20 Industries The Blockchain Will Disrupt

Published by Jonas April 17, 2021

“The only thing that is constant is change” ― Heraclitus

A blockchain is a public ledger of transactions, which keeps a record of each transaction that occurs across a peer-to-peer network. The blockchain is the underlying technology behind Bitcoin, and its potential to do away with intermediaries has led many to believe that this will change the world as we know it.

The Blockchain enables people or businesses to share data with each other without going through a middle man. It’s the internet you control instead of somebody else – imagine how email or Facebook might work if Mark Zuckerberg wasn’t deciding on who gets your personal information and what they can do with it.

So far, blockchain has been used almost exclusively for financial transactions, in particular to transfer cryptocurrencies such as Bitcoin.

Many believe the blockchain will disrupt many industries with the possibility to reduce intermediaries and therefore save costs. It will be used to track goods in shipping, settle credit card transactions, verify data about people (health insurance, driving licenses etc), and automate many other processes. All these things could drastically reduce the cost of services while improving security and transparency. The potential for disruption is enormous.

There are more than 20 emerging industries that have shown an interest in or are already using blockchain technology but without a broader understanding of what it actually is, how it works and why it’s so important we have a problem. We have listed what we believe are the top 19 industries that blockchain will disrupt.

One of the most obvious industries that blockchain is going to disrupt is financial services. These are companies that make it possible for us to send and receive money with each other. Banks, FinTechs, credit card companies and even social media platforms like Facebook all make money out of sharing our data and information. Blockchain removes the need for intermediaries such as banks, which means it can do away with hefty transaction fees that we currently pay on a daily basis. It also offers much more security, transparency and better efficiency than traditional financial systems.

• 1. Finance: Banks, Investing, Financial Markets, Forex Trading and Stock exchanges will all be disrupted by bitcoin with more efficient processes and lower fees
• 2. Insurance: Insurers will suddenly have access to a credible source of actionable data
• 3. Medical Records: Doctors offices will no longer have to copy paper records which can be misused by hackers and patients fraudulently
• 4. Diamant industry: Diamonds will now be able to be tracked after it has left the mine and ensure that they are not blood diamonds or fake.
• 5. Retail: Customers won’t have to wait in line and store employees won’t need to check stock levels when customers know exactly how many are left
• 6. Logistic Supply Chain Management: Transparency for all parties involved in the managing of goods from farmers, factories, warehouses and stores will reduce potential for bribes and corruption and increase trust
• 7. Digital Advertisers: It will be impossible for ad agencies to hide the value of advertising because instant feedback allows ad agencies to see what works – whether you click on a particular ad or not
• 8. Retail Analytics and Marketing: Any company with a data set of their customers will be able to sell additional services to them like loyalty schemes
• 9. Utilities and Energy Plattforms: Reduced costs, increased efficiency and better customer service will drive more companies into the energy sector
• 10. Tracking of any type of assets, including oil and natural gas pipelines, trains, ships or aircrafts: Increased transparency increases transaction costs
• 11. Voting: Voting systems can be tamper proof, fraud will become harder to commit
• 12. Gambling and Online Casinos: Increased transparency of records and no need for a third party like a bank or credit card company will drive more people into the gaming industry
• 13. Music and Entertainment: Artists won’t have to wait years for songs or video’s to be streamed before they are paid
• 14. Email Service Providers (ESP): Marketers can’t use your email address unless you opt in
• 15. Online Stores such as Amazon, Alibaba and eBay: Reduced costs and better customer service will see increased competition in this area
• 16. Crowdfunding: Markets that are not controlled by a third party will increase competition and make it harder for government to influence
• 17. Forecasting: Increased access to accurate data will mean no more useless or incorrect predictions
• 18. Real Estate Listings and Tracking of Property Deeds/Title Transfers: More efficient processes that are transparent and secure will drive more people into the home buying market
• 19. Food supply chain: Increased transparency of supply chains will mean a growing distrust in what we eat
• 20. Energy: The blockchain will help the solar and wind power industry because it increases efficiency through automation, reduces costs, and makes it easier to buy electricity from renewable sources

Finance:

Many believe that the blockchain will disrupt the finance industry, but it’s only the financial industry that gave us the term “blockchain” to begin with. It is in a league of its own when it comes to being the first industry to be disrupted by blockchain. We are now starting to see all sorts of financial firms using blockchain technology for various purposes across different industries and verticals. R3, a company that’s working on bringing banks together under one tent is one such example.

Insurance:

Insurance is one of the major industries which is being disrupted by blockchain technology. The primary reason for this disruption is that the blockchain offers insurance companies a way to reduce fraud and streamline their processes as a result. Currently, insurers need a third party to verify the data they have been given before they can make payouts. With blockchain, this verification can be done by all parties at once instead of having to go through a single centralized source. This will increase efficiency and reduce costs.

Medical Records:

The medical industry has been plagued with issues surrounding data transparency and security for years. With the blockchain, medical records can be stored in a single source and made easily available to patients and hospitals, thus reducing the chances of fraud. This could also help to reduce costs for patients who travel for treatment. The technology will also allow medical professionals to access records more easily which will make diagnosis and treatment far easier.

Diamant industry:

The global diamant market is extremely fragmented. As a result of this fragmentation, it is very difficult for diamant traders to find reliable ways of tracking diamonds and making sure that they are ethically sourced. The blockchain could be very effective at tokenizing the market, which in turn would make it easier for traders to do research and buy diamonds from trusted sources. It will also allow miners to track their diamonds and source them ethically.

Retail:

Retailers face a lot of challenges on a daily basis. Even in the 21st century, consumers are still very skeptical about where their products come from. Blockchain could provide consumers with a blockchain based verification of products that would be able to answer many of the questions they have. This technology also allows retailers to track their stock more effectively, which will help reduce the chances of them running out of products.

Logistic Supply Chain Management:

Logistics is an extremely important industry, but it is also something which is currently extremely inefficient. It takes a lot of time and resources for companies to find out where their products are being shipped, where they are at any given time, and what their costs are. With the blockchain, supply chains can be easily tracked. This will help companies to plan better and avoid errors in their supply chain.

Digital Advertisers:

The advertising industry is currently facing a lot of challenges and the blockchain could be a means to effectively improve it. Digital advertisers are having trouble with ad fraud, which is caused by large amounts of automated bots viewing ads, pretending to be real people and devaluing brands as a result. The blockchain will be able to verify that views are being generated by real people, which would help to eliminate bots from the system.

Retail Analytics and Marketing:

With the blockchain, companies will be able to see what kind of a return on investment (ROI) they are getting from their marketing efforts. Those who target ads properly will benefit from this as they will get better ROIs. Also, companies can use the blockchain to further improve sales by tracking consumer shopping habits in real time. This data can be used to offer targeted discounts and offers to clients who are most likely to buy these products or services at any given time.

Utilities and Energy Plattforms:

This is an interesting area, for this sector, where the blockchain has been receiving plenty of attention lately. In fact, it is one of the few industries where blockchain technology can have a significant impact. If you’re aware that the energy sector is one of the most inefficient and wide-scale industry, then there is no wonder why more and more companies are speculating on blockchain technology.

Most utility companies experience huge fluctuations in their customers’ consumption with time. In some countries, people unwittingly consume less electricity, while in other countries they overexpose themselves to electricity consumption. This is because they have to rely on billing and payment mechanisms that are centralized, meaning that they are dependent on a third party to receive their payments.

As a result, many utility companies experience large losses. Customers may pay for electricity twice or three times for the same amount of energy. According to the UBS Annual Global Commission study, “the cost of non-electrified areas is estimated at up to $38 billion a year in lost income”. The blockchain could solve this problem as it would allow decentralized transactions between consumers and producers of energy through smart contracts.

Tracking of any type of assets:

The blockchain will enable all sorts of assets owned by individuals or businesses to be traced easily. Some industries such as oil and natural gas pipelines, trains, ships or aircrafts do not have a traceable system. With the blockchain, this data can be stored in a single source and made available to all parties involved in the management of the asset. This will reduce costs for all parties involved as there will be no need to pay for licensing fees or third party intermediaries.

Voting:

Voting systems are not that difficult to tamper with these days and it is easy for electoral officials to rig elections. The blockchain could solve this problem as it would allow voting systems to be tamper proof due to the secure nature of its transactions. It would be difficult for a hacker or a government official to manipulate the voting results of an election as the data being transmitted would be unchangeable and transactable at all times.

Gambling and Online Casinos:

The blockchain is unique in that it allows for transparency in transactions without having to rely on a third party such as a bank or credit card company which means more people will be able to gamble online. The blockchain will make online casinos secure since it can be used to verify payments that are made to them. Better security means better customer confidence.

Music and Entertainment:

The music industry is growing at a slower pace than it used to in the past. Blockchain could help to solve this problem as it would give artists more control over how their content is distributed and compensated for. This could be the way of going in the future because artists have been struggling with copyright issues for years. The blockchain will allow them to distribute their content directly without having to pay licensing fees to third parties that they may not even own any rights to their content anymore.

Email Service Providers (ESP):

Marketers can send you emails only if you have given your consent. If they send you emails without your permission, there’s a good chance that they will get caught. The blockchain would provide a transparent system that would allow marketers to send marketing messages only if they get consent from the recipient of the message.

Online Stores:

Blockchain technology could disrupt online shopping in the same way as it has disrupted many other industries. The reason for this disruption is because it reduces costs, increases transparency and provides better customer service which, in turn, could drive more people into online stores. It also eliminates fraud through through tamper proof records and easier payment processing which means cheaper products and quicker deliveries.

Crowdfunding:

The crowdfunding industry has gradually become one of the most active industries in the world. With this growth, it also meant that there were some challenges that the crowdfunding industry was facing. The blockchain promises to solve many of these challenges and make it easier for individuals to participate in this industry. It will do this by increasing transparency and thus making transactions and payments easier. This will also increase competition between companies and reduce barriers to entry which could see a dramatic change in how people participate in crowdfunding campaigns.

Forecasting:

Not only will the blockchain make it harder for governments to control markets in the future, it will also make it much more difficult for economic forecasters to predict events. This is because they have less of an influence on the world than they used to. With this, we might see a lot more accurate predictions in the future which would also increase competition between companies and reduce barriers to entry.

Real estate:

You can’t sell real estate without a clear title to your property. Most of the time, this title is passed down by a third party which makes it difficult for individuals to sell their properties given that there is no one to hold the title over them. The blockchain could be the answer as it will allow individuals to store their records in a single source and make all transactions transparent, thus reducing costs and making it easier for individuals to sell their properties.

Food supply chain:

The food industry is extremely inefficient due to its lack of transparency. This has led to many scandals where food products have been found with fake ingredients or even illegal additives in them, which are very harmful for human health. The blockchain will ensure that there is a single source where all data related to food production, importing and distribution can be stored. This will increase transparency in the supply chain which will help to reduce costs for producers, manufacturers and distributors alike.

Insurance Sharing:

Dissolving one of the most inefficient industries that exist today would be huge. Unfortunately, as mentioned earlier, insurance companies have always had to rely on third parties before they can start paying out their claims. The insurance industry might be disrupted by the blockchain if all parties involved are able to manage their data independently of each other.

Experts predict that blockchain technology will be one of the most disruptive technologies in the years ahead since it is decentralizing existing systems and increasing transparency at the same time. It will also encourage competition among industries and make it easier for consumers to switch between various marketplaces.

Energy:

Energy is essential for our daily lives. Over the years, technology has become increasingly efficient and as a result, more people are having to rely on electricity for their daily needs. As a result of this, there are now many different forms of energy available which means that millions of people don’t have to use electricity only. With the blockchain, energy can be stored in one single place which will make it easier for users to switch between various sources of energy when they need them. This will increase competition among different companies that provide different types of energy and reduce barriers to entry in the industry as a whole.

Artwork:

Artists are very good at making incredibly beautiful pieces of artwork. However, because they often have no control over their work after it has been completed, most artists and publishers have a hard time monetizing their content. Blockchain could provide a solution to this problem as it will allow artists to sell their artwork while also being able to track the exact location it is being sold from and where it is currently located. This will allow people who purchase the art to receive the exact piece that was sold which will eliminate fraud in the industry as well as make transactions easier.

NFTs (Non-Fungible Tokens):

NFTs are a type of token that can be used to represent any asset. It is called Non-Fungible because every asset that is represented by a NFT will be unique and will have its singular properties registered on the blockchain. You can think of this as being somewhat similar to real-estate, but instead it represents any types of assets.

You could use these NFTs as a virtual representation of your car, house or jewelry so that if you sell them you can easily track the item you’re selling. The blockchain will then make it possible for people to trade these NFTs on special exchanges without having to worry about fraud.

Conclusion

Blockchain will enable billions of people to own digital assets that they can use to store, transfer or exchange anything of value instantly. This technology makes digital ownership a lot easier. You can now take control of your digital assets in a way that was never possible before.

This is why so many people are excited about blockchain technology and why you should be too. As mentioned earlier, there are many industries out there that will benefit from blockchain technology in some way or another because it allows them to reduce costs while increasing transparency at the same time which is something all businesses strive for. And of course, blockchain technology also allows for better customer service and increased competition in industries.

It has the potential to change the way we see business and how we conduct ourselves in society. Moreover , it allows us to create a more positive environment where we can all be open and honest with one another. This is why experts predict that blockchain technology will have a huge impact on this world. The only question is, should you invest in blockchain technology? Well, the answer depends on whether you believe in the future of cryptocurrencies and digital assets or not.

The truth is that the current model doesn’t work anymore because we have to deal with centralization all around us which means we need licenses, third-party intermediaries and other organizations to regulate our transactions which make them more expensive and slow. Censorship is another big issue as it has always been due to the fact that all transactions are monitored by governments. Blockchain technology is one of the most disruptive technologies in the world and it will come to define our future.

References:

• Blockchain technology will have an enormous impact on our lives. See why blockchain will disrupt industries in the future. – Forbes
• Blockchain, the Technology That Will Disrupt Every Industry – Entrepreneurship
• 10 Industries Blockchain Will Disrupt In The Future – Entrepreneur
• 8 Examples of Blockchain Hacking and How They’ll Affect Industries – Inc.com
• 6 Ways Blockchain Technology is Going to Change Money, Business and You in 2019 – International Business Times UK Bank of China Powering $1 Billion Blockchain Survey Project Is World’s First Large Scale De-centralized System. – Forbes
• 7 Ways Blockchain Technology will Turbocharge Online Education – Entrepreneur
• Bitcoin Could Disrupt the Music Industry – CoinCentral
• Blockchain technology could disrupt online shopping. Here’s how – CNBC
• Blockchain makes email marketing less spammy and more transparent. Here’s how. – VentureBeat
• Blockchain Technology Will Accelerate the Death of Email Marketing as We Know It – MarketWatch Most people have a hard time selling their homes due to lack of transparency in the industry. That could change soon, however, thanks to blockchain technology.