Blockchain The invisible technology that is changing How 30+ Industries Disrupt, What to expect next?
What does it take to change the world? Rhetoric and yet, one billion dollar question to answer, hard to swallow or even too big to think, some are morally not ready to answer, some ideas that may come-a big army, a cure to a pandemic? A revolution? A Civil war?
All of which takes a lot of people, thousands of hours, a massive amount of space, millions or billions of dollars by definition, but the uniqueness of Blockchain all it needs is group of 4 or so that have computers next big idea and python coding skills the rest is the question of digital and virality.
Before we go ahead and talk about trends in Blockchain and how it all began shortly, what do we know about the past? Since the beginning of civilization of human being that could go back to millions of years one point is simply clear, all type of institutions and entities that were developed and formed to develop infrastructure have always been centralized, how effective that has been? How far have we gone? And how we became who we are?
Why has Blockchain become so important?
Back in 2008 so-called Satoshi Nakomoto took the game to the next level, and in nine years later, blockchain technology has enabled businesses and individuals to revolutionize the conduct of business, decentralize, keep data private, excluding a big Brother watching you.
The blockchain is growing in importance. Increasingly organizations have to explore what this revolutionary technology will mean for their business. Questioning and looking at existing models allowed our co-founding team members to challenge traditional cloud concept that I`ll describe later.
The possibilities of the Blockchain are enormous, and it seems that almost any industry that deals with some transaction, which would mean any industry, can and will be disrupted by the Blockchain.
As a result, it is likely that many of these industries will face job losses simultaneously new jobs will emerge removing intermediaries and bringing those that have expertise in Blockchain. What are the top industries that are being affected by blockchain?
After the US/Russiam election meddling scandal, Wikileaks documents, probably Voting is one of the most critical issues to look at. Elections require authentication of voters’ identity, secure record keeping to track votes, and trusted tallies to determine the winner. In the future, blockchain tools could serve as a foundational infrastructure for casting, tracking, and counting votes — potentially eliminating the need for recounts by taking voter fraud and foul play off the table.
By capturing votes as transactions through blockchain, governments and voters would have a verifiable audit trail, ensuring no votes are changed or removed, and no illegitimate votes are added. One blockchain voting startup, Follow My Vote, has released the alpha version of its stake-weighted end-to-end blockchain voting solution.
2. Payments & Transfers
Blockchain could be used to create a more direct payment flow that connects payers and payees — across borders or domestically — without intermediaries, at ultra-low fees and almost instant speed.
Digital currency startup Coinbase — which has served over nine million customers as a digital platform for buying and selling bitcoin, ether, and other cryptocurrencies — recently became the first cryptocurrency company in the Global Unicorn Club, some of other identical platforms include: ICO Bazaar, Coin Schedule, Coinhills, Token Market, Token Tops and others… Abra, another blockchain-enabled mobile wallet and payments startup, was recently integrated into the payments ecosystem of American Express: through a new feature, customers will be able to fund their Abra wallets using an eligible American Express Card.
Though blockchain’s ledger is public, its data communications are sent and verified using advanced cryptographic techniques — ensuring that data is coming from correct sources and that nothing is intercepted in the interim. Therefore, if blockchain is more widely adopted, the possibility of hacking could go down, as the cyber protections of the technology are more robust than legacy systems. (argumentative statement sometimes to make)?!
One way blockchain reduces conventional cybersecurity risk is by simply removing the need for human intermediaries — thus lessening the threat of hacking, corruption, or human error.
For example, cybersecurity startup Guardtime technology blockchain-enabled KSI (Keyless Signature Infrastructure) helps to tag and verify data transactions for cryptographic assurance of their integrity and authenticity.
Education is probably is one of the most traditional and untouched industry of our age that is largely a manual process heavy on paper documentation and case-by-case checking. Deploying blockchain solutions in education could streamline verification procedures, and of the great example is Blockcerts, which is an open standard for creating, issuing, viewing, and verifying blockchain-based certificates.
These digital records are registered on a blockchain, cryptographically signed, tamper-proof, and shareable. The goal is to enable a wave of innovation that gives individuals the capacity to possess and share their official records.
1. Car Leasing & Sales
The experience of leasing, buying, or selling a vehicle is a notoriously fragmented process for stakeholders on all sides of a transaction, but the blockchain could change that. In 2015, Visa partnered with transaction management startup DocuSignon a proof-of-concept project that used blockchain to streamline car leasing — transforming it into a “click, sign, and drive” process.
With the Visa-DocuSign tool, prospective customers choose the car they want to lease and the transaction is entered on the blockchain’s public ledger. Then, from the driver’s seat, the customer signs a lease agreement and an insurance policy, and the blockchain is updated with that information. If the technology were to be implemented in practice, it’s not a stretch to imagine that a process of this sort might be developed for car sales and registration as well.
More and more industries are being disrupted and changing the way we live, work, collaborate, and more…