Top 4 Sectors Affected by Blockchain Disruption
“Outside the Cryptocurrency Market”
In the course of the last couple of years, it is considered that the development of blockchain technology is necessarily related to the establishment of cryptocurrencies and ICOs in the market.
However, blockchain technology and its technological potential go far beyond the cryptocurrency market as many industries are implementing blockchain in order to improve their efficiency and establish a more functional operational ecosystem.
That is how although a foundational technology, blockchain is already disrupting these 5 industries, showing that the cryptocurrency market is only a glimpse of what blockchain technology is able to do for the world.
Voting and Elections with Blockchain Technology
One of the ways in which blockchain technology could make a vast contribution to the world is through hosting voting and elections.
Whether it blockchain is set to facilitate local or state elections, or pose as a medium for other types of voting, blockchain could enable an anonymous and secure elections without the possibility of adding illegitimate votes or have double voting.
Voting is a complex process, especially of great importance when it comes to state elections as these can be a subject of corruption and illegitimate manipulation of votes, which is why the election process needs to be made simpler, more convenient and more secure.
Blockchain technology is already demonstrating that voting can be made secure and corruption-free with the project called Follow My Vote.
Real Estate Trading with Blockchain Technology
Purchasing real estate can be a rather exhausting process with likely no warranties that the vast paperwork involved will keep the records safe, transparent and legit.
That is where blockchain technology comes onto the stage; blockchain is able to pose as a medium even in the process of purchasing real estate through smart contracts and fast transactions that take no more than several minutes or seconds in some cases.
Besides, the record keeping is made clean and transparent with blockchain, that way simplifying the entire process of real estate purchasing and enabling trading in real time.
Ubitquity is one of the projects that are already offering real estate transactions and mortgages through its SaaS ecosystem.
Cybersecurity with Blockchain Technology
One of the main perks of using blockchain technology implementations is acquiring top security through the encryption that blockchain systems are offering.
While blockchain ecosystems are known for full transparency, transparent data is compensated with top-notch cryptography that is less likely to fail due hack attacks in oppose to digital security as we know it.
By removing human interference where not needed or redundant, blockchain can also remove the extent of security issues posing a threat to cybersecurity. That is how a startup company Guardtime is working on keyless signature infrastructure powered by blockchain in order to bring cybersecurity to the next level.
Decentralized Applications with Blockchain
Applications are a great part of our everyday lives as we can practically create, upload and download any type of application we can imagine, whether it is for business or personal use.
Blockchain technology brought the concept of smart contracts with Ethereum (ETH) and with it the disruption of digital apps, now having decentralized applications that are bringing more end value for the user and are focused on what users are looking for in an application.
Many individual developers are switching from developing apps to creating Dapps (decentralized applications), that way creating an entirely new industry for applications through the utilization of Dapps for various purposes, and erasing the necessity of the third party medium between the user and the developer.