We’ve already shown how blockchain can serve as a digital ledger for recording transactions and messages. In this blog post we’ll share with you several other ways blockchain can help to improve our lives.
Blockchain technology is the new kid on the block. It has been around for a while but has only recently gained popularity. However, it’s become one of the most talked about topics in recent years. Why? Because it offers a wide range of benefits to both businesses and consumers. Blockchain is essentially a decentralized ledger that stores data in an immutable way. It allows people to exchange information without third parties, which eliminates any possibility of fraud or inaccuracies. In short, blockchain technology is here to stay!
How Will Blockchain Disrupt Industries?
Blockchain offers many advantages in banking, cyber security, supply chains and government. This article will let you know more about these industries that blockchain technology can revolutionize and redefine.
Several industries like Unilever, Walmart, Visa, etc. use blockchain technology and have gained benefits in transparency, security, and traceability. Considering the benefits blockchain offers, it will revolutionize and redefine many sectors.
The top 5 prominent industries that will be disrupted by blockchain technology in the near future:
The necessity of a third party to execute a transaction is a thing of the past ,with blockchain technology as the technology in question will eliminate the existence of the middleman, and make the transactions more secure and cost less.
Blockchain technology is already disrupting the financial services industry by adding transparency and trust to transactions. The lack of trust in traditional banking systems and the lack of transparency are two major problems.
It eliminates these issues as it stores all transactions on a distributed ledger that is shared across different parties. This gives everyone access to the same information, which makes it easier for them to verify any transaction and make sure it is authentic.
The banking industry is one of the most disrupted sectors in the world due to blockchain technology. It has been estimated that banks will lose up to $2 billion in revenue by 2020. This is because of the increased use of cryptocurrencies like Bitcoin, altcoins and other digital assets.
Blockchain technology can help banks in reducing fraud and errors in their transactions. It also helps them to increase transparency, security and traceability.
However, there are still some hurdles for it to overcome before it can be fully adopted by banks. These include:
- Lack of standardization
- Consistent user experience (UX)
- Low adoption rate
- Lack of awareness among executives
The cyber security industry is another sector where blockchain technology can make a difference by providing greater security for companies as well as consumers. A lot of companies use cloud storage platforms, but there’s no guarantee that these platforms are secure or reliable enough to keep your data safe from hackers and other harmful threats.
Blockchain technology can help you protect yourself against malware attacks and ransomware, which are becoming more common every day due to increased internet usage, mobile devices, etc., by providing an extra layer of security through encryption which makes it difficult for hackers or even malicious users to access your personal information without your permission or knowledge.
Every single piece of data stored on the blockchain network is verified and encrypted using a cryptographic algorithm.
Supply Chain Management
Blockchain gives the facility to verify and audit transactions by multiple supply chain partners involved in the supply chain management system.
Blockchain technology has been used in supply chains since its inception as a tool for tracking products from manufacturer to consumer. This can reduce costs, increase efficiency and improve transparency within supply chains while also reducing fraud and corruption. For example, Walmart uses blockchain technology in their procurement process where they track shipments across multiple suppliers using RFID tags (radio frequency identification tags). They also use blockchain.
Rigged votes are a thing of the past with blockchain technology as long as illegal transactions because with blockchain technology everything is available for the public to see and there is no centralized authority to rule over things .
The blockchain can be used for all kinds of transactions including:
-Payments (like Bitcoin)
-Contracts (like Ethereum)
-Commodities (like gold)
Blockchain technology is soon to disrupt many existing industries and provide benefits. It will change the way we live, conduct business, and most importantly, how we perceive things.
The article is meant to introduce the reader to the basics of blockchain and why it is so transformative. Not intended to give in-depth technical details, but rather to explain the potential of blockchain and outline specific use cases that will become more common in our daily lives.