While some industries introduced Blockchain in their business model at a very initial level, some are still struggling with determining the role of the technology in their domain and in the types of funding that they can receive.
Let’s take a walkthrough of industries that have been revolutionised by this technology and their impact received, followed by the type of industries most expected to answer why use Blockchain in the coming time.
Industries That Enjoyed Successful Transformation with Blockchain Development Services
1. Banking and Financial Services
When focusing on blockchain and economic development, the foremost industry that takes the limelight is banking and finance.
The combination of Blockchain and Fintech has simplified banking processes in many ways:
- enforced identity verification and management process
- introduced crypto payments
- eradicated intermediaries.
Besides, the convergence of the two, which has resulted in decentralized finance, led financial software development companies to automate banking and accounting processes – right from organizing spreadsheets to filing all tax files effectively.
2. Real Estate
Blockchain is taking real estate to the next level. The technology has opened new doors for potential investors worldwide to invest in the real estate economy. Some of the advantages of Blockchain in the industry can be seen initss authenticated digital transactions, reduced siloed databases, and instilled trust in all the property buying and selling solutions – both at the commercial and residential front.
An example of the scope of blockchain growth in the Real estate domain is Ubitquity.
Blockchain technology in the Healthcare industry has proven to be more than baseless hype. It serves healthcare organisations with better data collaborations that increase the probability of accuracy in diagnosis and upgrades the treatment level.
The use of Blockchain in the healthcare and pharmaceutical sector also streamlined the supply chain and medicine verification process. It enabled the medical domain stakeholders to make payments using crypto wallets, change the model for drug design, and deliver a personalized yet trustable experience to both patients and medical practitioners.
One such healthcare startup that has incorporated Blockchain in its process is Gem Health Network.
While learning app development is what brought education from traditional classrooms to real-time accessible mobiles, Blockchain has taken it to the next level.
The technology has simplified the process of record-keeping and verification of certificates. It introduced the concepts of verifiable open badges which enable students to maintain a permanent record of their certificates and other documents and share with prospective employers. Also, it streamlined public assistance for both students and families.
When looking for the answer to why use Blockchain in Education, one company that has come up as the right answer is Sony Global Education. The brand has created an educational platform with the help of IBM that employs Blockchain to store and share student records securely.
Blockchain has bridged the gap between buyers and sellers by reducing the interference of third-party intermediaries. The technology, in the form of Blockchain wallets, has eased the process of peer-to-peer payments. Besides, it has also added a tint of security and transparency using the concept of Smart Contracts – a clear indication of which is OpenBazaar.
6. Transport and Ride Sharing
Blockchain technology has also proven to hold the potential to change the landscape of public transportation and the ride-sharing economy.
On one side, blockchain-powered applications have encouraged users to commute via public transportation and get rewards in the form of crypto-tokens, on the other side, the technology has decentralized the On-demand ride-sharing economy, i.e., that of Uber and Lyft. They have introduced new options that enable drivers and riders to set their own rates, offer additional services like roadside assistance and ultimately, create a more user-driven value-oriented market. Or better say, the technology has introduced protocols that eliminate third parties from the equation and make the processes faster, efficient and seamless. A glance of which you can take by visiting our blog, titled: Origin Launches Protocol to Decentralize the Sharing Economy.
One such app that proves how much is the Blockchain worth in the ride-sharing industry is Arcade City.
7. Logistics and Supply Chain Management
Blockchain also improves the scenario of the Logistics and Supply chain management domain. The technology lets companies record every transaction and process – right from manufacturing to sales, storage, and shipment – in decentralized blocks. And in this way, lower down the risk of time delays, human errors, and associated costs.
The Food supply chain and safety system designed by Walmart in collaboration with IBM are what indicates the real impact of Blockchain on business technology in the domain.
In the Agriculture sector, Blockchain has introduced a decentralized mechanism that makes it easier to trace crops and other products. It induces trust between merchants and farmers without involving third parties, which eventually enhance the pace of transactions and cut down the associated cost.
One company that is already highlighting how Blockchain could change the world of Agriculture is AgriDigital.
Blockchain is also gaining huge traction in the field of Cybersecurity. The sector rightly fits the textbook definition of the impact of blockchain technology on business.
It empowers users to maintain their unique and immutable identity records, which can’t be accessed or interpreted by anyone without their consent. It also prevents DDoS attacks and adds another layer of security to private messages.
One of the best examples to look at the growth of blockchain technology in the cybersecurity domain is Guardtime. It creates a keyless signature that goes with the cybersecurity requirements of the US Department of Defense and helps in securing the health records of millions of Estonian citizens.
10. Gaming and Video Streaming
Gaming and video streaming sectors will also enjoy expansive growth with the incorporation of Blockchain in their processes.
The technology, through its distributed ledger, enables users to exchange assets across the digital world, get rewarded, track their uploaded information, and more.
When it comes to how Blockchain will change our lives in the field of Politics, the solution that technology comes with is through better infrastructure for casting, tracking, and counting votes.
The technology has introduced the concept of capturing votes on Blockchain as transactions thus eliminating the risk of fraud voting using the characteristics of immutability, transparency, and authentication.
One such Blockchain voting startup that is offering effective solutions in the industry is Follow My Vote.
12. Cryptocurrency Exchange
Another industry that has experienced optimal growth in its functioning is Cryptocurrency exchange. The technology has eased the process of switching from one cryptocurrency (or crypto asset) to another and copes up with all the related considerations.
13. Crowdfunding and Venture Capital
Blockchain has introduced the concept of Smart Contracts in the crowdfunding and venture capital domain. This has helped every associated entity to get better oversight of individual campaigns and cope up with the risk of fraud in this sector.
In other words, it has added authenticity and trust into the spectrum which has made it easier for startups and other companies to get funding easily and effectively.
14. Government and Public Records
As discussed in detail in our blog on the role of blockchain in government, the technology has lowered paper-based processes, prevented the risk of frauds, improved accountability in the domain, and much more.
When talking about the scope of the technology in this sector, Samsung is integrating Blockchain in its infrastructure to help the South Korean government offer better public safety and transport solutions.
15. Charity and Aid Organizations
Blockchain has also made it possible for users to track their donations precisely. It has provided them with the power to remain updated with where their donations are going and whose hands are they reaching.
This has added a sense of accountability and transparency in the process and helped in coping up with the growing issues of organizations using donated money for other purposes.
One brand that shows why and how Blockchain will change everything in the Charity domain is Bitgive Foundation.
16. Gift Cards and Loyalty Program
Lastly, Blockchain technology has also given a fresh outlook to gift cards and loyalty programs. The technology has reduced the participation of intermediaries in the process of issuing gift cards and regulating sales transactions and put the practice of unauthorized users obtaining stolen accounts to an end. This has made the whole process efficient, seamless and cost-effective.
A use case of why to use Blockchain in this domain is presented by Loyyal.
So, these were the industries that have skyrocketed their ROI by partnering with a blockchain app development agency and incorporating the technology in their business model.
However, the list does not end here.
With Entrepreneurs realizing that the technology is not a bubble that would pop anytime soon and the growing interest in Blockchain technology trends, has led to many more industries joining the bandwagon.
So, let’s uncover a few of the industries that Blockchain will change this year.
Industries That Blockchain Will Enter This Year
[DISCLAIMER: It is possible that some of the industries mentioned below have already entered the Blockchain domain, but are yet to gain popularity.]
Forecasting is one of the sectors that will experience a transformative change with the adoption of Blockchain and where the impact of blockchain technology on business will be seen most.
The technology will help in gathering and storing data regarding individuals’ opinions in immutable databases. And eventually, use the insights gained to predict an outcome that would be much closer to reality.
2. Stock Trading
Another industry that will show interest in how Blockchain could change the world is the Stock trading market.
The industry will rely on blockchain to trace securities lending and regulate systemic risk. They will also optimize their processes via automation and decentralization, and enjoy a simplified post-trade events settlement and easier dividend payments.
3. Will and Inheritance
What has been on papers will sooner be recorded on Blockchain. People will be able to write and store their wills and other important papers on immutable blocks that will be automatically executed via smart contracts. These papers will not just be safer and secure than existing paper wills, but will also enable beneficiaries to enjoy better outcomes.
4. Content Creation and Publishing
Another industry that will be turbocharged with the implementation of Blockchain is Content Creation and Publishing.
The industry, with the introduction of Blockchain, will be able to provide all the creators, artists and publishers with an opportunity to create a global, digital and decentralized infrastructure and further manage their digital content effectively. This will put an end to the practice of republishing any content without reference to its original source.
5. Construction and Mining
Blockchain is also supposed to change the landscape of the Construction and Mining economy.
It will simplify the process to trace transactions during complex processes of governing regulations and standards. This will induce trust in the process and help prevent hazards associated.
The technology, when used in the Mining sector, will also make it easier to manage approvals of documentation meant for mine design and planning processes, resource estimation, exploration, etc. and enhance the traceability of inventory into the ERP process.
Lastly, Blockchain will also be employed for identity verification to ensure that hired workforce have a clear record.
6. Sports Industry
Another industry that will be transformed with the advent of Blockchain technology is Sports.
Blockchain will empower brands and sports clubs to easily manage logs of all transactions and sponsorships via cryptocurrencies. It will also help to get rid of ticket scalping and doping in sports by making it possible to maintain a real-time record of every transaction and identity management.
It will enable broadcasting networks to monitor the rights that they have licensed and renewed using smart contracts, which will aid them to deliver a safer and convenient experience to all.
Apart from this, the technology will aid fantasy sports organizations to collect payments from their fans and securely store and manage their athlete data.
7. Human Resources and Recruiting
The technology is also heading to reshape the future of the HR and recruitment sector. The technology will not solely offer the opportunity to check the background of potential candidates swiftly and efficiently, but will also help to streamline the process of employee onboarding, performance analysis, cross-border payment, worker mobility, fraud detection, and more.
Blockchain has also proven to have the potential to overcome the challenges faced by the Cannabis industry.
The technology will introduce the concept of Point-of-Sales (PoS) in the cannabis economy to get rid of looping behaviour, i.e, the same consumer asking for marijuana products regularly exceeding the daily limit.
It will also make it possible for the cannabis dispensary system to record and manage all records with access to authorized entities and get an escape from tax fraud issues.
And above all, it will simplify the banking and credit card processing in the industry, which will encourage businesses to consider medical cannabis delivery app development costs for creating a mobile presence and delivering a more enhanced experience to their consumers.
Just like Banking and Capital Market, Blockchain is also predicted to bring a major impact on the Insurance sector.
The technology is expected to make the claim and subrogation process streamlined with its transparency and decentralization characteristics. It is also supposed to provide efficient payment solutions between third parties and insurers and make it easier to provide more sophisticated pricing to consumers by studying the shared loss histories.
10. Energy Management
Another industry that is predicted to be reshaped by Blockchain technology is Energy management.
The technology, with the help of Smart Contracts, is expected to automate the process of balancing supply and demand in the industry. It will also decentralize the process of buying and selling energy and make it possible for energy/power suppliers to store excessive amounts of resources and send them to areas suffering from its shortage.
The introduction of Blockchain will also make it possible to record micropayments, read billings, monitor CO2 emissions, regulate green electricity certification, cut down the overhead cost, prepare for climatic changes, and more.
11. Art and Photography
Presently, blockchain is attempting to revive photography-as-a-business (PaaB) by providing due credit to the experts who generate wondrous pictures. It’s probably not going to bring back photography as cultural expertise for the trained, yet it may assist such artists to make a living.
Blockchain initially rose into the photo business’ cognizance through Bonded, which utilizes blockchain as a technique for validating images by engraving authorship and the date of their creation into the blockchain. In simple terms, it protects the intellectual property of the photographers by building a permanent record of their copyright in a public database named blockchain.
Another example of a photo company using Blockchain is ImageRights. This company uses blockchain to help photographers and photo agencies settle infringement claims. For this, the organization utilizes blockchain technology to record all the significant ownership information, including the U.S. Copyright Office registration data and a thumbnail image, and present the information to infringers with the goal to persuade them to settle.
One of the big and most avoided issues in the entertainment sector is ownership and rights management over the content. The uneasiness of tracking who acquires what across sound, visual, and other content has led to abundant claims, lawsuits and payment disputes. Blockchain comes to the rescue by guaranteeing an approach to track IP across different channels. Utilizing Blockchain as a new innovation, intellectual property rights can be appropriately traced, and rights management companies can get the full record of transactions made.
Blockchain, with its distributed ledger approach, can improve the media supply chain and decrease copyright infringements through security, transparency, available data, and control.
Although Blockchain entering the media and entertainment industry is new, there are companies teaming up with blockchain to provide better service to the users. For example, Comcast, Spotify, use blockchain to better plan and target the audience and provide artists with transparency in their tracks.
So, as we have seen so far, Blockchain is proving to be a groundbreaking technology shaking the foundational stone of various business verticals. However, the potential of blockchain technology and its impact on the economy is not confined to this.
Knoldus helps clients explore every aspect of blockchain and build tailored solutions designed to deliver value. Through architecture, digital design, and development, we serve our clients in their quest for innovative blockchain solutions that are market-ready and address real business issues.
Also published on Medium.