Top 7 Industries That Will Be Quickly Disrupted By Blockchain

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Blockchain is one of the most disruptive technologies positively that has impacted different industries. It has brought in specific changes which are going to make the business operations seamless and free from errors. Since the world is moving towards digitization, there is a need for a system which can ensure that the digital platforms are safe and free from any loss of data. The conventional system is not able to provide the kind of safety and protection that we are looking for, hence making the system safe for the user. Blockchain guarantees all this.

Key Features Of Blockchain That Can Be Helpful For Other Industries:

It is important to mention here that there are certain key attributes of Blockchain, which makes it helpful for other industries, here we are elucidating the same:

1. Decentralization — One of the key features of Blockchain is that it is a decentralized platform which means that the data is distributed and can be accessed easily from anywhere by the people in the system. It also prevents the loss of data.

2. No third party interference- Blockchain transactions are free from third-party involvement. This again saves time and money, which otherwise goes in the form of commission.

3. Provenance- Tracking of data is a feature which makes Blockchain ubiquitous and finds use across different industries. The data is stored along with data and time, which makes tracing easy.

4. Immutability- The data that once enters DLT gets stored cryptographically, which makes data deletion of data difficult. Thus ensuring complete safety of data.

5. Faster transaction- Because of the lack of third party involvement, the transaction takes place easily. Without the need of going through the process of validation and verification, this eventually saves cost and time.

These are a few of the key features of Blockchain, which has made it an inevitable technology for the future.

Industries Which Will Be Benefitted By Blockchain Technology:

When it comes to usage of Blockchain in different industries, then its use cases are varied. We bring you a list of 7 industries which will be using Blockchain technology:

1. Supply Chain Management- Here, Blockchain can be useful by providing its tracking and tracing features. The companies can easily track the movement of product and also see if there has been any disruption midway. It eventually ensures that products are authentic and have reached their destination without any disturbances.

2. Education- Another segment where Blockchain can find a multitude of use is education. Many institutes and universities are using the DLT platform for storing student credentials, academic and personal records. Since Blockchain ensures that the data is free from any alteration, or hacking attack, the information stored on the ledger is safe.

3. Healthcare- Record keeping is very important in the healthcare sector. It has a lot of information about the health of the patients, their previous health records and other information. Some of this information is confidential and cannot be shared with the third party. In such a case, Blockchain provides a platform where the data is safe, and the records can be easily accessed.

4. Real Estate- This is yet another segment where you can find the active use of Blockchain. Smart Contracts are used for executing the transaction. Moreover, title deed clearance, data storage etc. are a few of the many uses of Blockchain.

5. Intellectual Property- One of the major concerns if the content creator is the fact that they need to have complete authority over their content and get the best price for the same. With Blockchain, the user has direct access on their data and content; it is them who allow the sharing of information, thus giving them complete authority over their content, thereby protecting their IP rights.

6. Cybersecurity- Safety and security of data are important, and here Blockchain can come as a solution. The data on the DLT is safe and free from alteration, thus it can ensure complete safety of data.

7. Banking and financial sector- We cannot miss talking about this segment. Banking and financial sector ensure that the transactions take place faster. Moreover, data security and KYC are other areas where Blockchain can provide to be beneficial.

These are the seven industries where Blockchain is finding active usage. Thus it has also become a great career option. If you too are willing to make a career in this field, then you must go for Blockchain certification by Blockchain Council.