Before discussing which industries would be affected by blockchain, it is important to know what blockchain really is. In layman’s terms, blockchain is a technology that stores the data of transactions known as ledgers. It employs a distributed system like a peer-to-peer network to verify each transaction, and once verified, it cannot be altered.
This is undoubtedly the first industry that would transform. A lot of people do not have access to banks, and the ones that do are handed low-interest rates as compared to big companies. So there is limited power in the hands of people. However with blockchain, the transactions cannot be corrupted, and anyone with a smartphone and a good internet connection can start a business, or start earning.
This is one of those industries which no one thinks would be affected by blockchain technology. A decentralized payments method would allow a lot of writers to publish their work digitally, through publishers who would otherwise not want to print the said work.
A lot of websites are now offering living arrangements that have to be paid through blockchain. This eliminates the need for a broker or a third party which made these things even more complicated and dragged out.
This is one of those industries which is a victim of obsolete infrastructure, outdated processes, and legacy data management. Legacy systems are generally employed in developing nations which is not as good as the ones in the developed countries. Blockchain can help reform the entire system, and bring these nations up to speed, while generating more revenue, and providing better healthcare.
Like publishing companies, music labels make a lot of money selling records, but only a fraction goes to the artist. This can be eliminated by the use of blockchain, as artists can be directly paid for their work.
A decentralized way of payment is something every government needs to function without corruption. With no way to change once the transactions have been completed, there is no way to corrupt these data, which would go a long way in reforming the way most governments work.
With the age of ‘smart everything,’ it would not be long before cars and fridges are connected to the internet. And payment options on the internet cannot get simpler than using blockchain which would help a lot to lessen the amount of processing needed for every online payment.
The distributed nature of blockchain makes it possible to increase the computing power which has been unavailable till now.
As approval of insurance and payout is still not a strong point of the industry, blockchain would go a long way to help with the computation and storage of data.
As blockchain shows the transactions clearly, it would be very difficult for charitable organizations to misuse the money they are donated.
Encrypted communication is nothing new, and is quickly gaining ground. With a good enough user base, a lot of money can be raised.
Many instances of information leaks and hacking have been reported lately, which can be avoided by blockchain, as every bit of information is encrypted.
Little to no revenue is given to people whose platforms are being used for advertisement. Also, a lot of information is exploited to target individuals with ad campaigns which can be solved by blockchain technology as the money can be paid to the people hosting the ads.
The concept of credit and debt will not change, and this has opened doors for blockchain to come into play involving cash flow, which is one of the most important aspects of the economy. The technology can be used for smart contracts as well.
Blockchain can be used to lower the cost and time of settlements on the stock market which can save a lot of money.
Middlemen also hamper the energy industry which can gain a lot by employing blockchain as it will allow individuals to sell directly, and buy energy using smart contracts.
Fishing has drawn a lot of controversy regarding overfishing and damages to the environment. However, more than 500 million people depend on it. In such cases where every party has an argument blockchain can be used to come to a solution.
Data that cannot be tampered with and can be reproduced later on can be very useful in recruitments, and human resources.
Blockchain technology will enable more investors to come together, and invest as compared to now, which can benefit everyone. Also, there can be ways to vote on major decisions which would lead to fewer debates amongst the investors themselves.
Using smart contracts ensures that both parties get what they are entitled to, limiting the chances of fraud.
We would love to hear from you on any other industries that you find interesting where blockchain can be implemented for better performance.
Nisarg Mehta, CEO & Chairman of Techtic Solutions, is the vision of the company. Nisarg is active in operations in his daily routine as he is one of the key decision makers in terms of technological advancements of the company. He is a friendly leader with hardworking, motivating, visionary and passionate personality.