. Its ability to record accurate transactions minimises the common human errors and eliminates any information delays that could result from that errors. Blockchain will also help to reduce the cost and time incurred during transactions by minimising the use of human resources.
The entertainment industry has recently been faced with concerns about right infringement, especially in music, images, and audio production. Blockchain technology will soon be able to control and help in auditing of music and content, ensuring such cases do not recur without the consent of the original owner. In other words, there will be little to no piracy.
The Healthcare Industry
Today, most of the healthcare activities and recordings have been moved from paper to online based records. However, synchronization of information across hospitals is still a challenge.
By integrating a blockchain system, some of these challenges will be eliminated, making it easy to record patient information, share, or store patient details safely. Blockchain promises to improve data security, ensuring that only authorized people can access the information.
Businesses can’t survive without cloud storage. It has become a necessity for safely storing business documents and secrets. Currently, despite more cloud storage companies coming up, there have been reports of numerous security issues where cloud service companies have been hacked. Blockchain technology will enhance the use of an open source cloud storage that ensures speed and is more secure, just like Bitcoin.
The use of blockchain is undeniably an ingenious invention that will improve and secure processes across businesses. Its dramatic success will soon be integrated into the backbone of all industries, making it easy to distribute through secure and independent nodes on the digital ledger.