Blockchain technology is taking the world by storm and it is already disrupting industries – maybe more of them than we thought it would. The technology stores data de-central and immutable in a way that no central authority can control it, which is why organizations are finding it ideal for their transactions.
The banking industry already saw the impacts of this technology and recognized from the get-go that it would be disruptive. In a “if you can’t beat them, join them” mood, other industries have taken up the technology to their advantage.
- The Legal Industry including Smart Contracts
Since data stored in blockchains cannot be distorted, we will see less litigation matters over wills and other documents. Any information that is changed on a will is tracked so that there is a complete record of when that change was made.
Smart contracts are becoming increasingly popular in the music world. They are essentially a set of pre-coded logic where if all conditions are met, then work between two parties can commence without any further human interaction. It has reduced the cost of transaction by cutting out the middleman so that artists can use the same set of codes for their next contract.
- Health Care Documents
When it comes to the sharing and storage of heath records, there has been a lot of distrust between the parties involved. Medical practitioners have been known to lose information unintentionally, which prompted changes in their system. Blockchain addresses that by providing a medium where the records are stored in a safe place that only authorized personnel can access. Hospitals that have adopted this technology have seen an increase in document safety as well as ease of transfer.
- Pitches for Start-ups
Start-ups have had it rough when pitching and looking for investors. They jeopardize their ideas when they share them with potential investors because they have no better way to go about pitching. Blockchain is already changing this by providing an avenue for start-ups to pitch potentialinvestors live and securely – such as what is being done by Pitch Ventures.
Entrepreneurs have this avenue where they list their products and services and investors can skim quickly to decide what venture suits them best. A similar thing is happening with Ethereum’s Smart Contracts.
There have been several environmental concerns over the effects of crypto mining, and many people see it being more damaging than beneficial. Another argument is coming up that addresses the sources of energy used. Forget the miners and Web Developers or any other party that could be involved with mining directly. If the source of energy is clean and sustainable, then mining would not be as damaging. Also, the debate does not dilute the impact of blockchain technology.
Transcends Every Industry
When you think about, blockchain technology can be used in virtually every aspect of life. Take politics where there is always outcry over rigging in several countries. If the voter register were to be stored in blockchains, then there would be no interference and hence less political turmoil over botched elections.