Blockchain as a technology is considered to be one of the most exciting things this century. The use of blockchain as the underlying technology for different implementations is certainly exciting, especially when you consider the kind of unconventional applications that blockchain now supports.
As a technology, blockchain offers two primary benefits: decentralization and accountability. All nodes in a chain are synchronized for better data integrity, all while making sure that there is no single point of failure across the entire network. It is incredibly secure and very robust.
Blockchain has been affecting a number of industries these past few years, and there are interesting developments in how blockchain is used in different fields. Here are the four industries that are being revolutionized by this technology.
The financial industry is one of the first industries to be impacted by blockchain. That’s not surprising, especially since the technology itself was developed as a way to decentralize the financial system. The use of cryptocurrency as a payment method was a big change across the financial industry, but what came next was even bigger.
Cryptocurrencies are now seen as viable investment instruments. Their values are better-defined, there are a lot of opportunities in the cryptocurrency market, and there are more ways to invest in the market than ever before. Cryptocurrency as an investment instrument is even recognized by established investment firms.
You too can invest in cryptocurrency and expand your portfolio with the coins you like the most. You can check multiple coins at once, monitor their prices in real-time, and make investment decisions the way you would in other financial markets. There are even ways to predict the long-term movement of coins based on technical and fundamental analysis.
The next industry that is being revolutionized by blockchain is healthcare. With more healthcare-related information being stored digitally, there is a growing need for a decentralized information architecture. Blockchain is the perfect technology for the job.
Medical records, results from imaging tools, and other healthcare-related data is now being stored in blockchain networks. Since there is no single point of failure in the network, healthcare information systems can be far more reliable and robust thanks to blockchain.
At the same time, security issues facing the healthcare industry are addressed by the switch to blockchain. All data can be traced back to its original entry. The network integrity is also maintained by nature thanks to the way blockchain stores and distributes information.
The next big thing in healthcare is the use of blockchain to power a more capable collaborative platform. Doctors and specialists can work together on patients without having to worry about data integrity. Research entities can use the same blockchain network to collaborate as well.
The decentralized nature of blockchain is interesting on its own. It is now powering a lot of security solutions used by enterprises and corporations, particularly solutions designed to protect data integrity and information in general. Since the entire blockchain network needs to be updated in order for the entry to be recognized as valid, there is no way to alter information from one endpoint.
The application possibilities are limitless. Companies are now using blockchain to manage everything from the flow of purchase orders to sensitive corporate accounting information and strategic enterprise data. Encryption is a part of the process natively too, which means optimum data security level can be reached without a problem.
Advanced crypto-based security systems offer a way for companies to develop an internal, completely traceable and accountable communication system in different forms, with internal messaging system being the most basic form. There are even solutions for digital document distribution within a company that are now based in blockchain technology.
One industry that hasn’t been deeply impacted by cryptocurrency is education, but that’s about to change with big revolutions coming to this field. Since blockchain offers a fantastic collaborative platform for everyone, more and more universities are using blockchain-based solutions for communicating, conducting researches, and more.
The accountable nature of blockchain is a huge plus as well. Rather than centralizing the storage of students’ records, schools and universities can borrow the implementation of electronic health records in healthcare for storing grades and reports. In this respect, the potential for more decentralization is incredible.
For example, universities can access the records of potential students without having to manually contact individual high schools. The enrollment process can be made simpler and more targeted, and the records for each student can be updated continuously. This means a comprehensive personal report is a possibility.
Other industries are benefiting from the use of blockchain too, but the four we discussed in this article are the ones in which you can observe the biggest impacts. Blockchain will continue to affect finance, healthcare, information security, and education going forward. Expect to see the impact of blockchain on these industries spill over to other fields in the near future.