The impact of blockchain technology on various industries/sector is enormous. We explore how and which of these industries will be impacted in future with blockchain.
The Global Blockchain market size which was $708 million in 2017 expected to grow to $60.7 billion by 2024
90% of American and European banks are now exploring blockchain technology
42% of world’s top universities including Stanford, Yale, Harvard, and Princeton are now offering courses on blockchain and cryptocurrencies
Major players which include IBM, Microsoft, Facebook, Goldman Sachs, Amazon, Google and many more are exploring blockchain space in different capacities
World Economic Forum is anticipating that 10% of World’s GDP will be stored on blockchain by 2025
Since 2017, there has been a 300% increase in jobs related to blockchain and cryptocurrencies
If you have visited the home page of cryptochainsphere, these are some of the bold statements that you will find. We always talk about reshaping future with blockchain technology. The potential impacts that blockchain technology is set to have on our future. But we haven’t really talked about how. Or why is there a promise of a better future with blockchain! Or which fields are going to be impacted in future with blockchain! Even more, how the events will be unfolded.
The Future with Blockchain
Hence, that is what this post and the next couple of posts intend to do. We will start by looking at individual spheres that may be impacted in future with blockchain. Additionally, we will also be learning and discovering the new ways in which these sectors can be reshaped.
Yes, you saw it correct! And these are just some of the sectors that blockchain can add value to. We will take up each individual sector in depth to understand the ways in which the technology can be inserted.
The inception of bitcoin is just one example of how blockchain can reshape the financial sector. The fintech sector is booming with advancements and blockchain can help bring more efficiency, transparency, and security in the financial industry. From securing digital payments to including the ‘unbanked’ into the financial sphere- the technology plays a huge role.
Health care sector has always seen vertical growth: which is specifically related to all the inventions meant for the health industry. The future with blockchain technology blended with healthcare will experience a horizontal innovation. The integrity of immutable medical records, verifiable identity and authentication of patient’s information, a singular ledger of an entire medical history of the patient, effective management of time, money and resources- are just some of the benefits that can be enabled with features provided by blockchain technology.
Remittance industry is one of the spheres whose benefits are visualized even today while looking at cryptocurrencies. With the global remittance market on the rise, it has now become necessary to bring a transformation in this industry. The present industry is suffering from high transaction fees and number of intermediaries. Furthermore, the transfer of money takes anywhere between 7 to 10 days.
In contrast, blockchain provides easy transfer of money, in seconds, even when continents apart. Elimination of intermediaries will also reduce the cost of transaction fees, hence saving time and money.
Real Estate and Land Registry
The land market is one of the major factors affecting a country’s economic position. The present system of land management is filled with unregistered properties, an absence of a singular ledger, multiple stakeholders, and unclear land title deeds thus making it complex.
The future of this industry can therefore be vastly improved with integrating the system with blockchain. A legal framework which is efficient and transparent. Also, a unanimous database among multiple stakeholders can remove many loopholes faced in the sector today. Similarly, with smart contracts, many complex tasks become autonomous and faster.
Digital Identity Management
Digital identities are an integral part of our commercial, finance and the social world. Consequently, we are also at a brink of the world in which digital identities are increasingly hacked, duplicated and breached. The protection of our digital identity is becoming mandatory in a data-driven world. A uniform singular identity and the control of our identities is possible in future with blockchain based systems.
A unique identification with all your records including educational, medical, employment details, etc can be stored in one platform. The key to which remains in your hands. Hence digital identities are protected and secured under a blockchain based system
Supply Chain Management
The supply chain industry is vast, complex and filled with intermediaries hence giving multiple points of failure.