Home Business Insights & Advice Which industry will be most affected by Blockchain in the next decade

Which industry will be most affected by Blockchain in the next decade

by John Saunders
13th Jun 22 2:06 pm

Every industry wants to expand their business after a certain period of time. This is when technology evolves and offers modern solutions to take the industry to the next level.

Today, the industry is experiencing the same. With the same technology for the past decade, they are finding it hard to scale up. This is where every industry is turning toward the Blockchain.

Blockchain is the technology that has been the hottest topic in the market for the last couple of years. Despite its connection with Cryptocurrencies ( which is always the center of criticism), this technology has gained a lot of followers over the years.

Many experts believe that it is Blockchain technology that will pave the path for the new scalable future. With the help of a high-end Blockchain development platform like Quantumai App, you can tackle the current industry’s problem.

Before we move ahead with the primary section of the blog, let’s look at the benefits first –

  • Enhanced security.
  • Better transparency.
  • Increased transaction speed and efficiency.
  • Reduce transaction costs.
  • Improved traceability.

Industries that Blockchain will disrupt in future

Blockchain has already started disrupting the industry. The disruption has now reached the point that it has started challenging how the business operates. And the best thing is that many industries have started to find Blockchain helpful.

Let’s look at the top significant industries Blockchain is affecting.

1. Cybersecurity

The more digital we become, the more prone we are to cyber-attacks. If going digital will expose us to the dark truth of the internet, we need a shield that can protect us online. While many technologies have been introduced in the market, we have yet to see any difference.

However, with Blockchain, experts believe that we can achieve total security. Blockchain is a decentralised network. Hence, it is ideal for an environment that needs high security.

The information stored in the Blockchain network is verified using a cryptographic algorithm, which leaves no single point open for an attacker to hack in. Even if any hackers try to enter the network, their malicious intent will easily be recognisable.

2. Banking

Banking is one of the trusted mediums for transacting money. Although they are a trusted medium, most people are unhappy with their performance.

For example, just say you send $1000 to your brother through conventional banking means. 10% of the total is charged as transaction service fees. The fees increase if you are making any international payments.

In addition, the overall process takes a long time to complete and is not always secure. In that case, you will look for an alternative method that is not only safe but also saves you money.

This is where Blockchain holds the potential to disrupt the commercial banking system by providing a P2P payment system. As no central authority exists, you don’t have to pay any transaction charges to anyone.

3. Healthcare

Today, many problems exist in the storage of people’s health data. When asked for a person’s report, it can take hours for that person to discover the right file. This has created opportunities for the hackers to hack into the system and take away all your personal data.

With Blockchain technology, you can  eliminate the need for a central authority and enable rapid access to data. Blocks are inter-connected and distributed, making it difficult for a hacker to corrupt the data.

Closing thoughts

Blockchain technology empowers a stable and auditable means to share data with the world. As a result, it has the power to transform the way we live and disrupt industries that regulate data or mediate transactions.

The good thing is that these disruptions are beneficial and offer modern-day solutions to the challenges. Whether you prefer to bring modern-day technology into your life or not, it is evident that technology strengthens the safety of your financial assets, granting you peace of mind.

 

The above information does not constitute any form of advice or recommendation by London Loves Business and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Appropriate independent advice should be obtained before making any such decision. London Loves Business bears no responsibility for any gains or losses.

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