9 industries that ULAM/blockchain will disrupt in the future
As you know, blockchain has become popular. But it's also starting to challenge practices in the commercial world. In fact, many industries are discovering that blockchain technology is better than the current measures used to accomplish important elements of work. Let’s take a look at five areas where blockchain technology is impacting.
01
Bank business
Pretend you send $100 to a friend through a traditional bank. The bank charged you $10, so, in reality, you only sent her $90. If she was overseas, she would earn less due to the transfer fees and other hidden costs involved. Overall, the process is time-consuming and expensive - and cannot be guaranteed to be 100% safe.
Blockchain, on the other hand, disrupts the commercial banking system by providing a peer-to-peer payment system with high security and low fees. No central authority exists, so you don't have to pay for one. how cool is that This eliminates the need for a third party to transact with a cryptocurrency, such as Bitcoin or one of the many other cryptocurrencies. Your transactions with your friends are recorded in a ledger that can be viewed and viewed by any cryptocurrency user - giving you true autonomy over your transactions.
For example, a cryptocurrency app called Abra offers peer-to-peer money transfers. With Abra, users can store, transfer and receive digital currency on their PC, tablet or smartphone. The recipient can withdraw cash through the Abra teller. Users do not need to have a bank account!
As you can see, using cryptocurrencies instead of banks does disrupt the personal financial market, endangering the latter - and it should. Why pay fees and worry about security when blockchain can complete transactions quickly, freely and hassle-free?
02
cyber security
Cyber attacks are the greatest threat to our digital world. Look what happened to our data when Equifax announced its colossal data breach in 2017, affecting 143 billion consumers - we were insane. Blockchain technology can end such nightmares. It protects our data from unauthorized access and alteration.
Since blockchain is a decentralized system, it is ideal for environments where high security is involved. Here, all information stored on Bitcoin or other blockchain networks is verified and encrypted using cryptographic algorithms - which results in no single point of entry for large-scale attacks. Also, due to peer-to-peer connections, you can easily identify malicious data attacks on the blockchain, where data cannot be changed or tampered with. And, by eliminating central authorities, blockchain provides a secure and transparent way to record transactions without disclosing private information to anyone. An example of a company successfully using cybersecurity in this way is Guardtime. Due to its success, we expect many companies to follow suit, further disrupting the industry.
03
supply chain management
Blockchain technology can track all the steps of the supply chain, so, let’s say, you order food, it gets delivered, and you find it disgusting. The owner of the company you ordered it from can go back to his blockchain ledger and find out where in the supply chain the order went wrong, making you unhappy. For example, he can go from a farmer to a producer, to a distributor, to a retailer, and then to you, the buyer. In other words, in supply chain management, blockchain provides permanent transparency and verification of transactions shared by multiple supply chain partners. All transactions are permanent and verifiable, making each record easily viewable by the owner or customer.
It can be used for any type of verification - for example, Seafood Verification, which tracks seafood from the ocean to the market. The Pacific Tuna Project uses blockchain to manage fishing information, export/import details and procurement details to track tuna catches. This prevents illegal fishing.
In other words, using blockchain for supply chain management jobs allows you to fish for the information you need and enter the correct answer every time.
04
medical insurance
Let's face it. Today, there are countless problems with the storage of people's health data. Anyone can access this very private information because it is contained in a centrally located file. When someone asks someone else for their information, it can take hours for that person to find the correct file, opening up the opportunity for a data breach, theft or loss. This is why blockchain technology is so important in this industry.
Blockchain technology here removes the need for a central authority and enables fast access to data. Here, each block is connected to another block and distributed across blockchain nodes, making it difficult for hackers to corrupt data. Keeping personal medical record information private is the most important issue, so blockchain technology makes the most sense, doesn’t it?
Another healthcare problem revolves around counterfeit medicines, and blockchain technology could control this as well. The problem is, counterfeit drugs are often difficult to distinguish from real ones. Blockchain technology solves this problem by using a supply chain management protocol in which the origin of medicines can be traced.
United Healthcare uses blockchain technology to improve the privacy, security and interoperability of medical records. As a result, its operations have improved significantly. We expect other healthcare companies to follow suit as they also diversify their operations.
05
government
Blockchain technology could end voter fraud.
During the traditional voting process, most voters line up to vote or mail their ballots. Ballots must then be counted by local authorities. In this case, online voting is also possible, but as with all other industries we have discussed, there is the issue of fraud due to the use of a central authority.
Therefore, using blockchain technology has become the wisest choice. Here, people can easily vote online without revealing their identity. Using blockchain, officials can count votes with absolute accuracy, knowing that each ID can only be attributed to one vote. Fraud does not happen because it is almost impossible with blockchain technology. Also, once a vote is added to the ledger, it cannot be changed or deleted.
One blockchain voting platform is MiVote, a token-based platform that acts like a digital ballot box. Voters cast ballots via their smartphones, and their votes are registered on a blockchain ledger. Safe, secure, reliable.
Other government applications include digital asset registries, where assets such as cars, homes or other property need to be registered quickly and securely; notary services, where blockchain records can better verify the authenticity of seals; and taxation, where blockchain technology Faster tax payments, lower tax fraud rates, and faster, easier audits can all be more easily achieved.
Overall, blockchain can improve the transparency and security of government agencies. In fact, by 2020, Dubai wants to rely 100% on blockchain technology for all its government functions, making all its government services available on blockchain.
As you can see, then, these are the top five industries that blockchain is already disrupting. Here are some other places where its influence has grown.
Since blockchain technology never relies on a centralized authority, it will also disrupt these industries:
06
Insurance
With the decentralized system of blockchain technology, insurance companies can identify false claims and prevent falsification.
07
transportation
Utilizing blockchain technology enables traceability in the shipping industry, where the movement of goods can be easily tracked.
08
cloud storage
Storj is a decentralized blockchain cloud storage system. By eliminating servers, Storj uses blockchain to store data in the cloud. With high speed and low cost, users can earn money by sharing their storage space on Storj.
09
9. Real estate
Deploying blockchain technology in real estate can increase the speed of the shipping process and eliminate the need for currency exchanges.
Clearly, the future lies in blockchain technology.