A lot of people believe that the blockchain technology is the next revolution, just as the internet has changed every aspect of the business world a long time ago.
Blockchain, originally developed for Bitcoin, is a distributed ledger that tracks transactions, connecting them to other transactions nearby and securely keeping the information. This technology has proved to be the larger value of cryptocurrencies, with implications for almost every industry, not just tracking digital currency.
Not only the blockchain is changing industry norms, but it’s also changing organizations’ opinion on how to start new projects.
As organizations aim to disrupt many industries, it will be crucial for them to implement blockchain technology due to its potential to spark rapid progress across every industry.
Here are four everyday industries that blockchain technology is disrupting:
1. Finance
When it comes to finance, there are a lot of different opinions about how will cryptocurrencies change the future of economics.
By the end of 2017, futures markets had been created for Bitcoin, indicating a long-term future for Bitcoin and for other cryptocurrencies. Moreover, 2017 was the year when the Initial Coin Offerings (ICOs) raised more money than the venture capital investments.
As Bitcoin, Ethereum and Ripple continue to improve their skill to process transactions faster, these cryptocurrencies will soon compete with the speed at which credit card companies can process transactions.
It’s possible that the blockchain will do to banking what the internet did to media. It can be used to give access to financial services to billions of people around the world, including those who don’t have access to traditional banking. Bitcoin allows anyone to send money across borders instantly and with relatively low fees.
Many banks are working on adopting blockchain technology to make their business operations faster and more secure. Banks are also increasingly investing in blockchain startups and projects.
2. Real Estate
Those who have purchased or sold a home know how much paperwork is involved in the real estate transactions. Blockchain technology can completely change the current process that is involving a lot of documentation.
By using blockchain, all of the documents and transactions can be stored securely with less work and less cost. The use of blockchain can also eliminate the escrow process. The blockchain technology can create smart contracts that release funding only when the conditions are met.
Additionally, many people in the process of working with a real estate agent know how frustrating the commission rates can be, with many charging up to 6 percent.
3. Healthcare
Another industry that is disrupted by the blockchain is healthcare. The hospitals need a secure platform for their data, because they are often victims of hacking. Blockchain technology can enable them to safely store data (such as medical records) and to share it with the patients. This will improve the security of the hospitals as well as the speed of diagnosis.
Imagine having a secure network of records about your health information — from the day 1 to the end of your life. Blockchain can enable that — it is possible that all our health data (such as doctor visit records, prescriptions, emergency room visits, shots, X-rays, insurance, etc.) will be stored in one place and will be easy to share them from one doctor to another.
This system could save your life. Emergency doctors will be able to access information about allergies, blood type, and genetic information, to make decisions about your care if you were unable to communicate. This system could revolutionize the way of improving health outcomes in some countries that do not currently have a centralized or digitized health record database.
And the last but not least…
4. Energy sector
We have previously talked about using blockchain in the energy sector. Today, energy suppliers and consumers cannot buy it directly from each other, and have to go through the public grid or a trusted private intermediary.
The world’s demand for energy is growing each day, and the companies need to ensure that their operations are as secure and efficient as possible. Blockchain can save them time and money in the process and will change the way they produce and consume electricity. Smart contracts create practical, fast and safe transactions directly from buyer to seller, removing third parties. They will signal to the system when to initiate what transactions.
Also, blockchain has potential to overcome the barriers that limit the delivery of electricity to more customers. Blockchain technology can create a huge and transparent place for transactions in the energy sector, so that the electricity will be more accessible to more customers all over the world.
For that reason, we recommend you our platform Energy Premier. It is an advanced blockchain-based electricity trading platform that allows users to trade electricity in a faster, safer and cheaper way, by utilizing the EPC token smart contract.
Energy Premier gives the power over energy back to the people through blockchain and decentralization. The platform enables direct access to the retail energy market to suppliers by eliminating multiple intermediaries and taking out distance as a limiting factor to trade, which then results in lower prices for the consumers.
Through the blockchain technology on Energy Premier, the electricity market will become decentralized and improved, and it will be easier for the consumers to trade electricity due to the peer-to-peer transactions. This will create a huge potential for the electricity suppliers and consumers in the energy market. The electricity trading based on blockchain will bring many benefits such as transparency, safety, and low transaction costs in short time.
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Thank you for reading!