Blockchain’s disruptive technology has incredible potential to revolutionize a huge number of industries which go beyond cryptocurrencies and transfer and storage of values. The immutable and transparent nature of the blockchain technology has multiple use cases that can be applied practically.
The key benefits of blockchain technology include the opportunities it presents to decentralize any system and record it on a distributed ledger. The trustless transactions without any interference of centralized parties offered by blockchain technology will catalyze the growth of a completely new technology-based ecosystem which the crypto-proponents and technologists call as “Web 3.0.”
Web 2.0 saw internet moving from a technical niche to a highly usable, interoperable and collaborative medium, creating social media, web apps and hosted services. The next paradigm shift, Web 3.0 will be fuelled by blockchain-powered decentralization, the movement is set to break down the centralized organizations of Web 2.0, further promoting collaboration across industries and interoperability.
Web 3.0 currently consists of numerous digital currencies, blockchain-based platforms, utility tokens, industry alliances, distributed apps, and trading platforms. Although blockchain technology is currently in an early development stage, it’s market cap is already exceeding billions of dollars. Here are the top 4 industries that blockchain can disrupt.
Blockchain technology is heavily being looked at for disrupting the process of counting votes and politics. The process of vote counting will become more advanced with blockchain technology in politics. With blockchain in politics, there will be hundreds of viable options available for online voting, these options will increase voters ‘turnout’ during the election season. Blockchain is almost impossible to hack hence identity theft and other such concerns will be eliminated easily and it will protect the personal data of citizens.
Biggest challenges in the healthcare industry could be solved by a blockchain system allowing healthcare providers to access health records easily and securely. Blockchain technology could allow hospitals, payers, and other parties in the healthcare value chain to share access to their networks without compromising data security and integrity.
Retrieving and storing data as well as ensuring the provenance of data are key functions of the legal industry. With blockchain technology, the legality of wills or other documents could be justified while securely verifying and storing documents. Complex issues pertaining to documents of inheritance can be easily taken care of by using blockchain secured documents.
Data security is a huge concern that we face today, especially with the IOT (Internet of Things). Sensitive company-related, personal, health and financial information is at risk without any cyber-security strategy. Blockchain can be the perfect solution for data security improvement since blockchain is impossible to hack. Critical infrastructure protection in blockchain will secure the connected devices by the use of digital signatures for identification and authentication, the IDs of such authorized participants will be added to the blockchain network leading to ring-fencing of critical infrastructure as these IDs will be invisible for any unauthorized access attempts.
What do you think which other industries blockchain will disrupt? Let us know in the comments.