Blockchain technology is quickly revolutionizing the world, and cryptocurrency alone caused a massive disruption in the financial market. Besides, technologies such as NFTs continue to make a significant impact in the space of digital art and other virtual assets.
Given the enormous amount of investment pouring into this technology and investors diving head first into the crypto market, the market size of blockchain technology is estimated to hit $67.4 billion by 2026. Additionally, financial institutions are not the only organizations disrupted by the rise of blockchain. Many businesses in varying industries are also shifting their focus to applying blockchain in their solutions.
Interestingly, in 2021 blockchain startups accumulated around $2.6 billion in VC funding alone. This number will only increase in the coming future as the use cases of blockchain applications broaden.
7 Industries that blockchain will disrupt
The integration of blockchain into various industries can bring about monumental change. Here are the top 7 industries that blockchain will revolutionize with the successful brand implementation of blockchain applications.
1. Finance
All financial institutions are disrupted by blockchain technology. Why? A decentralized environment can significantly reduce the time and transaction fees taken up by commercial banking.
According to a report by Jupiter Research, banks using blockchain in their workflow can reduce up to 11% transaction fees in cross-border settlements and save more than $27 Bn annually by 2030.
Not to mention the security factor involved as transactions in a blockchain network are recorded in a ledger.
For example, Ripple
RippleNet is a global payments network by the brand Ripple. Here, transactions are processed rapidly at just minimal costs (in cents), beating the service of the majority of financial institutions.
2. Real Estate
Blockchain solutions can effectively clear the hassle of purchasing land. The entry of new customers into the real estate market can be simplified by reducing the amount of paperwork and middlemen fees.
Blockchain can securely handle and store all the essential paperwork. When factors such as third parties and escrow are removed from the scene, more customers will be encouraged to enter the market.
For example, Propy
Propy has introduced automation and blockchain technology into the real-estate space, eliminating intermediaries and delays and making the process transparent. It makes buying and selling real estate faster and more secure. How? Propy gets the signed purchase agreement recorded on the blockchain and enables users to buy via fiat and cryptocurrency, which marks the payment as received on the smart contract. Finally, the deed is recorded on the blockchain and is thus unhackable ownership proof.
3. Insurance
Insurance is a necessity in so many areas of our life. But the process of the insurance paperwork, claiming, verifying, etc., is honestly tedious and time-consuming.
With the distributed ledger system, all information can be validated with the network’s records, which every network member can openly access. Insurance companies can process documents and claims much faster, providing better service.
For example, openIDL by IBM
openIDL is an open, transparent, and secure blockchain network built by IBM with the American Association of Insurance Services (AAIS) for streamlining and automating reporting in the insurance sector. It also aims to simplify the customer process by providing new insights and the state department authorities' high time-effective, accurate, and value-adding.
4. Cybersecurity
As the world depends more on digital transactions and payments, the frequency of cyberattacks has skyrocketed. It is a real threat to many organizations and personal clientele data. With blockchain applications taking center stage, such occurrences can be bid goodbye.
One of the main features of blockchain has always been security. Change within the network is reviewed and approved by all in the network. This prevents data leakage or fraudulent transactions keeping all data safe and preventing tampering.
For example, Guardtime
Guardtime is a brand offering enterprise-level blockchain cybersecurity solutions to governments and other organizations on the KSI blockchain explicitly designed for ensuring the integrity of real-time data, networks, processes, and systems at scale.
5. Healthcare
At first glance, healthcare might not seem like an area for blockchain-aided digital transformation. But here, too, blockchain can bring enormous changes. Proper handling of patients’ sensitive details and medical records is crucial to the healthcare industry. A blockchain-based system must be established to avoid data loss or tampering with the records.
If all patient-related documents are stored within the network, only the right people can access them, thereby improving the security and trustability of the organization. The healthcare industry can benefit from this disruptive technology with a vast scope of use cases.
For example, Patientory
Patientory tackles healthcare data breaches from the ground up by introducing a secure means to store and share Electronic Health Records between healthcare providers and patients. With encrypted and secure blockchain technology, Patientory places the control of the data in the hands of patients and facilitates secure data transmission for added transparency.
6. Retail
For regular customers, trust is placed in services such as Amazon that bring us closer to external sellers. With blockchain integration in the retail industry, traditional stores, or anyone, can buy, sell, or serve their customers directly without these middlemen services, improving credibility and thereby the quality of products and the service.
This will boost the small business economy and reduce the autonomy of tech giants in the retail space. Unlike established online retail services, buyers and sellers can interact directly; this way, sellers can make better profits without incurring a fee.
For example, Particl Marketplace.
Particl is a democratic and decentralized marketplace. It allows you to buy and sell anything online — privately and without restrictions. The platform eliminates intermediaries, tech giants’ monopolies, and third-party costs. It also keeps user behavior private, doesn’t generate any data, shows no ads, and has its code open-source, audited, and publicly available for review. All of this genuinely promote the free market economy.
7. Government
Lastly, the public or government sector can get a boost from these blockchain-related services. Significant events, for instance, voting, can be streamlined and corruption-free using blockchain. Furthermore, improving transparency is of prime importance for any democracy, so such methods must be taken to serve people better.
Keeping public records permanently on a public blockchain can improve the morale of the citizens of any country because it leads to better accountability from both sides. Countries like Malaysia and Singapore use blockchain to keep track of individuals’ vaccine information. This leads to quick verification, especially on traveling. Authorities can also utilize the blockchain to remove fraudulent activities within the system.
For example, Cardano — Ethiopia Blockchain Deal
In a revolutionary move, the Ethiopian government collaborated with IOHK (the company behind Cardano) to track students’ performance in local schools via a blockchain-based system. Cardano is one of the top cryptocurrencies and can potentially improve the quality of education, as per Ethiopia’s Minister of Education. With students receiving cards with Near Field Communication (NFC) chips containing their educational credentials, this deal can potentially resolve the plaguing issue of fake certifications in Ethiopia.
At the end
As is evident from all the above blockchain applications, the technology is spreading and gaining roots in various industries. There may never be a better time to be part of this revolution.
For developers interested in blockchain application development, this time is crucial and perfect to gain knowledge and utilize the skills to build robust and secure applications for the future.
Whether you are a seasoned developer planning to switch to the blockchain space or an amateur dipping their toes in this technology, a well-rounded course can pave a smooth path for you. One such course is Solidity & Ethereum in React(Next JS): The Complete Guide by Eincode Academy.
It is vital to gain a solid footing to excel in the blockchain world, and online courses provide developers with the proper guidance and exposure.