Saturday, 19th October 2019
Technology

8 Industries That Blockchain Technology Will Transform In the Upcoming Years

Written by     on    20 Feb, 2019     1      

In the modern era of rapid progression and state of the art advancements in technology, individuals are shifting to the online world where e-commerce is taking over. Buying both, products and services online with a sense of trust and confidentiality in the system has been created. When it comes to finances, consumers require a safe and secure method of doing transactions, maintaining accounts and easily having access to their digital currency in the virtual world.

Blockchain technology in the present time is growing and businesses and organizations globally are finding ways to adapt to it. When we talk about blockchain technology, we refer to data being stored in the series of blocks where each block has information about its predecessor. By being framed in this methodology, it becomes near to impossible for illegal happenings to occur and for the information stored to be altered. Now, we will explain how blockchain can be used to increase security and provide safety of the stored data.

1. Banks and Other Financial Businesses

Since these institutions are in charge of storing our money and assets both physically and digitally, they’re at the most risk. The embedding of blockchain technology will immensely help in their daily activities. With a good internet connection like Mediacom and a decent phone, any individual can have access to their banking transactions. It should be noted that over $19 billion dollars can be saved if intermediaries are discontinued in the entire banking procedure.

2. Publishing Material

In today’s era, the publishing world is dominated and controlled by a few top publishing houses and literary agents. New writers always struggle to find their way. Surely online tools to help them get published exist but they aren’t as widely accepted as traditionally published authors are. Blockchain can help give a writer the success and audience he/she truly deserves.

3. The Healthcare Industry

The Healthcare industry is crammed with old-school methods and operational procedures that have been carried out for decades and since it’s so widely spread, it is difficult to get hold of all of it. Accessing patient data, changing and updating it, adding the diagnosis to it and saving and securing it is all possible with blockchain. This can revolutionize the process for both patients and doctors. 

4. The Music and Art Industry

Quite similar to the publishing industry, this industry too is dominated and controlled by a few leading producers and artists. Newbies or oldies who do not fall into the trending bracket are not given any importance no matter how much talent they have. This leads to the audience missing out on incredible talent. Artists also do not wish to release albums through record companies nowadays because of the limited amount of royalty that they get. They directly release it to the audience and are letting the people pay through cryptocurrencies. Blockchain can make sure that the fans are connected with the musicians in a secure manner.

5. Internet of Things

Artificial intelligence brings along itself the internet of Things, which is the future as well. The world of tomorrow, the world of our children and their children, might have talking phones and robotic smart devices taking over their daily lifestyle to better it. If this is a possibility, it is also a possibility that fraudulent activities take place through such smart devices, compromising individual data, tampering with evidence, and breaking security codes. Blockchain can help prevent all of this. Big companies are currently working on blockchain options.

6. The Cloud Computing Network

Most business and individuals who aim to perform computer-based powerful tasks in an efficient and effective manner do not have the means to do so. Such operational mechanisms are costly and are owned by less. But, with blockchain, this infrastructure can be changed. With this entity, anyone, anywhere will be able to access the computing power they need in order to complete their tasks. It will be readily available and accessible to all through blockchain mechanism And if you have an education institute and confused to set up cloud computing, you can hire any company who offers IT service for education.

7. Charity Funds and Donations

Charity funds are set up so that people can donate for causes and help people in need. It is rare for this collection process to be transparent online. Surely these charities help benefit the ones in need but quite often there are cases when the money does not reach the designated people and goes into the wrong pockets or some other fraudulent activity takes place. Through the blockchain platform, the entire process of donating funds can become transparent and thus will not only lure in more people to help be a part of a good cause but will assure others too that their money is indeed being spent on the intended promised purposes.

8. Digital Marketing

In today’s time, businesses have set off to the roads of success by being a part of social media platforms and also through other digital means. These days every child owns a tablet and every adult a smartphone or any other digital device through which they’re globally connected to the world and its people. Digital marketing has become the most influential sort of marketing for the present time. It understands its audience, chooses its target market and then advertises and markets according to it. But not always is this the case. Sometimes, this form of marketing irks the user for it bombards him/her with useless information that can cause a cognitive overload. More importantly, through such means Abd platforms, data can be collected and information can be altered, be shared, be leaked and can be used against the desired output. Blockchain can change the digital marketing industry by letting the users of the digital would be able to control what they see.

Conclusion

The blockchain technology is still developing and whilst it is, businesses, organizations, and individuals from all over the world are trying to take the best out of it in order to make their businesses and daily lifestyle more secure, safe and transparent. The possibilities, it should be noted, of blockchain are endless. So much can be done with this technology. Blockchain works on equality; equal distribution of authority and power to keep all processes on the same scale. The future of blockchain seems utterly exciting.

Comments [1]

  1. Sounds cool. Blockchain is surely going to transform the world and it will definitely make our lives better.

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