Blockchain technology has the potential to be very disruptive, as it can empower people and communities to work together without the need for a third party to handle transactions. Let’s take a closer look at some of the industries that blockchain tech is or could impact.
It’s the obvious place to start. The blockchain is the technology that enables and supports cryptocurrency transactions. Although moneymakers taint the crypto market, the original purpose of cryptocurrency (if you are of the more idealistic viewpoint) is to make it possible to store, and trade value without the need for a centralized banking system, which most can agree has serious flaws.
Theoretically, perhaps if the market stabilizes and adoption makes its use more convenient, it’s possible to cut out the biggest middlemen of all, the bankers, who will only adopt the blockchain to make their solutions more convenient.
Back in the day, we had paper records for everything. That has its obvious drawbacks, especially when it comes to critical records like health care files. Health care data could disappear easily, and transferring doctors meant the physical transfer of records. Nowadays, health care records are digital, but they can still exist across several different systems, data can disappear, or mistakes made, and it can still be hard for new doctors to access your files.
Blockchain tech is not all about solving the most serious problems in society. It is also set to disrupt the entertainment and gaming industry, which could be quicker to adopt the technology. One example is that the blockchain would allow you to use your characters and items across multiple games. They would store as digital assets, and you could then verify them on the blockchain.
Blockchain tech is especially useful when it comes to real-money gaming. Players can validate the fairness of the random number generators and odds of the site and even by “part of” these transactions on the peer-to-peer network.
Poker and casino games always look to respond to the needs of players, with recent player-orientated tournaments like the PSPC fusing online satellites with massive live tournaments. First-place winner Ramón Colillas won the PSPC from a “Platinum Pass” that gave him free entry. The blockchain would be yet another way to offer a more player-focused experience.
Selling or renting a house, whether you are the buyer or seller, requires a lot of paperwork and large transactions. Right now, it’s usually easier to let an estate agent handle it, and naturally, they take a significant fee.
Doing so extends to almost any business and makes the use of blockchain far-reaching. Say, for example, you want to share goods and services, blockchain tech can potentially facilitate the transactions without the need for a central authority or platform. Think about taxi drivers providing their services via a blockchain app, or homeowners renting rooms on the blockchain on a P2P version of Airbnb.
Indeed, blockchain tech is not limited to cryptocurrency and is applicable to lots of different industries. As a result, it will be fascinating to see which industries adopt the technology in a bid to stay with the curve, and which ones become obsolete due to the decentralized nature of the technology.
Photo by Davidstankiewicz / CC BY-SA 4.0