10 Industries Blockchain will disrupt

If there is one phenomenon that has the potential to alter the way people live and disrupt the status quo. It has to be the Blockchain technology

But what is Blockchain technology anyway? why is there such a buzz generated by its application?

At its most basic, Blockchain technology functions as a decentralized public space where cryptocurrency (a form of online virtual currency like Bitcoin) transaction is recorded, with the details of both buyer and seller available for scrutiny.

A core disruptive tendency of blockchain technology is the automatic provision of a digital ledger of both parties who engaged in a transaction. This ledger is available to the general public, and nobody or authority in the world has control over it, so we can feel safe knowing that some selfish individual is not there to tamper with things.

Many people have grown tired of the of undue official interference of the government in our transactions, and even though it has its benefits, it still leaves a very big loop hole; we are left to trust individuals we don’t know to take care of our financial matters, and to look up our financial records.

Well Blockchain comes across as the Knight in Shining Armor.

Believe it or not, Blockchain is already gaining or has gained ground in several sectors of our everyday lives and it is closer to you than you think.

Yes, you read this right, the most patronized sector in the world is about to undergo fundamental changes.

Already Bitcoin, a cryptocurrency under the Blockchain framework, is gathering steam as a preferred means of a settlement with low transaction fees. Mainstream banking institutions like Barclays has begun processes aimed at adopting Blockchain technology in order to offer safer and faster services.

Worried about your medical history falling into the wrong hands?

Fret no more because many medical institutions are making the switch to blockchain technology. This move will enable the safe storage of patient data as well as authorized access to specific healthcare professionals and patients.

Tired of fake news? Feel aggrieved about the intellectual theft that goes on unabated?

Then you should have hope in a new order as media outlets and institutions embrace blockchain technology in the management, authentication and appropriate reward for creativity across the news and entertainment sectors.

Human errors, sharp practices and the adverse impact of processes may soon be confined to the bin of history, with the total use of blockchain technology.

With this system, companies and businesses can document transactions and stock levels in a decentralized repository, for a secure and transparent monitoring.

The real estate sector suffers from the activities of fraudulent individuals, who commit crimes and swindle people of hard-earned money in phony property deals.

Blockchain technology sounds the death knell on such activities with greater transparency in transactions, ease of authentication of title documents as well as the speedy transfer of property deeds.

Crowdfunding has enjoyed huge patronage as a credible means of funding business start-ups.

However, they charge high transaction fees, with cases of understatement of funds raised. Blockchain will come to the rescue, giving users the opportunity to receive value (funding) from the trust earned by participating in a blockchain transaction.

Blockchain makes it possible for us to enjoy a retail system where buyers and sellers interact without the need for a middleman and incident fees.

The trust quotient needed for a retail transaction comes from the transparent networks, built on a decentralized system that affords great accountability and security of exchange.

You can look forward to the day blockchain technology enables decentralized and transparent access to past court judgments/rulings as well as structured documentation of titles, ownership, and other deeds; public information like marriage and death certificates; and specifics concerning intellectual property rights.

In other words, electronic legal ledgers, free from manipulation and undue interference will signal the equality of all before the law!

The bureaucracy of governance engenders inefficiency, corruption, and tardiness in discharging responsibilities towards citizens. With blockchain technology, governments can now extensively reduce the cost of service delivery, engender transparency as well improve the security of government activities.

Receive a boost in your trust in the insurance industry, as blockchain technology gains a foothold in that sector. The open nature of blockchain will ensure that vital data like your identity are stored in safe repositories along with other confidential data. A eternity leads the way in the development of a blockchain platform for the insurance industry.

So there you have it, your own list of 10 Industries Blockchain Will Disrupt, and those who will feel the cataclysmic effects of the blockchain technology in banishing borders and making the world a safer and a more equitable place to live.

In fact, since most fields of human endeavour deal with one form of data or the other, the chances that blockchain technology bulldozes its way into disrupting existing order is high.

All you can do is to embrace and flow with the tide, and here, we equip you to go all the way, learning more about Blockchain, and how it will make an impact on YOUR industry. To do less is to deny oneself of the many opportunities and challenges that come from adopting Blockchain technology.