By John Shepard
With the advent of technology, different schools have come up with the notion of decentralizing the world currency. This came as a result of money governing bodies and banks having the sole power to dictate what each currency was worth and its purchasing power. Because of this, an internet form of decentralized currency was produced referred to as cryptocurrencies with the first of its kind being Bitcoin. And with the invention of the bitcoin, there was a need to keep records of these decentralized currencies else every tom, dick and harry would come up with their own currency sooner or later. Then came the big idea. The Blockchain!
But before we discuss the industries the blockchain will disrupt in 2019, let’s learn a bit about blockchain. So! What is blockchain?
This is the record keeping technology behind the bitcoin. It is best described as a distributed decentralized public ledger available to anyone to keep track of their digital money. Awesome right? Not only is cryptocurrency decentralized but people can have their personal banks for their bitcoins.
Blockchain has become a part of our lives. Companies are adapting it as a solution for their business. Along with that, some industries are also taking the advantage of it. Gambling is one of those. The possibility of fraud is diminished and the chances of fair gambling are increased.
So, with this said, there would be quite a lot of companies that the blockchain technology would surely usurp, and a critical analysis of those companies have been mentioned in this write-up. Stay tuned!
Industries to be disrupted
Banks: This is no doubt about it. If cryptocurrency was invented to check the way banks decide what every currency should worth, then they would definitely disrupt banks. It provides acute accuracy and information in the financial services ecosystem more than banks can. Also, the risk of collapse is almost negligible as there is no physical vault or each person has his mini bank to go.
Politics: Election or vote rigging could be brought to an abrupt end because voting systems secured by blockchain technology will be unhackable. Starting from the registration down to the voting period, elections hinged on the blockchain technology will produce an accurate representation of the voters’ choice.
Ride Sharing: Ride-sharing companies like Uber will be disrupted as the blockchain technology will create a more user-driven market place where there would be a peer-to-peer sharing of services. This would eliminate the need of an idle company to support the payment process and naturally take a fee for their services.
Education: In the education sector, the Blockchain will help curb the unearned claims of educational acclaims and certifications. Also, it will help companies and organizations such as the Noosphere Engineering School of Max Polyakov to verify the results of students easily without requesting for the physical ones. There will be an easily accessible online repository of students’ records available to only authorized personnel.
Business: Blockchain will play a great role in business as it makes business transactions transparent. It provides verifiable transactions with fast exchange of funds and commodities between business clientele.
Real Estate: The mode of operation employed when buying and selling property always involves a lot of paperwork. This whole process can be scrapped and can be made simplified and more transparent with electronic contract signing and disbursement of money.
Health: The healthcare sector will be affected most positively by the blockchain technology in which it will allow healthcare providers access to health records securely and easily. It will remove the need for paperwork and enable doctors to access to them anywhere anytime giving them ample time to save life.
Security and legal: The theory definition of blockchain technology comes into play here. Being a decentralized way of storing cryptocurrency, it is secure and can hold legal records of criminals and even hold will and other legal documents. Advanced cryptography which is only obtainable in blockchain technology will prove to be the most secure method of storing data.
Conclusion
Blockchain is the way to go, and it would surely lay some old fashioned ways of doing things to rest. The logic definition suggests that blockchain is the most unhackable form of data storage and distribution and with this feature to boot, it would surely replace and disrupt a whole lot more industries later on.
What are your thoughts on this?
John Shepard is a freelance writer, a financial expert who has advised many organizations and websites, including https://max-polyakov.institute/. Recently, he has been researching the blockchain technology and he is happy to share his knowledge with others.