How Blockchain and Cryptocurrency Will Disrupt Industries
If you’re a crypto user you already know the importance that blockchain has and can have on your money transfers. Nowadays, there are thousands of different and new cryptos, with marketing always changing and blockchain perfecting. Blockchain technology is a big fancy word that describes the act of recording events in a database. The more time it passes, the techier it gets. However, what can we expect, and how the disruption of the blockchain is going to look like? Which industries will be affected by it? Keep on reading and find out more down below!
How Blockchain and Cryptocurrency Will Disrupt Industries
Going from a simple word on paper to electronic or ”modern” online voting is a huge step that has happened within the last decade. However, there is even more space for bigger improvements. Thanks to blockchain technology it can eliminate the need for paper ballots while guaranteeing your security and transparency. In the future, as long as you own a gadget that can connect online you’re in for secure voting. Simply connect online and submit your vote. Blockchain technology also offers high-quality, fast, and secure transitioning of the data, without anyone ever getting familiar with your identity. Your identity will stay hidden. However, the only downside is that not all states are ready to make this huge change, making the transition not as fast.
2. Music & ownership
The music industry has totally embraced cryptos, and definitely NFTs.
The blockchain can also be used for music streaming and is a popular go-to platform. Not only that but you can also be paid or send money anonymously. Thanks to blockchain, every transaction will run smoothly, fast, will stay reliable and transparent. This is how one could support his or her favorite artist.
On the other hand and when it comes to ownerships, why not be 100% safe and sure that everything is in safe hands and under your name?! All of your most-important records can be hacked or maliciously changed if they exist in a centralized location. With blockchain, everything is replicated across the servers that run the system.
3. Financial services/banking
Blockchain technology will find its way into transactions or finances. Some will find relief in it while others will have to think twice before giving their data away. There is a possibility that banks could adopt blockchain in the near future. The reason why is because this would reduce costs and provide more robust security for those transactions. Even though experts say the impact of blockchain on financial services could be significant, they don’t expect it to replace traditional banking for transactions anytime soon. In fact, traditional banking is the only way that we’ve known thus far. With blockchain one is looking at peer-to-peer payment, with no fees or at least super low fees and proper security. Banks would lose some money but would save a lot more time by letting a blockchain do the transactions for them. As long as you trust your selection you are looking at a trusted solution.
An important feature for a lot of people worldwide, but mostly Americans, has to be proper healthcare. Healthcare nowadays is a lot faster and more secure, as well as ”modern” than it used to be. Now, all records, information, payments, and approvals are logged in. No reason to reach for old papers or files on patients. Only some information is secretive or private, which is where blockchain can play a huge role. In the future, one could have a fragmented system and better evaluation of all patients and who is a top priority given the situation. Blockchain can create a secure means to electronically hold medical data and enable someone to control who is able to view the data at any time. Although still not fully developed, it does look promising.
5. Transportation and logistics
The transportation and logistics sector is very well-informed and influenced by blockchain, and it has been for a while now. With it, one can cut costs and fuel consumption through greater efficiencies. A blockchain-based tracking system would enable easier tracking of vehicles and their status. It would also provide one with real-time updates. With accurate data, products would always arrive on time or within the supposed timeline. You can also enjoy the fact that all items are trackable, secure, and shipped with high standards, almost impossible to get lost online or in the system. The entire transportation and logistics team would have a lot more free time to do other projects instead of focusing on packages. It would be a time-saving feature for big brands to consider.
Cyberattacks are becoming more and more common, as well as popular nowadays (unfortunately). Because blockchain is decentralized you can use it for high-security cases or for your ultimate protection. Here, everything is and has to be verified and encrypted using a cryptographic algorithm. By eliminating a central authority, blockchain provides a secure and transparent way of recording transactions without disclosing private information to anyone. One company that’s been a proud user has been Guardtime. Guardtime was founded with a mission to make the world’s information universally reliable, without reliance on the risks of human trust. If you want to be carefree when it comes to keeping your data private and secure, think twice.
Get more information on this or similar topics
One can see blockchain as both disruption and an evolution. Where do you stand, and where do you draw the line? Blockchain has the potential of disrupting the financial services industry, that’s for sure. To avoid disruptive surprises or missed opportunities, applications of the technology should be investigated. If you want to get more informed about the topic check out bitcoinup. They have articles on different and new changes that are happening at any given point with blockchain and finances. If you want any advice on audit and assurance, consulting, financial advisory, risk advisory, and tax, give them a click and get informed.