Blockchain’s Impact on Industries

We have heard it over and over again — blockchain technology is going to have a very disruptive effect across multiple industries all over the world. Why not? The public is yearning for a system that can be trusted, and that is exactly what blockchain is promising, among other benefits such as safe and fast data transfer.

So, what are the industries that are already being disrupted by blockchain?

Impacts Of The Technology On Various Industries Today

Banks And Finances

The banking sector is set to experience major changes in the way banks perform transactions and store information. With the introduction of blockchain networks, they should be able to perform faster and cheaper transactions with beefed up security and immutable record keeping.

Did you know that 90% of the major banks in North America and Europe are exploring blockchain solutions presently? And it’s for a good reason — estimates show that this technology has the potential for reducing the cost of banking infrastructure by about 30%. What’s more, they could save $160 million every year due to a reduction in headcount.

Perhaps, job seekers might not like this very much, but customers will enjoy significant savings in costs. Some of the adopters of blockchain in the banking industry include Deutsche Bank, The Central Bank of Lithuania, DBS Bank, and Royal Bank of Canada.

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Cyber Security

Another industry that is already feeling the impact of this revolutionary technology is cyber security. Startups are already mushrooming to take advantage of blockchain’s properties. Among them are Guardtime, Gatecoin, Ripple, and REMME.

These companies are taking advantage of the many benefits of blockchain — decentralization, accurate tracking, confidentiality, smart contracts, and reduced (if not eliminated) fraud.

Transport

Any industry could take advantage of time and cost efficiency. It’s no wonder the transport sector has not been left behind. Various companies have already been established, promising consumers benefits such as transparency of customer base, direct connection between drivers, and time and cost efficiency.

For instance, Arcade City and Chasyr allow independent drivers to build their own transportation businesses and set their individual rates. Another startup, LaZooz, facilitates ride sharing by allowing drivers to fill empty seats with passengers in need of a lift in real-time.

Charities

Charity organizations are also taking up the challenge to improve transparency and enable publicly shared financial records. With the way fraudsters have taken over the donation industry, most of us are giving up on sacrificing our hard earned money only to make a few people rich.

But there are many honest organizations out there that could use well-wishers. It would seem that blockchain is the only thing that could restore trust in benefactors.

Back in 2012, Antiwar, the top source of antiwar news and analysis in the US, started accepting Bitcoin. Another organization — Save the Children — began accepting donations via BitPay in 2014. And, there are many more.

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Healthcare

According to Bitfortune, 55% of healthcare applications will adopt blockchain for commercial deployment by 2025. Well, that’s the future. How about now?

Startups are already coming up with innovative blockchain solutions in the healthcare industry. PokitDok, for instance, uses blockchain to provide a secure network for all sources of patient data, from EMRs to medical device pharmacies. SimplyVital is another example. It already has two health-related blockchain products — Connecting Care and Health Nexus.

Retail

As you may expect, especially with the current popularity of cryptos, retail is one of the industries that is experiencing major disruptions. It all started with companies accepting payment in the form of cryptocurrencies, but now they are finding ways to take advantage of various factors such as transparency in logistics, ability to store and track all data, more accurate tracking of buying habits, proof of ownership and resale, and increased trust because of the decentralized system.

At this moment, you can pay with Bitcoin at some Starbucks branches, Pizzaforcoins, Bitcoin Coffee (in the Czech Republic), and some Burger King outlets. Of course, there are numerous other businesses accepting cryptos depending on where you live.

The infographic that follows presents all major blockchain disruptions, by explaining how they help industries to level up. It also presents case studies and success stories.

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