5 Industries That Will Be Transformed By Blockchain in Coming Year

Transformed By Blockchain
  • Ankit Patel Ankit Patel
  • July 04, 2018
  • 3 min read

It’s been a long time since the Blockchain introduced. And within that period, it has clearly shown its capabilities to deliver substantial value to the financial services. Moreover, it is quite promising when it comes to get down the overall cost and improve efficiency as well as revenue growth. Well, that is the reason why more ‘n’ more individuals and enterprises are attracted towards investing in the Blockchain technology.

Till now, we’ve just seen its utilization in cryptocurrencies like Bitcoin. But, it can be utilized in many more forms than just a medium of currency exchange or to store the value.

1. Real Estate

Nothing can be more tedious than finding a house or an apartment for rent. And today, people find house rental a good option to live life. However, the business of real estate is quite painful. You have to find the agent, interact with the owner, discussing agreement terms, giving advance rentals and so on.

Today’s generation is expecting things to be done quickly and hassle-free. And existing renting platforms are not at all advanced and having plenty of problems with it. With the help of Blockchain technology, the sellers, as well as prospective tenants, can leverage from smart contracts. It may also eliminate the need for third-party agents and let the landlords interact directly with the tenants. Moreover, it brings ease to make decisions, establish financial terms and manage payment settlements.

2. Insurance

Today, each and every one of us is investing in insurance for the safety of our loved ones. And the reason why we feel tempted to invest in it is that we TRUST that it will be beneficial in the future. The entire insurance market is based on the trust only. And a Blockchain technology can effectively boost the trust management in the insurance sector.

It can be utilized to validate plenty of things including the identity of the insured person, its renewal contracts and more. Moreover, this technology can be really useful to tackle the real-world data.

3. Cloud Storage

People today talk about cloud storage and its plethora of benefits. But do you know that the data stored in the cloud is vulnerable and can be easily stolen? Well, you cannot ignore such disasters in real life and a technology like Blockchain can really bring a level of security to let it be safe and tackle such attacks easily.

There are plenty of cloud storage service providers who have already started leveraging from this technology. You can check-out the business case of Storage who has actually implemented a Blockchain technology for its network.

4. Healthcare

Healthcare is yet another industry that heavily relies on the plenty of legacy and distributed systems. But storing and sharing the data is one of the biggest pain points in this industry. With the help of a Blockchain technology, the healthcare industry can ripe the benefits of its secure environment to manage a large data.

This will at the end enhance data security and can help diagnose faster with the help of accurate data. There are a couple of organizations, like Gem and Tierion, which are working on transforming healthcare data space with the help of this technology.

5. Energy Management

If we have to name the industry that is totally centralized, it will be energy management. It is not possible for any of the energy generators and users to interact directly with each other in order do a business. They have to take help from the intermediary in order to execute such actions. But soon or later in the future, it will be possible to buy and sell energy directly with the help of a Blockchain technology.

This is not done yet!! The industry list would be growing in next few years….

About: Ankit Patel

Ankit Patel is a Director of Sales & Marketing at XongoLab Technologies LLP and PeppyOcean, A leading mobile app development companies. In his free time, He likes to write articles about technology, marketing, business, web, and mobile. His articles featured on YourStory, E27, Datafloq, JaxEnter, TechTarget, eLearningAdobe, DesignWebKit, InstantShift, Business Magazine, SimpleProgrammer, and many more.

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