The disruption has begun and there is no going back. Blockchain, which is essentially a distributed ledger, made some big waves with cryptocurrency but just because the media buzz around cryptocurrency died down somewhat, it does not mean that it has gone anywhere. Blockchain is still very much around (as is cryptocurrency), and it is positioning itself to revolutionize many industries as we know them.
These 5 Industries Will Be Forever Changed By Blockchain
When it comes to blockchain transforming industries, banking is one of those industries that seems to be getting the most buzz-filled headlines in the media. And, while banking is only the tip of the iceberg, it will most definitely be transformed by blockchain.
Blockchain is truly revolutionizing every aspect of banking including banking transactions, payments, trade finance, lending, securities, and more! Blockchain is able to reduce or remove the need for a middleman in transactions while still reducing fraud risk and expediting the process. For trade finance, companies are able to sell tokens to raise funds, rather than go the traditional route with VCs, that still ensure due diligence has been completed and that information is safe. The appeal of this is that, should an investor decide to sell their tokens, their funds will immediately be liquid on a 24-hour market, rather than waiting for liquidity.
Blockchain, as aforementioned, is a distributed ledger that records and stores transactions. Once a transaction has been input, it is verified by blockchain users and cannot be erased. Because of this, data transparency and integrity is maximized. This is very important because data loss is a major problem in the healthcare industry.
Further, blockchain cannot be hacked and anyone that has a private key can access transactions which makes information sharing easier We will likely see blockchain permeate the healthcare industry including areas like health records, data security, pharmaceutical traceability, clinical trials, payment processing, etc.
The real estate process of purchasing can be a lengthy process with a lot of paperwork and potential. Additionally, there is an increased risk of fraud in this industry. Blockchain could revolutionize the real estate industry because, for the first time, there is a viable and potentially easy way to make real estate transactions without some form of an intermediary. While this has traditionally been too complex and legally risky for the average buyer/seller, blockchain is making it far more accessible than ever before.
Forbes explains the layered ways in which blockchain is transforming the real estate industry, “Blockchain technologies are poised to transform the real estate industry by drastically reducing fraud, reducing paper waste, minimizing mistakes, increasing transparency, aggregating information, allowing for better and more integrated records of title chain and creating eye-watering profits for the companies that can implement this blockchain metamorphosis…The very term blockchain reminds us of a title chain, and the two operate with a very similar set of rules…Blockchain's promise is that it can create an immutable and distributed ledger between real estate agents, lenders, title officers, escrow officers, sellers, insurance, utility company, buyers and other parties. This means if one bad player decides to forge or alter a document, the fraud could easily be discovered by multiple parties. All parties could have open or restricted access to the entire chain of documents. This could reduce mistakes, save time, increase transparency and the availability of information, all while cutting costs cut and curtailing fraud.”
Any time there is an election, whether local or federal, there is always a lot of controversy surrounding the management of voting. Clearly, the existing technology that has been used for decades is not effectively getting the job done anymore which is why blockchain is being heavily looked at for revolutionizing the political process. The method of counting votes is, in a world where technology has become so advanced, archaic. With blockchain, there would be a viable option for online voting which would likely increase voter ‘turnout’ come election season. As we have mentioned multiple times, blockchain is nearly impossible to hack so identity theft, fraud, and other concerns would be eliminated while still protecting the personal and private information of citizens.
With the most recent election, election security became a major concern both domestically and internationally. The concern currently is that there could be malicious attempts to hack into voter registration databases, into the voting machines themselves, and more. We have also seen that information warfare is a major concern. We all consume a lot of media on a daily basis but, how do we know how accurate that information really is? Is it ‘fake news’ or real? Digital deception can heavily influence voter opinion and thus influence the outcome of elections. News websites and social media networking sites can set up blockchain networks to track things like individual node activity, more accurately verify identity, and track and compare the actions of accounts that may be suspicious.
Critical Infrastructure Security
Data security is one of the biggest issues we face today, particularly with the Internet of Things. Sensitive personal, financial, health, and company-related data is all at risk without a robust cyber-security strategy in place. Blockchain is the ideal solution for improving data security because blockchain is virtually impossible to hack. But, while this is incredibly important, the advantages do not end there.
Entrepreneur elaborates on the ways in which blockchain will revolutionize the protection of critical infrastructure security, “A blockchain-based cybersecurity platform can secure connected devices using digital signatures to identify and authenticate them, adding them as authorized participants in the blockchain network and ring-fencing critical infrastructure by rendering them invisible to unauthorized access attempts. A blockchain-based cybersecurity solution can additionally leverage Software-Defined Perimeter (SDP) architecture and utilize a Zero-Trust model to render all authenticated devices invisible to attackers. A blockchain powered platform uses a decentralized set-up, further denying cyber attackers a single point of failure to target to bring down such a network. Decentralization also makes such a solution highly scalable – one of the biggest concerns of implementing cybersecurity on an ever-growing network such as in the case of connected devices. A cybersecurity solution based on blockchain technology enhanced using SDP architecture offers a next-generation, future-proof way to secure IoT devices, networks and communication, not just from present-day vulnerabilities and cyber risks, but remain just as robust in anticipating emerging vulnerabilities and offering protection against them.”