The innovative technology of Blockchain is starting to change the way modern organizations are doing business nowadays. With the emergence of cryptocurrencies like Bitcoin and Ether, the global economy has started taking note of the technology it is based on, which is Blockchain. By its definition, Blockchain is a decentralized system of distributed ledgers. The data written on a particular block of a Blockchain is encrypted and cannot be modified making it a safe and secure technology for transactional purposes. It should not come as a surprise that the banking industry has already been disrupted because of this new technology. However, its uses are not limited to transactional operations only.
8 Sectors in which Blockchain is Expected to Grow in Future
Blockchain technology is revolutionary as it helps eliminate fraud and provides transparency. Thus, making it a reliable technology for other industries as well. Developed in 2008-09 by a person with the pseudonym of Satoshi Nakamoto, Blockchain has managed to capture the imagination of the world at large. Here are 8 industrial sectors in which Blockchain is expected to grow in the future:
- Even though Blockchain’s initial roots were in the financial sector, the possibility of growth in this sector is endless. Banking was the first industry that Blockchain technology started disrupting. With new knowledge about the technology growing every year, it has started expanding into stock trading, contracts, insurance, loans, and accounting transactions. The secure peer-to-peer transaction that Blockchain provides will make banking services and other financial operations obsolete in the future. Crowdfunding and Crypto exchanges will eliminate third-party elements altogether making it easier for businesses and entrepreneurs to receive funds directly.
- The education and academic sector will get transformed through Blockchain’s secure and safe technology. Fraudulent claims to qualification by students can be eliminated completely. Smart learning platforms and interactive modules with reward or token systems will make education affordable and accessible for everyone. Even public libraries and publishing will get revolutionized with Blockchain by building platforms that encourage writers and authors to publish their work and get distributed to their target audience.
- The healthcare and pharmaceutical sector will also get transformed through the secure and safe technology of Blockchain. Research and clinical trials will become easier with better communication and transparency between researchers and doctors. It will make the development of new drugs and vaccines for critical diseases a secure and swift process. Also, the claims management process which is a long and tiresome procedure can be handled promptly. Blockchain technology will provide evidence for the development of drugs and procedures through traceable records.
- Security and safeguarding of public as well as private property is a major advantage of Blockchain. Thus, making it a perfect technology for government and public sector industries. Blockchain technology will also change the traditional voting and law enforcement systems in the future. Reduction of paper-based documents and minimizing frauds will make the government and law enforcement system more efficient. Other public sector operations like waste management and transportation will become more reliable and efficient with the help of Blockchain.
- The manufacturing industries are always quick to adopt any new technologies and Blockchain technology is no different. Automotive and aerospace engineering and manufacturing sectors have already adopted this revolutionary technology to manufacture their products. With further refinement and new approaches being discovered every year, Blockchain will help these industries create tamper-proof and resilient products in the future.
Supply Chain Management
- Blockchain is an effective tech that will help in tracking shipments, inventory management, warehousing operations, and other traditional supply chain and logistics functions. It provides accountability of assets and shipments. Middlemen and third-party transactions will disappear with the inclusion of Blockchain technology. All transactional elements included in Supply Chain Management can be improved using this secure and reliable technology.
Agriculture and Mining
- This industry forms the backbone of the world economy and Blockchain has the potential of reforming this sector completely. Agriculture, animal husbandry, fishing, logging, and mining activities will get transformed with secure peer-to-peer transactions that will maintain the integrity of the providers as well as the suppliers. Sustainable agricultural and animal husbandry practices can thrive with the traceability and safety that Blockchain provides. The same can be applied to mining, fishing, and logging activities that will help build a conscious mindset among consumers.
- Blockchain will change the way we consume entertainment like music, movies, sports, and gaming in the future. Traditional forms of entertainment like art and photography will get altered by using Blockchain technology. The safe and secure tech will ensure fair communication between the content creators and their consumers while eliminating piracy and copyright issues. Messaging apps have already integrated this technology to provide an end-to-end encryption-based text messaging experience to users. This helps in the increase of trust and maintenance of user privacy without any third-party interference.
Apart from these eight industrial sectors, Blockchain has the potential to transform other industries like hospitality, travel and leisure, retail and e-commerce, food and beverage, infrastructure, construction, real estate, energy management, and many more. Cybersecurity and Cloud Storage is getting reformed with the help of Blockchain. The growth of the internet era has led to this modern approach of doing business operations to grow further. Blockchain has gone beyond its original conception to show the world its endless prospects. And with time, as we get to know more about this innovative technology, it has the capability to begin shaping our future.
So, gaining a thorough understanding of Blockchain will help future-proof your career. With the right Blockchain Training and Certification from a verified certification provider, individuals can learn all about this technology and understand its terminology. Along with proper training, gain hands-on experience in using the technology to help drive the business processes of your organization irrespective of the industrial sector. Blockchain was termed the “technology of the future” and it is proving to be just that. Gaining a Blockchain credential will provide future change-makers the opportunity to transform their world.