Even though blockchain has debuted with cryptocurrencies it has a far bigger potential outside of it if applied properly. The truth of the matter is that there are many industries that are suffering from inefficient methods of operation that have not gotten an update on methodology just because other industries depend on them being connected.
However, as we can see how fast technology is moving, we can also assume that all the industries that are being run inefficiently will sooner rather than later be changed and upgraded. An example can be a business that did not want to adapt to the rising popularity of the internet back when the internet debuted. Every single business that did not transfer or make their product available on the online platform soon found itself closing down.
Here are some of the industries where blockchain technology can change the world
One of the oldest industries is having its roots shaken up by the presence of the cryptocurrency and the blockchain technology. The new methods revolutionize how we can deal with finances and how we can finally decentralize the financial system away from the traditional banking.
– Gathering capital
Gathering capital has never been an easy task, but even when people make all the right moves, there is a third party that is making money on the people who are gathering the capital without doing anything. Today we have the ICO which is bringing unprecedented levels of capital in one place as every business that wants to gather capital can use this method to successfully gain an advantage over the competition. Additionally, these methods are cutting out the middleman that was once the banking system.
If we are looking for another industry that needs a refreshing new method on how it can be managed we can turn to the agriculture. The transparency is badly needed in this sector as many people are heavily requesting to know from where their food is coming and by what means it was being grown. Additionally, farmers can finally be paid for their job well done as they are owed instead of constantly using labyrinths that is the current system.
– Supply chain management
In logistics, it’s important to have every part of the transportation logged and stored. Blockchain technology offers the best methods of protecting and saving information which can be specifically used in the supply chain management industry. With the blockchain being implemented here we can expect less miss managed shipments, fewer delays, less corruption in the sector as everything will be accounted for a detailed inspection.
Blockchain technology is changing the world at a quick pace. With its entry in 2008, the innovation has shown huge potential and has had a huge demand. With the coming artificial intelligence industry and cybersecurity, we can only expect that the blockchain technology will become even bigger and better. The capabilities of such tech can’t be correctly assessed at this time as we have yet to find the best method and industries for its implementation.