The blockchain is one of the most promising new technologies for the future. So what is it it's a distributed ledger technology that underlies crypto currencies like Bitcoin/STEEM and provides a way to record and transfer data that is transparent safe auditable and resistant to outages. The blockchain has the potential to make the companies that use it democratic, transparent, decentralized and secure the blockchain is likely to disrupt many industries in the coming five to ten years.
These are some of the industries it's already disrupting.
Banking and Payments:-
Some people say that the blockchain will do to banking with the internet did to media. Blockchain technology can be used to give access to financial services to billions of people around the world, including those in third world countries who don't have access to traditional banking technologies like Bitcoin. I strongly feel STEEM can occupy this place in future particular in third world counties.
Supply Chain Management:-
With blockchain technology transactions can be recorded in a indestructible decentralized documented and monitored securely and transparently this can greatly reduce time delays and human mistakes. It can also be used to monitor costs labor and even waste in emissions at every point. In the supply chain this has serious implications for understanding and controlling the real environmental impact of products. The
blockchain can also be used to verify the authenticity or fair trade status of products by tracking them from their origin.
For Forecasting:-
Blockchain is set to change the entire approach to research consulting analysis and forecasting. Online platforms like augur AND Gnosis are looking to create global decentralized prediction markets. These technologies can be used to place and monitor bets on anything from sports to stocks to elections in a decentralized way.
Networking and Internet of Things:-
Samsung and IBM are using blockchain technology for new concepts called a debt which will create a centralized network of IOT devices. Operating like a public ledger for a large number of devices, it would eliminate the need for a central location to handle communications between them the devices would be able to communicate to each other directly to update software manage bugs and monitor energy usage.
Insurance :-
The complete Insurance market is based on trust management with the companies. Blockchain is a new way of managing trust and can be used to verify many types of data in insurance contracts like the insured persons. Identity can be used to integrate real world data with blockchain smart contracts this technology is very useful for any types of insurance that relies on real world.
Cloud Storage:-
Data on a centralized server is inherently vulnerable to hacking data loss or human error using blockchain. Technology allows cloud storage to be more secure and robust against attack storage is one example of a cloud storage network using blockchain technology. Projects like SiaCoin, STJX and Maidsafecoin.
Healthcare :-
Industry that relies on so many legacy systems and is ripe for disruption is healthcare one of the challenges hospitals face is the lack of a secure platform to store and share data. There are numerous accounts of hacking because of outdated infrastructure in the Hospitals. Blockchain technology can allow hospitals to safely store data like medical records and share with the authorized professionals or patients this will improve data security and can even help improve accuracy and speed of diagnosis.
Online Music:-
Many blockchain startups are entering in to industry, helping musicians to get paid directly from their fans without giving up large percentages of sales to platforms or record companies. Smart contracts can also be used to automatically solve licensing issues and better catalog songs with spected creators my Celia in Ojo music are two startups creating blockchain based solutions in the music industry.
Retail Industry:-
When you shop you trust the retail system of the store or the marketplace a decentralized blockchain based retail utilities work differently they connect buyers and sellers without a middlemen and associated fees. In these cases trust comes from smart contract systems the security of exchanges and built-in reputation management systems to startups disrupting the retail space are open bizarre and ob1
Crowdfunding:-
Crowdfunding has become a popular method of fundraising for new startups and projects in recent years. Crowdfunding platforms exist to create trust between project creators and supporters but they also charge high fees, reduction based crowdfunding trust is created through smart contracts and online reputation systems, which removes the need for a middleman. New projects can raise funds by releasing their own tokens that represent value and can later be exchanged for products services or cash. Many blockchain projects have now raised millions of dollars through such token sales. Eventhough it's still early days and the regulatory future of blockchain based crowdfunding is uncertain, it's an area that holds a lot of promises.
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The blockchain is going to disrupt way more than that but it is necessary in order to improve our current social conditions.
I see a bright future for people using it and better timea for countires that are struggling.
Cheers and much love for the post.
Yes there are lot more industries when blockchain can change the world. These are only few to mention.
I am from Venezuela, Last 18 years we have had the same goverment. This goverment has received on each year more income than other goverments in our history as prices of oil (Petroleum) skyrocketed. BUT, paradoxically, we are in the worst Economical Crisis, Health Crisis, Poverty crisis that we have ever live in our history. Middle class was destroyed, Poor classes have suffer the most. People starving and dying because they can not find their needed medicine (Shortage of most basic products). All of this can only come from specific reasons. Goverment corruption and mismanage of
the Venezuelan resourses. SO, for me blockchains have an special value, what if we could have trustless concensus about our resourses. How goverment uses our paid taxes, how goverment spent our resourses!!. On top of that,every election we have results in confrontation about possibility (Real possibility with evidences) of fraud, imagine we could somehow use blockchains to create confiability on elections?. Given the circunstances we venezuelans are living, I cant not imagine a better use of blockchains than to create transparency in governments. !!!. Please I encourage you to read more about Venezuela, what I just described is only the tip of the iceberg, I would really like people to know what is going on here.
great post...upvoted
I think the Blockchain will actually make the Whole World a lot more FREE. No more Slaves
Hahahaha... Freedom is never free.
It is too early to make such predictions, but yes, someday soon this is going to happen. Although I am not sure, the banking sector will ever implement the blockchain technology in their processes because of fear of getting hacked and other such security issues.
I'm especially looking forward to the blockchain completely revolutionizing the crowdfunding model as we know it.
The thing about disruptive technologies is - we can never fully anticipate the scope of the disruption. Those industries that feel safe now but are soon going to get pwned by blockchain are the one that interest me the most. That is where some completely new patterns will occur. Maybe Steemit will kill Facebook? Or maybe some new model of solar energy production distribution and sharing via blockchain will put the last nail in fossil fuel industry? Can't wait to see.
Even I can't wait to see, what will happen in the next few years.
Will the world accept cryptocurrencies?
Will the world finally make use to solar energy?
Will Steam it kill Facebook, or some other site will emerge as the next biggest social thing?
My brain is filled with questions, and as I grow older, most of these questions get answered.
Long back when I was a teenager, I used to wonder about the fate of Yahoo! Because back then it was much bigger than any internet company. Now I know what happened to it.
I can die in peace. lol. But more such questions pop up in my brain and make me restless.
I am interested in Crowdfunding:- and hope u can update more info about it
Very soon we will see ( maybe this summer ) new great blockchains suitable to run on IoT devices.
you mean IOTA?
no not IOTA :) A new project which will allow interracting with many blockchains through a new protocol. (including contract based ). Also no need to run a full node on the IOT device.
Just the beginning of the disruption. Thanks 🐓🐓
As one person put it: Bitcoin is proof of concept (for blockchain tech), Ethereum introduces layering of smart contracts on top, and EOS is supposed to take us into a new level of scalability.
I remember thinking to myself back in 2013 that Bitcoin is just the beginning and there are implementations that people haven't even begun to imagine yet. Here we are now 4 years later and we are still just seeing the tip of the iceberg.
It is the supply chain that has drawn me to the blockchain. I am passionate about the producers of a product, especially food, to get paid at the time of delivery. In some cases in Australia, it can be many months.
There is a blockchain that is being used in the grain industry in New South Wales, (https://blog.agridigital.io/) that addresses these issues.
Thanks good information on blockchain