Blockchain technology is poised to turn the world on its head with lightning fast transactions taking place on transparent public ledgers.
Without the need for trusted third parties, corrupt practices will fall by the wayside. Human error will be further squeezed out of industries riddled by inefficiency. Here are five ways that blockchain will revolutionize five different industries.
Banking and Payments
This is where the biggest land grab is taking place. With banks and lenders charging exorbitant fees at every turn and economic disasters occurring on political whims, it’s no wonder that people are hungry for change.
Blockchain is poised to democratize the banking industry much in the same way the Internet did to media. Adoption will skyrocket once the unbanked world wraps its collective mind around being able to send money instantly with low fees from anywhere.
Supply Chain Management
With a transparent and open ledger available to track the “journey” of a product from raw materials all the way to it’s final destination in the market, bottlenecks can be recognized and time delays can be eliminated at every turn.
Labor costs and material prices will also be available to public scrutiny, which will encourage global transparency across an array of industries. Blockchain technology will also have an effect on verifying the authenticity of a product (much to the chagrin of China’s lucrative replica market), which will help protect craftsmen and consumers alike. Consumers will be able to pinpoint where their purchases are coming from, making clearer the quality of the products they are buying. This will have significant implications for fair trade practices and business ethics.
Private Transportation and Rideshare Platforms
With automated cars looming on the horizon, soon your Lyft and Uber drivers will be out of a gig.
Peer to peer platforms will decentralize on-demand ridesharing, with cars having e-wallets allowing the vehicle’s owner to pay for toll roads, parking and other motor services. The United States currently suffers from over 30,000 car-related deaths a year, removing human fallibility from vehicles will save lives.
Imagine the potential to bring the voting process out into the light. Public ledgers will make voting corruption a thing of the past. Broken voting processes will give way to democracy. This will also allow for voters to register and vote from anywhere in the world, so voter turnout will be at all-time highs. Blockchain also paves the way for immutable encrypted identity information to be accessed from anywhere in the world without the need for glacial bureaucratic processes such as apostillation and document verification.
Industries such as journalism and entertainment will be greatly disrupted by decentralized platforms that enable audiences to directly pay creators.
This is already being seen on the Brave browser, which has released their Basic Attention Token. Artists and creative teams will be able to earn a larger chunk of the pie without the need for bloated entertainment companies and media corporations. The middlemen will be removed , eliminating censorship and establishing a more direct relationship between creators and their audiences.