Since Blockchain technology introduction in 2009, the technology is evolving and changing our lives forever and hence, Blockchain that was first Introduced as a technology trend supporting bitcoin has reintroduced itself as technological norm of today that has the huge potential to disrupt industrial sector.
Blockchain offering digital ledger is used to securely record digital transaction while allowing cryptocurrencies to flow. Now, this technology is poised to embrace various industries around the world.
Here are some significant industries that are soon disrupted by the Blockchain:
Banking and financial industry:
Blockchain holds huge potential to reshape the banking and finance sector by solving various security and operation issue encountered by them. The technology limits regulation and operational cost in the industry while ensuring better security and transparency.
The technology efficient in maintaining the record of the digital transaction, finds application in logistic industries to track and monitor supply chain operation. Blockchain implication will reduce the time of operation and risk of errors making industry secure and transparent.
Blockchain technology with the extreme hype has capability to disrupt the insurance sector. The possibilities of technology in the sector include fraud detection, claim processing, and digitally maintain health record for health insurance.
This is the system that is in a stake of disruption with the increasing need to store and share medical record securely from the overwhelming frauds and data theft.
Blockchain technology restores this trust by allowing doctors and patient to securely access them and eliminating security risk.
Digital cryptocurrency exchange industry:
The industry is still developing and facing many difficulties. The platform is not user-friendly and users had to move from one exchange to another to transfer currency. New Blockchain application has huge possibility to discuss all issues of the industry using smart contract and other innovations.
Blockchain technology is just in the period of infancy and there is huge potential for the distributed technology to meet. It can transform the various industries, making them more efficient, secure, transparent and user-friendly.
However what future holds is still unpredicted and to understand what Blockchain can bring for the industry in coming years we need to wait for more.