While the Blockchain and cryptocurrencies, in general, are set to have an effect on virtually every industry that has to deal with data, some will be affected more than others. While some will be able to benefit from the blockchain’s many attributes, whole sectors could very well become obsolete because of it. Here are four sectors the blockchain is about to disrupt. We’ll also explain why these sectors are ripe for disruption compared to others.
Online gambling is one of the biggest online markets already. Cryptocurrency provides a new way to pay without dealing with currency transfers, but it doesn’t stop there. One crypto casino, in particular, is not only allowing you to buy tokens with cryptocurrency; they are also building their own token along with their proprietary Blockchain, which allows them to build in-house games, facilitate fund transfers, and improve transparency.
The blockchain allows for online gambling sites that are open to public validation and easy to audit. Removing intermediaries by relying on blockchain allows much smaller businesses to enter gaming while meeting the same standards of IT security and audits. You can even enter private contracts with cryptocurrency, guaranteeing the person taking the bet will pay.
A related application is the ability to use blockchain to build decentralized prediction markets for stocks, sports, and elections, whether or not they include betting.
Blockchain systems could dramatically revolutionize the way medical records are handled. You can get rid of paper records and digital health records. Instead, we can store them all in a centralized database. They’d be singular, complete, and completely secure. Any healthcare provider could access your health records easily and securely. If you change healthcare providers or insurers, there is no need to get copies of your records transferred or fill out paperwork all over again. In an emergency, doctors can access your latest records immediately. This is a dramatic improvement over the way things operate today.
In theory, a voting system secured by blockchain would be virtually unhackable. This would lessen the possibility of rigged votes, while voting irregularities could become a thing of the past. Everything from voter registrations to tallies would be indisputable.
One potential use of blockchain would be to reduce and eliminate bureaucratic red tape and the potential corruption of government employees. You could distribute funds to recipients and contractors only when certain conditions are met, while the transactions themselves are transparent to the public. The blockchain is a good contender for implementing universal basic income, too.
The Legal Industry
Blockchain technology could end questions over the legality of wills and other legal documents since it would store them securely and verify the documents’ authenticity. These blockchain backed legal documents could enable digital inheritance, distributing assets automatically according to the will.
Blockchain contracts would also make it easier to monetize assets through peer-to-peer networks, whether you’re renting out your house, car or other goods. And Blockchain would eliminate the need for middle-men to facilitate the transactions, taking a cut of the fee in exchange for mediating the deal.
Almost any industry that deals with data or financial transactions can benefit from Blockchain. Areas where administrative costs are high, trust is crucial, or middlemen take a big cut are ripe for a revolution.
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