Blockchain technology was undoubtedly made mainstream by Bitcoin and other cryptocurrencies, so much so that some people think that blockchain and cryptocurrencies are mutually exclusive, or that they’re the same thing (spoiler alert: they’re not). It’s not so surprising to learn this since cryptocurrencies are one of the most popular blockchain products out there today.
While it’s true that blockchain technology is making waves in the finance sector, it isn’t only limited to one industry. Blockchain’s secure and decentralized information ledger system has many uses—and the world is slowly starting to see them emerge.
Here are some of the industries blockchain technology is set to revolutionize, and the products that can make them happen.
Blockchain Products to Look Out For
Cryptocurrencies debuted a little over a decade ago, but there are still many people skeptical about it. If you consider the other benefits blockchain can offer the banking industry, you might be willing to take a second look. The traditional banking system has several disadvantages. Banks often charge hefty fees and interest rates for financial services, such as payments, transfers, and loans. With blockchain technology powering a virtual wallet, all of that is out of the equation.
It also allows the use of secure “smart contracts,” which can be used to automate processes like loan and insurance applications as well as claims processing and distribution of benefits. This will effectively get rid of paper filing systems and reduce inaccuracy with people’s financial information and data.
2. Voting Systems
Elections are almost always riddled by controversy brought about by foul play, voter fraud, and human error. Blockchain-enabled voting tools can help eliminate these inconsistencies by recording each vote, authenticating the voter’s identity, and automating the tally of results. The transparency and security of blockchain will ensure that there are no votes changed, added, or removed by a third party.
3. Messaging Apps
Blockchain-powered messaging apps, in theory, secure your private messages, giving you protection and peace of mind. While encrypted messaging is available to consumers, blockchain technology is still far superior. Existing messaging apps like Telegram and Line are currently developing respective blockchain-based platforms to expand their services so that you can store files and make transactions within their app.
4. Online Identity
It’s difficult to prove your identity on the internet—that’s why fraud and scams still run rampant to this date. Your data lives on the servers of the apps you use, such as Facebook, with minimal control of what gets accessed. Blockchain can help streamline login portals and serve as your online ID. Naturally, this move will lessen illegal activity and allow for more flexibility over each person’s data.
5. Cloud Storage
People are all too familiar with data breaches due to unreliable systems and weak network security. This is because companies that offer cloud storage often use centralized servers that are vulnerable and easy to hack. Since blockchain uses a secure and decentralized system, files will be less prone to attacks and data loss. This is great news for everyone as all industries and consumers are moving towards online storage solutions.
6. Healthcare Systems
The general healthcare industry has come a long way but is still plagued with imperfections, especially regarding data sharing across units. Fixing the data collaboration between providers spells out many benefits, such as accurate diagnoses, effective treatment plants, continuity of care between healthcare providers, and the overall increased ability of institutions to deliver the quality of care that people deserve. Additionally, blockchain will also allow hospitals and patients to make transactions without compromising data security and integrity
The education sector is generally heavy on paper documentation. For instance, academic certificates and diplomas, which should be globally recognized, are usually verified manually. In some cases, there could even be errors in transcript logging. Using blockchain tools in education could centralize verification procedures, which would reduce forged records and claims of fake academic credits.
8. Government and Public Records
The government and political sector is another industry where blockchain can help reduce paper-based processes, erroneous logging, and fraud. By eliminating faulty systems and entering government data and transactions through blockchain, the accountability and transparency of appointed officials will increase. This would prevent corruption by its ability to detect those who are committing fraud.
What Will Blockchain Disrupt Next?
It seems as if the applications for blockchain technology are endless. It has the potential to fix pesky problems and inconsistencies of various industries, while upending others and creating whole new ones.
As a business owner, it’s critical for you to stay ahead and look at certain blockchain products you can invest in for your company to remain competitive. While there aren’t plenty of major companies harvesting the power of blockchain technology yet, you will likely see a world where blockchain is the norm pretty soon.