The blockchain is a distributed ledger technology that underlies cryptocurrencies like Bitcoin. It provides a way to record and transfer data that is transparent, safe, audible and resistant to outages. The blockchain has the ability to make the organizations that use it transparent, democratic, efficient, secure and decentralized.
The blockchain will disrupt many industries in the next 5 to 10 years. These are some of the industries it’s already disrupting.
1 – Banking
The most obvious industry thats being changed is the banking industry. There is a theory that the blockchain will do what the internet has done media. Blockchain technology can be used to give billions of people around the world access to financial services. Currencies like Bitcoin let anyone send money with low fees and pretty much instantly. Banks are investing in blockchain projects and start ups too.
2 – Cyber Security
Although the blockchain is public, the data is encrypted. The data has to be verified and encrypted with advanced cryptography. This means the data can’t be meddled with if you don’t have authorization. There have been loads of attempted hacks already.
3 – Supply Chain management
Blockchain technology can greatly reduce time delays and human errors too. It’s also great when used to monitor costs, labor, waste, and emissions at every point of the supply chain.
4 – Networking
Having your data on a centralized server would be extremely vulnerable to hacks, data loss or human error. However, if you had technology that lets cloud storage to be more secure and robust against attacks then you would be doing good. Good thing we’ve got blockchain technology then isn’t it! Check out Storj,
5 – Private Transport
The blockchain can allow users to arrange the terms and conditions for transportation in a secure way without third parties knowing.
6 – Music
The music industry has taken a big hit in the recent years. There are so many cuts and commissions involved in the music industry that when the artist receives their share they’re getting the crumbs. There are server start-ups appearing that are coming up with new ideas so musicians get paid directly from their fans. Just now musicians have to give up a large chunk of their sales to platforms or record companies.
Smart contracts can also be used, this will make licensing issues easier to solve and will help catalog songs with their original creators easier too.
7 – Real Estate
Blockchain technology can speed up transactions by reducing the paper based record keeping you see in today’s real estate market. This is also much safer, can help with tracking, ensures the accuracy of documents, helps verify the ownership and makes transferring property deeds much much easier too. Overall blockchain technology will revolutionize the Real Estate market.
Less developed countries will most likely pick this up first but I’d say in the next 10 years or so it will become the standard. This will reduce legal, accounting and transaction cost too and most of all reduce fraud.
Blockchain technology is in its early stages and there are a lot of potential legal problems that can arise. Until industries have a solid grasp on the new technologies and practicies its best to keep yourself in the loop by talking to an expert like Goodwin Law.