After the internet, the technology that is on the way of making history is Blockchain. Yes, the statement might surprise you, but it is true and we will be witnessing its prominence in the coming years. Undeniably, the technology is providing the friction to other industry verticals as well other than the financial industry. The disruptions contributed by the blockchain in other domains cannot be missed now, as the speed with which it is covering all the top business segment and niche is really insane.
This post will shed some light on the other sectors as well that will be affected by the Blockchain. Being already implemented by the capital industry, it’s now the time when we will see it dominating the entire digital landscape. So, let’s find out some of the top names that will be impressively influenced and bolstered by the Blockchain in the year 2017.
- Taxi Industry
If we talk about Taxi Industry, we all know it is already blooming across the globe. The revenues made by this industry is now compelling other business verticals to enter into this money making a niche. Now when they are entering, definitely, they can consider adding Blockchain so as earn colossal success levels.
While talking about the blockchain it can be used in two different ways in the taxi industry
- Engineering the eWallets within the car
- Deploying sharing option in taxi booking services
Now, with the help of these two Blockchain solutions, users can pay to the drivers, highway toll peoples, parking security etc with the help of eWallets.
Coming to the ridesharing feature, it is very much loved by the generation of today. The ideology of this feature comes attuned to the developing blockchain smart contract. These smart contracts are executed whenever a condition is met. Hence, accordingly, the documentation aspects can be specified while developing the smart contract that is inclusive of riders, owners, and drivers.
The concept of blockchain completely eliminates the concept of involving the third party interpretation hence users are not required to get connected with the external serves, paying on the blockchain will ultimately commit all the transactions at a very high speed.
- Cyber Security
This is one of the most important concerns that are fetching the attention of business individuals and entrepreneurs. It can be said as the surprising risk that can attack the world at any time irrespective of the physical location and device security implications.
According to the recent study as per the economic forums, there is an urgent requirement to combat the thefts of cybercrime cases. Here the use of blockchain can be said as the major rescue. Owing to its enduring and the decentralized nature, it can be widely used for storing the chunks of data in an encrypted form.
One more reason why the blockchain networks are used for storing the data is that its infrastructure is not prone to cyber attacks and on the occurrence of such events, it takes the whole network on an offline mode.
- Music Industry
This industry is now on the verge to embark with the blockchain in the year 2017 itself. The businesses are looking forward to harnessing its valuable attributes so as to remodel their music distribution and sharing practices.
Here the question that arises is how actually music industry can be disrupted by the blockchain? Why is the music industry loving its concept? Well, the answers remain still the same; no one wants a third party to interfere while dealing in this hyper-competitive marketplace.
With the help of help of blockchain networks, music industries can directly promote and market their products to the listeners. There is absolutely no requirement for an external distributor source or the record sessions. This concept is very much praised by the today’s music industry and at the same time helping to develop a much transparent ecosystem, where all their respective hard work is directly showcased to their fans, thus bring them closer to their desired user base.
All the security-related issues in the healthcare segments completely resonate with blockchain technology. Its implementation is actually revolutionizing the way hospitals and health centers used to store and accumulate data.
In the health industry it becomes extremely crucial to store the data very securely and the task does not end here, the information stored must be visible to a third party source. Blockchain being the most prominent ledger technology here can be used to store the data. Moreover, all the health-related report and the diagnosis narrations and prescription can be analyzed with the very accurate results.
One of the most critical verticals that I would like to discuss now is the government. Imagine the scenario of a country if all its cash flows can be monitored by its people. Going beyond this, how it would be if the large governmental organization could keep the track of money invested in schools, health care, administration and over other areas.
Well, under these situations we can definitely dream of a corruption free country. One of the countries that are using blockchain for its transaction purposes is Estonia. It is using the blockchain technology for monitoring its fund transfers and till now it can be said the country with the very low management costs. Reason being all the governmental registration dealing with housing loans, cars, land and much more are operated on the blockchain.
So, it requires no third party for managing these tasks, as the blockchain is doing all of them on its own.
6. The Real Estate Industry
Needless to say, all the industries are involved in maintaining lots of documents and thus, they are prone to errors. The documents yes can be misplaced and they can also be delivered to the inappropriate physical locations. Well, such cases give rise to many complications.
With the help of blockchain technology the requirement of managing the papers has totally vanished. All the papers related to the banks, land allotments, construction and site details etc can be stored. This way all the concerned departments can have a look at the documents required.
This is a great way of cutting down the expenses and at the same time keeps the data secured and the authenticated.
Blockchain had opened the doors for the plentiful of industrial verticals. These disruptions may sound new and fascinating, but we will see them covering the entire digital industrial landscape in the coming days. The world is driven by the technology nowadays demands the sophisticated and robust technical framework for keeping their data and Blockchain comes as a perfect deal for executing all the crucial tasks that are attuned with the all the industrial vertical.
The year 2017 had been the year of great technological revolutions and there are much more that are likely to come, and amongst them, blockchian is definitely the one to keep an eye on.