The 10 Industries That Stand To Benefit Most From Blockchain
Blockchain is one of the top tech trends in 2019. There are many industries that benefit from Blackchine technology. Blockchain has been successfully integrated with other industries such as banking, stock exchange, and voting. Startups are using blockchain technology for various sectors with high transparency and authenticity. Now they are finding more scope and opportunity for Blackchine technology.
Here are few industries that benefit most from blockchain technology:
- Election Security
- Cyber Security
- Legal agreements
- Banking and Payments
- Regulatory compliance
- Public Benefits
The technology offers the four features needed by an accurate, secure, and trusted voting system:
- Security: The fundamental nature of blockchain technology makes it nearly impossible to enter fraudulent data into the system.
- Transparency: It is not possible to change votes or other data in a blockchain based system, at least without raising clear red flags.
- Accessibility: With this new level of security, elections can be safely conducted online, available to any citizen who has a mobile device or computer.
- Pro: Because each record, or vote, receives the date, timestamp, and hash of the previous block, auditing for errors or frauds is a fast and easy automated process.
In fact, today’s pre-employment screening procedures usually fail to verify that the resume is accurate and complete. No matter how diligent the hiring manager is, the unconfirmed decades-old credential or previous employer seems to be out of reach.
Blockchain and other DLTs can help with this, just as they can with voting.
Here are just a few types of legal agreements that stand to benefit from blockchain in 2019:
- Real Estate Deeds
- Rental Contracts
- Powers of Attorney
- Sales Contracts
Banking and Payments:
Some say that BlockChain does what the internet media makes for banking. It is used to provide access to financial services to billions of people around the world, including third world countries who do not have access to traditional banking. Bitcoin allows anyone to send money across borders almost instantly and with a low fee.
Many banks, such as Barclays, are working on adopting blockchain technology to make their business operations faster, more efficient and secure. Banks are increasingly investing in Blockchain startups and projects.
The global insurance market depends on trust management. Blockchain is a new way to maintain trust and can be used to verify a variety of data, such as the identity of an insured person in insurance contracts. The so-called Oracles are used to link real-world data with blockchain smart contracts. This technique is very useful for any type of insurance that relies on real-world data, such as crop insurance.
Governmental systems are often slow, opaque, and corrupt. Implementing blockchain-based systems will significantly reduce bureaucracy and increase the security, efficiency, and transparency of government operations. For example, Dubai aims to keep all of its government documents on the blockchain by 2020.
Another industry that relies on many legacy systems and is ripe for disruption is health care. One of the challenges that hospitals face is the lack of a secure platform to store and share data, and they often get hacked due to outdated infrastructure. Blockchain technology allows hospitals to securely store data such as medical records and share them with authorized professionals or patients. It improves data security and also helps in the accuracy and speed of diagnosis.
In any industry, expensive affairs, taking time to follow the government’s standards and regulations. Certificates need to be checked and re-checked, policies need to be updated, and growing agencies need access to records.
Regulatory compliance has already made inroads in several industries, with more coming on board as time goes on and results are proven:
- Credit Services
- Fuel Production
- Automobile Manufacturing
Image source: Ignite
Common complaints at charity space include inefficiency and corruption, which prevents them from reaching out to those who have the money. You can be sure that your money will end up in the right hands, using blockchain technology to find donations. Bitcoin-based charities, such as the Bitcoin Foundation, use a secure and transparently distributed ledger of blockchain, enabling donors to receive the intended party funds.
The public interest system is another sector suffering from sluggishness and bureaucracy. Blockchain technology helps to assess, verify and distribute welfare or unemployment benefits in a more streamlined and secure way. Blockchain is also a good competitor to implement basic income. Circles is a project that works to develop blockchain based technology to implement universal basic income.
Blockchain technology is in its early stages and industry insiders are still mulling over the ways it can be integrated. But one thing is clear, the blockchain has the power to inspire more democracy and equality through its disruptive power.
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