Each time a new technology is being discovered and introduced, it finds itself in a lot of uproar and speculation. I think you agree with me, don’t you? On one hand, it opens up new avenues and on the other hand, it causes a few disruptions which changes the way the industries function.
Similarly, blockchain technology is creating ripples as the most coveted and positive disruptive technology. In simple words, blockchain is a digital ledger that is being used to record transactions. This technology has benefits that would affect many industries in a positive way. Let’s check out briefly, about few industries that are slated to be disrupted.
The real estate or housing industry today is considered as a basic necessity and it is also a measure of the economic activity of a country. I am sure you, we all agree on that, don’t we? The real estate sector relies a lot on elaborate paperwork. The advantage with blockchain technology is that it can now store the essential data like liens and land titles in a paperless mode and in a much-secured manner. Apart from the real estate industry, the legal industry, which requires a lot of manpower is also under disruption.
Blockchain technology is helping in drafting smart contracts and thereby creating a great deal of change in the industry. The healthcare sector can treat the technology with supreme attention as it would help store data and hold records of patients in a systematic manner without the fear of losing sensitive information into wrong hands and this can also help to achieve seamless medical care.
The banking industry would benefit the most from this technology as it would enable the customers to check their transactions whenever they wish to, and money could be transacted much faster and at a much less cost. This will increase the efficiency of the whole process, and efficacy of the services that banks render to their customers.
Companies that play mediators for transferring money would also undergo disruption, so would the Financial Tech companies. It will help them transfer money through a much secure mode without having to spend a great deal of money and time.
These are few of the industries that would get disrupted by this revolution. Mind you, the list is on inclusive and not exhaustive as the benefits are beyond imagination.