The Top 5 industries that Blockchain technology will disrupt

By Raise | Raise | 5 days ago

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Since the world was introduced to Bitcoin, the media have regularly been discussing how blockchain technology can change the future.

For sure, this is the first technology since the internet was introduced in the early 1990โ€™s that is making strides to changing every day life. Right now, we are at a stage of itโ€™s development where there are many challenges but here is our guide of the top industries that we believe blockchain will disrupt forever.

Cyber Security ๐Ÿ›ก๏ธ

The biggest threat in society today are cyber attacks. In recent years, major organisations have experienced an attack in some form. Famously, in the UK in 2015, Natwest and RBS (two major British banks) were attacked on payday, preventing all their customers to withdraw their money for the weekend.

Blockchain technology can end these nightmare scenarios as it helps in securing our data against unauthorised access and tampering. Blockchain is a decentralized system and therefore it is perfect for environments that need high security. Every element of information is stored on the blockchain and it is verified and encrypted, which leads to an impossibility of an entry point for an attack. By eliminating a central authority, blockchain provides a secure and transparent way of recording information without disclosing private details to anyone.

Supply Chain Management ๐Ÿ”—

This industry has already seen a vast improvement and implementation of blockchain technology. Blockchain allows each and every step of the supply chain to be tracked. This means that, if something goes wrong, it's incredibly easy to identify the source of the problem.

Using blockchain in this industry allows you to know and understand every single element of the process and this is important as we now live in a culture where people are becoming more aware of consuming organic and fairly produced products.

Our health data is currently easily accessed due to the centralization of these files. If someone needs access to certain information about very private health issues, it will usually only be a matter of hours until that data is found. This creates an environment that makes it very easy to breach, lose or steal these files.

Blockchain technology gets rid of the central entity and therefore makes it much easier for the data to be shared safely. This means that all this data could be secured very easily by implementing blockchain technology and decentralizing the industry what would be very successful in an industry that is so important to every single human in the world. Like with supply chain, healthcare would also benefit from using blockchain technology to track its medicine and, as a result, would prevent counterfeiting completely.

This has already been implemented by large global companies. Carrefour, a European supermarket, are already tracking their goods through blockchain in Spain following the success with other organisations such as Nestle when tracking their food lifecycle.

Government ๐Ÿ—ณ๏ธ

Voting systems around the world are dated. Even today, with the run up to the upcoming UK general election, it was revealed that students committed voting fraud to ensure Labour received more votes in 2015. Although Labour did not win the election, they cut the Conservative majority and it is impossible to know who and how many people voted twice in that election.

Currently, many countries still count votes through human techniques which can easily lead into fraudulent actions, but blockchain technology can end voting fraud forever, as it allows officials to count the votes with absolute certainty. Also, people could start to cast their votes online and the systems would be able to use specific IDโ€™s to ensure that each person has their own individual vote and nothing more. Therefore, no vote would ever be tampered or erased.

Governments could also use this technology in everyday life too - car registries, home ownership, tax payments etc.

Healthcare ๐Ÿ’‰

Our health data is currently easily accessed due to the centralization of these files. If someone needs access to certain information about very private health issues, it will usually only be a matter of hours until that data is found. This creates an environment that makes it very easy to breach, lose or steal these files.

Blockchain technology gets rid of the central entity and therefore makes it much easier for the data to be shared safely. This means that all this data could be secured very easily by implementing blockchain technology and decentralizing the industry what would be very successful in an industry that is so important to every single human in the world. Like with supply chain, healthcare would also benefit from using blockchain technology to track its medicine and, as a result, would prevent counterfeiting completely.

Banking and Finance ๐Ÿ’ฐ

Traditional banking involves a large number of fees and risks with your money. When you transfer money to other countries, the fees involved by banks ensure that the receiver never gets the same amount that was intended to be sent. This is the same for lending money, borrowing money, daily banking needs amongst other things.

Blockchain technology creates a peer-to-peer environment for banking and finance. Projects like Raise allow borrowers and lenders to use their marketplace in the most secure, transparent and cheapest way. Also, fees are much lower than centralized entities and make it very simple when requesting this finance. With the use of cryptocurrencies and stablecoins, it also means that users no longer need to have bank accounts to obtain, hold or lend money.

Last but not least, users that lend on these platforms will also see a much faster return on investment while knowing they helped grow businesses and even change the future for someone wanting to borrow the money.

These are just 5 of the many industries that blockchain technology is going to disrupt. We wanted to highlight these particular areas as it will help you fully understand that blockchain technology has arrived, is here to stay and will only grow within the next few years.


Raise
Raise

Raise is a loan marketplace that connects individuals with investment opportunities primarily in emerging countries.


Raise
Raise

Raise is a loan marketplace that connects individuals with investment opportunities primarily in emerging countries

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