Popular for its use in cryptocurrency, blockchain technology is fast gaining ground in many other domains. Technology has proved to be a game-changer, especially in the banking sector. The increasing signs of its explosion signify the possibility of taking over more and diverse industries than simple imagination can accommodate. However, factors of time and gradual impact guide the prediction of the top industries that will be affected the most by the relative novice technology as follows:
Banking
Although already affected, the banking industry is yet to experience a full revolution. Blockchain technology is the almost perfect choice for various services within the banking realm. More enticing are the improved features of security, accuracy, and automation that the technology offers. Increased investment in experimentation and startups are among the signs that blockchain is about to induce more changes in the banking industry. Prominent companies like UK-Based Barclays, JP Morgan, and the Swiss bank UBS are already taking the lead in exploiting the promising opportunity.
Casino Industry
Blockchain gambling in online casinos is already taking the casino industry by storm. Online casino’s biggest challenge was how to win customer’s trust in betting transparency and guaranteeing secure transactions with virtual money. The innovative blockchain technology has given the industry a tremendous boost by giving credibility to online gaming and introducing various payment options, including gambling with cryptocurrencies. Such avenues are cheaper to transact with, and the highly secure platforms adequately safeguard a gambler’s investment from fraudsters and hackers using the elaborate blockchain technology.
Ride Sharing
Despite this, entrepreneurial companies are researching the possible avenues in which the apps can integrate blockchain technology. Monetary operations, for example, can ride on blockchain technology.
Academics
The educational sector is constantly in pursuit of improvement. Introducing blockchain technology to the various aspects of the sector. Among the areas that are likely to be affected include verifying, securing, and sharing documents; considering the implementation of the technology in the three areas is imminent as the various stakeholders in the educational sector pursue ways of eliminating fraudulent documents and excessive reliance on paperwork.
Communications
Various messaging apps are increasing their coverage to other compatible areas. Additional inventions, such as offering payment services on the apps, are compatible with blockchain technology features. Telegram Open Network, for example, is an additional platform being developed by Telegram. Upon completion, the platform will use blockchain to offer file storage, payments, and browsing services.
Cryptocurrencies
Cryptocurrencies are already based on blockchain. However, there are still areas of the same that are yet to embrace the technology fully. The element of intermediaries, for example, centralizes trading activities as opposed to decentralizing the same according to the tenets of blockchain. Such failures are likely to be lessened or eliminated as blockchain continues to evolve. Ripple effects will, in turn, take place in the crypto exchange.
Cloud Storage
Companies dealing in cloud storage base their operations on the centralization of data in the server. They install security features, although the risks remain. Switching to blockchain technology is almost inevitable to improve the security of data. The technology will allow cloud storage companies to decentralize data, which will minimize the possibility of unauthorized access.
Forecasting
Blockchain improves forecasting by offering more accurate results. The technology supports the processes of research, data analysis, and predictions by introducing machine learning algorithms. Companies that offer forecasting services will likely embrace the technology to improve their services.
Stock Exchange
The processes involved in trading stocks will likely change with the introduction of blockchain technologies. Companies are after the automation of stock transactions, as well as heightening the security and efficiency of doing so. Blockchain technology offers these additional features, which increases the likelihood of its adoption in the foreseeable future.
Real Estate
The real estate industry is currently characterized by excess paperwork and fraudulent transactions. The setbacks are eliminable if blockchain technology is adopted. The technology enables speedy and transparent transactions by availing verified documents any time they are needed in different locations. Adopting it will minimize or eliminate the challenges of authentication of documents as well as bulky paperwork.
Healthcare
Healthcare facilities need access to records of patients. Blockchain can assist them in sharing such information without delay through peer-to-peer data sharing. Improvements in healthcare provision are considering adopting the technology in line with the goals of more accurate diagnoses, cost reduction, and patient data security.
Other industries will ultimately follow suit as blockchain technology advances.