3 Industries Being Disrupted by Blockchain
In the last few years alone, cryptocurrency and blockchain have taken off and emerged from the shadows of being a concept that only a few understood, to becoming a buzz topic that people can’t get over. It seems that cryptocurrency and blockchain will continue to develop and become a no-brainer in the next few years to come and continue to take the world by storm. There are already professionals like attorney Aaron Kelly who are honing in their expertise and specializing in crypto and blockchain. There are even companies that are already building on a blockchain base and revolutionizing the industries they’re part of.
While cryptocurrency and blockchain are poised to disrupt and revolutionize hundreds of industries, they’re already beginning to have an impact in some of the biggest ones. Here are just three of many industries that are already being disrupted by cryptocurrency and blockchain:
The startup industry is being disrupted by blockchain in a couple of different ways. The first is that entrepreneurs now have even more options and opportunities for the businesses they want to start up. They can build on a foundation of blockchain and create companies of their own that utilize cryptocurrency and blockchain to solve some of the biggest challenges that other companies, (and even the world), face in their industries.
The second way that blockchain is revolutionizing startups is by offering an alternative way to raise seed money and get investors. Instead of entrepreneurs having to seek out investors and hope they can get an audience with the right ones, or having to turn to traditional funding options, like loans, which don’t always suit their specific needs, they can use cryptocurrency and blockchain to crowdfund money through an initial coin offering (ICO). If an entrepreneur has an idea that needs validation, they can put out information on a pre-ICO list to see what kind of interest it returns. Then, they can launch the ICO and start raising the money that they need.
There are several pain points in our healthcare system that need to be addressed, and blockchain could be the solution that fixes them. For example, the storing and sharing of medical data is inefficient and ineffective. Because each hospital, practice, and office stores information on a system that cannot sync up with others, getting information transferred accurately can be difficult to do.
In fact, it is often not transferred to new or other providers at all which can lead to patients having to share the same information over and over again and could even result in dangerous situations like medicines that should not be mixed being prescribed to the same person. Additionally, patient information is private and sensitive, yet the way it is stored often leave it open and susceptible to hacks and fraud as well error and misplacement.
The blockchain is decentralized and records every transaction in chronological order then stores it securely so that it cannot be changed or altered once recorded, but can be sent to/displayed for anyone who needs to access it. That means that if all healthcare providers were to switch to a decentralized, blockchain system, the patient data and information that they record and store would be more accurate, have fewer errors, be more secure, and could be shared more quickly and easily with those who need to access it.
3. Cyber Security
While consumers are savvier than ever and more conscientious of the scams and potential dangers that are out there lurking on the web, cybersecurity is still a real threat that everyone who goes online faces. From stolen identities to hacked bank accounts, there’s a lot to worry about, but only so much that can be done to protect the private and sensitive information that has to be entered to shop online or to join a website. But that’s where blockchain comes in.
Blockchain encrypts all of the information that it stores and stores it securely, making it more difficult for hackers to retrieve sensitive and personal information in the case of a cyber-attack. Additionally, since blockchain is decentralized and does not store all of the data in one single location, it’s more difficult for hackers to access all of the information they otherwise could since it’s not all stored in one place.
Just a few years ago, cryptocurrency and blockchain were a concept that many didn’t understand and that many had never even heard of. These days, though, nearly everybody is familiar with cryptocurrency and blockchain and the way that we work. As they continue to develop and become more common, businesses and harnessing their benefits and startups are building off of a blockchain base, using its concept and abilities to disrupt their respective industries and change the way that things are done.
How has blockchain affected your industry?