First, let’s consider such a thing as Blockchain and briefly find out about it. Blockchain is a digital book that is used to securely record various information, such as transactions. The use of such technology greatly influences how a business will change in the world in a dozen years. This innovative and rapidly developing technology is gaining pace in popularity every day and is rapidly spreading around the world.
This article provides nine industries that are planned to be developed with the help of blockchain technology and which will bring a good income after the introduction of the blockchain in our near future.
1. Banking industry
Nowadays, the banking sector faces various kinds of problems, while Blockchain technology has a high potential for solving them. Today, banks keep their customers’ money, and they process their transfer. The blockchain will be convenient for third world countries that do not have access to various banking services.
As far as we all know, Blockchain has its own secure system that is capable of keeping track of the various multi-million dollar transactions that are carried out daily in the banking industry. Such an accounting system will significantly reduce the risk of data loss due to the reliability of these records. Transactions will have a small commission, and the transfer of funds or information will occur instantly. In the future, this area will develop more and more and will be subject to some adjustment, which will make the system more convenient, cheap and fast to work.
Examples of blockchain applications in the banking industry are Industrial and Commercial Bank of China (ICBC) and Mastercard.
Using blockchain ICBC (the largest bank of China) intends to eliminate the possibility of forgery of various documents, for example, marriage certificates or registration of residence. In addition, all important documents will be recorded in the blockchain, and therefore no longer need to go through legal procedures to obtain the necessary documentation, this will relieve the burden on public authorities.
Mastercard, a popular international payment system, wants to use the blockchain to verify cards at points of sale. Using the blockchain in bank terminals will make transactions more secure, will relieve customers from the need for plastic cards. The latter will help reduce the percentage of theft and unauthorized access to the system.
Besides, convenient use of the display when paying via a phone sensor will make it easy to control the readout of data, and therefore reduce the percentage of carding.
The process of testing innovations are 13 international banks under the control of Mastercard. According to available information, there’s plenty of positive feedbacks.
2. Health care industry
The industry, which is supported by the outdated system and has already matured to change and supply something new to it, is healthcare.
If we are talking about the exchange and storage of medical records – all this should be radically changed, since the system is already quite outdated. Many countries have already come to such changes and to the latest development of health care, since the new system is quite convenient and more secure.
A large ratio of errors and loss of information, various types of fraud and lost records causes mistrust between consumers and providers of this type of service.
Blockchain technology in healthcare allows hospitals to safely store documentation data, such as medical records, and share it with authorized specialists or their patients. This can significantly improve data security and help with the accuracy and speed of patient diagnosis and various medical documentation.
The Blockchain technology is able to significantly modernize the trust of patients, increase the speed of the processed information, as well as maximize its secure storage and transfer of data among employees in the medical field for the further use of such documentation.
Examples of blockchain use in healthcare are SimplyVitalHelth and MediLedger.
SimplyVitalHelth has developed a system that will help to make patient data transfer between hospitals fast and reliable. Modify or delete the data entered will not work, and therefore the possibility of various frauds with the data self-destructs. Such an approach to data transmission will help to avoid confusion with data loss or late transfer.
MediLedger, an American startup, has created a system in which it is possible to track the movement of medicaments up to a minute. Such a system will help get rid of various frauds. The startup has united a large number of participants in the pharmaceutical industry, including such giants as Pfizer and Genentech.
It should be noted that in 2023 a new medical law will be introduced in the USA. It lies in the fact that the movement of all prescription medicaments should be subject to state control, which will be carried out using a single electronic system that is not even in the plans for development.
3. Juridical industry
Blockchain technology is capable of much in the provision of legal services. It will help to fix most of the problems of the modern legal system. In addition, it will help to more safely store various information and check the documentation data. For example, during the trial, any false data, in this case, can be corrected and eliminated. The latest developments, of course, will be in very demand in this field of activity.
Records (such as various wills) that are stored and processed in a blockchain can be quickly and reliably verified. All operations that will be carried out in these documents will be authenticated and saved automatically. It will be impossible to change or delete them due to the immutability of the block chain.
Blockchain technology is able to eliminate various types of legal problems, even those related to cryptocurrency.
4. Cryptocurrency Exchange industry
We can say that digital money is our way to the future, with the help of a blockchain it will be securely fastened and transferred to our hands.
With the increasing popularity of cryptocurrency, their turnover increases, and hence the popularity of cryptocurrency exchange platforms.
The big discomfort of modern cryptocurrency exchange platforms brings a problem with the scalability of currencies, especially when a large number of calculations and capacities are required for these processes.
This problem has cost users quite valuable time and a significant amount of money.
New developments in blockchain technology for business can change the concept of work in the cryptocurrency industry. Zen Protocol has developed an alternative to all cryptocurrency exchange platforms, developers have been able to solve some of the most important problems in a single cryptocurrency space.
For example, what makes Zen Protocol different from other platforms is that it uses advanced intelligent contracts that know in advance how much computing will be required for various operational actions, and for each contract individually.
Korbit is one of the first and most popular cryptocurrency exchange platforms in Korea. In its hands is about 8% of the total capital turnover of Korea, and all thanks to a very low commission, great protection and friendliness to foreign investors.
Coinsecure startup was created in 2014 and is a platform for real-time Bitcoin trading. The startup offers its own cryptocurrency wallet and exchange services, as well as other trading services based on blockchain chain. The company raised $1.2 million from anonymous investors in 2016.
As far as is known, government systems are often tendprone to corruption, besides that they are also rather slow. The introduction of blockchain-based systems can significantly reduce bureaucracy, increase the overall security of government processes, their efficiency, transparency and performance of various government operations.
In 2015, in the US, Blockchain Technologies made a proposal to change the old voting system to a new one based on blockchain technology. Blockchain Technologies is a popular blockchain-based organization in the United States. The new voting system perfectly coped with the task and received a lot of positive feedback.
Not only in the USA, but also in Sierra Leone, which is located in Africa, an innovative blockchain-based voting system from start-up Agora was used in 2018. The voting system from the startup Agora made it possible to make the elections transparent and cheaper, the authorities of the citizens were satisfied with the work done.
In early 2017, after the «DC Blockchain Summit», the US authorities decided that it was necessary to use the blockchain in the US tax system. «Sage Communications», which promised to create a system whose use will speed up the taxation process, will provide an opportunity to receive reports to special authorities in real time, as much as possible reducing the likelihood of errors.
6. Social privilegies
The public goods system is another fairly important sector that suffers greatly from slowness and bureaucracy, it requires significant changes. Blockchain technology can significantly help in this matter, for example, in assessing, verifying and distributing various unemployment benefits in a safe form. The blockchain is also a fairly good contender for the realization of the basic income. There are a variety of projects that are working on the development of new technologies based on block links for the realization of a universal and stable basic income.
CBA (Commonwealth Bank of Australia) has launched testing of the innovative smart money blockchain project. The use of this program is intended for people with disabilities. Together with the Block61 team, Data61 CBA developers created special tokens for disabled people. Tracking the use of tokens will provide an opportunity to have specific information about why money was spent, by whom and when. In addition, paperwork will disappear, all information will be stored in a decentralized environment.
7. Video industry
According to various world forecasts, by 2021, video will account for 82% of all Internet traffic, and the blockchain can play a significant role, changing, improving and decentralizing the overall video infrastructure. At the current level of video traffic development, with each year, the decentralization of the overall video infrastructure is becoming increasingly demand. Decentralization of video coding, storage and distribution of content over Internet resources will significantly reduce the cost of video traffic.
Startup VideoCoin has created such a system, which will take into account all the shortcomings of modern systems. Using the VideoCoin platform, it will be possible to avoid a ban on freedom of voice in individual countries, to achieve free distribution of video. Video creators will be able to create their own “foothold” for control, distribution of their content, as well as choosing the right monetization strategy.
8. Education industry
Education is one of the most desirable and important industries in the global community. There are various, fairly quick and convenient ways for the further development of the field of education and various similar infrastructures in general.
A blockchain can be used to store sensitive data, such as coursework. Thus, no one will be able to take someone else’s work for their work, which was submitted, for example, 5 years ago. In addition, the grades recorded in the blockchain cannot be changed or erased, which guarantees honesty.
Very often, when people come to work, they give fake diplomas or certificates of graduation from a higher educational institution. If you write this information into the blockchain, you will not be able to falsify it.
Today, the main method of checking a diploma is to send a request to an educational institution, which sometimes takes about a month, and therefore requires too much time. The blockchain will provide this data in seconds, which will speed up the hiring process.
To demonstrate the work of the blockchain with diplomas, employees of the Massachusetts Institute of Technology (MIT) showed how to write data about the presence of an education certificate in the blockchain.
They used one of the functions of the Bitcoin blockchain, called OP_RETURN, and made it possible to add additional information to each transaction. The Massachusetts Institute of Technology proposed to calculate the hash of a document using SHA256 and add it to the transaction, complementing its encrypted signature. The certificate will always be available in the system after five confirmations on the blockchain.
Startup Socrates Coin is making huge breakthroughs in the development of the education system in order to make the blockchain a reality in the near future. The company is already creating global communities of teachers, students, and developing an individualized curriculum. Students will cover all ages, different cultures and residences.
The Blockchain-Distribed Bookger technology provides an almost perfectly safe and fairly time-tested way to record and transfer a variety of data. This technology will be able to transform the way we live today, and also destroy the concept of any industry that uses data or transactions.
We can say that all this is good enough. Regardless of whether you want to discover the latest technology in your life, I think everyone will agree that the added security of our financial data will give everyone more peace of mind and confidence.
A block register is publicly accessible to all users, but there is one thing, all data is checked among themselves and encrypted using the most varied cryptography. In this way, data security is carried out, and its protection against all kinds of hacks, improper adjustments or changes without notice. In spite of all this, young and not completely proven programs are still occasionally capable of hacking and the appearance of erroneous data in this area. Soon, hacks will become less and less, it depends on the speed of development of infrastructures and the cybersecurity system as a whole. All this helps users to secure their data and make it available only to a small circle of people.
Guard time is a company that uses Keyless Signature Infrastructure (KSI) based on blockchain technology. This system detects cyber attacks in real time. By the way, it should be noted that in 2016 Guard time, thanks to its technology, provided protection for all Estonian medical records.
Remme is another new product in the cybersecurity world, whose main task is to authenticate clients and devices without the need for a password. Remme was created on the basis of the blockchain because a decentralized system is always better than a centralized one, it is less vulnerable to cyber attacks.
Obsidian is what helps make messaging services more confidential. Despite the fact that social networks are very popular, and therefore should have good protection, data leaks still occur. All this is fixed in Obsidian Messenger.
Cybersecurity also includes the protection of confidential intellectual property. With Blockchain technology, all copyrights can be stored in the form of intelligent contracts that will automate the business, along with an increase in online sales, eliminating the risk of copying information.
Using the blockchain in the IP registry will help authors, owners or users to get maximum information about copyright on certain content.