5 Massive Industries That Crypto/Blockchain Can Transform
A change we cannot even see, but it is there far too disruptive not to be felt.
The only constant in the world is change. And the modern epitomes of change today sprung up to be the blockchain technology and cryptocurrencies. Still in nascent stages, as they were just invented 11 years ago, but their massive disruptive force combined have brought the world into an immediate paradigm shift — a change in mindset, skillset, and language in so short a time. Blockchain and crypto influences spread throughout sectors and industries that divided communities into believers and skeptics. But as days went by, an exodus of converts traversed many gray territories and saw what these two forces could do to improve and change a world made stagnant by entrenched systems that grew detrimental and corruptive to the society as a whole. The financial industry has already taken great strides in absorbing to its advancement the benefits of the two. Today we will tackle five massive industries that are ripe for a blockchain disruption.
To its credit, the energy sector is at par when it comes to technology innovation and adoption. It is not a surprise then if it embraces blockchain technology into its fold. One area of adoption is in the peer-to-peer renewable energy trading with solar panels as an example. Another is in the use of smart contracts for energy transactions to regulate and control the grid networks. The balance to be created between supply and demand will contribute greatly to keep the energy sector a strong economic booster.
Large capital has been poured out into the insurance industry to upgrade its products and services. Companies which are blockchain-enabled can provide a ledger to create, manage, and store sensitive company records in a safe and secure but readily accessible vault where the single source of information can be accessed anytime in real time. There is the ease of use in case of updates and authentication purposes. The increase in efficiency will help minimize fraudulent insurance claims which have been plaguing the industry for a long time.
Another industry that desperately needs rescue from the menacing chains of piracy is music. Artists have been in a pitiful woe for much of their professional lives due to stolen intellectual rights, and blockchain solutions might just be the protection the entertainment industry has been waiting for. Once a decentralizing blockchain is in place, every created music published on a ledger will render it immutable, meaning, it is not downloadable, modifiable, or freely shared. Revenues can rightfully go to the artists and platforms that drive music traffic.
Transportation, especially ride-sharing, will radically be transformed once blockchain technology is adopted. The current ride-sharing models are heavily centralized in which the database pretty much control operations and administration, including the drivers and the riding public. With the application of blockchain’s distributed ledger technology, riding becomes user-driven, where driver cooperatives can regulate their own fare rates and delivery services.
Even instant messaging applications will have a taste of blockchain disruption as they are either blockchain-driven or blockchain-integrated. While some are already into ICOs, others are expanding into crypto trading. Meanwhile, most are more into innovating to protect privacy, secure data, and introduce ease-of-use features. Encryption apps include messages automatically erased after 24 hours or immediately upon reading or confirmation, or eliminating centralized servers from accessing received information which is a privacy much like corporations and governments, or sending encrypted multimedia messages which includes the ability to send crypto payments within the app, or even create subscription channels. The list goes on and on.
Blockchain is here to stay, and we will get to witness its disruptive powers applied to every other industry or sector not mentioned here. Others to a larger extent. Others in its entirely. You can actually have your own list of industries set to be disrupted, such as real estate, legal, banking, healthcare, education, manufacturing, advertising, food supply chain, or even governance, and hundreds more. There is nothing actually that blockchain cannot now disrupt. So when we experience a radical change in the administration, management, or system of operation as we encounter them like speed, transparency, security, immutability, and decentralization, it is a safe bet blockchain is behind it all.
eQapital is a FinTech company employing blockchain protocols to provide its clients with optimal experience in the secure management, custody, or transfer of physical, digital, and fiat assets.