Top 10 Industries who have started to implement Blockchain!

IBM predicts that about 15 % of all Banks will be using the Bockchain by the end of 2017. 

Blockchains distributed ledger technology underlies Cryptocurrencies like BITCOIN, ETHEREUM, RIPPLE, QUANTUM RESISTENT LEDGER (IBM WATSON) and so on. Blockchain has the ability to make the organisation that use it Transparent, Democratic, Decentralized, Efficient and Secure. The Blockchain is likely to disturb many industries in the next 5 years. Here are the top 10 industries who have already started to implement Blockchain:  

1.Banking and Payments

Blockchain technologies can be used to give access to financial services to billions of people around the globe, including those in 3rd world countries, who don’t have access to traditional Banking. Bitcoin and Altcoins, such as Ethereum allows anyone to send money across borders almost instantly with a very little fee. Many Banks like Barclays are also working on adopting the blockchain technology to make their business operations faster, more efficient and secure. Banks are also increasingly investing in Bockchain projects and Start-ups.  

2.Cyber Security

Although the Blockchain ledger is public, the Data is verified and crypted using advanced cryptography. This way the data is less likely to be hacked or to be changed without any authorization. The Bockchain eliminates the need for Middlemen. Making it more efficient than legacy systems and cyber security.

3.Supply Chain Management

With Blockchain transactions are documented in a permanent decentralized record, and monitored securely and transparently. This can greatly reduce time delays and human mistakes. It can also be used to monitor costs, labour and even waste of the emissions at every point in the supply chain. This has serious implications for understanding and controlling the real environmental impact of products. The Blockchain can also be used to verify the Authenticity or fair trade status of products by tracking them from their origin.

Start-ups working in this field are provenance, fluent, skuchain and blockverify. 

4.Forecasting Blockchain

Blockchain is change how we do research, consulting, analysis and forecasting. Online platforms like augur are looking to create global decentralized prediction markets. This technology can be used to place and monitor bets in anything from sports to stocks to election in a decentralized way. 

5.Networking and IoT

Samsung and IBM want to create a decentralized Network of IoT Devices using the Blockchain. Operating like a public ledger for a large number of devices, it will eliminate the need for central location to handle communications for IoT Devices. Devices could communicate directly, update software, manage bugs, and monitor energy usage. 

6.Insurance

The global Insurance market is based on trust management. Blockchain is a new way of managing trust and can be used to verify any types of data in insurance contracts, like the insured person’s identity. So called oralces can be used to integrate real-world data with smart contracts. This technology is useful for any type of insurance that relies on real-world data. 

7.Private Transport & Ride Sharing

Blockchain can be used to create decentralized peer-to-peer ride sharing apps allowing both, car owners and users to arrange terms and conditions in a secure way without 3rd party providers. This could mean the END FOR UBER and many other 3rd party providers.

The use of Build-In E-Wallets can be used for car owners to automatically pay for parking, tolls and fuel.  UBS, ZF and INNOGY are some of the start-ups/companies developing blockchain E-Wallets. 

8.Real Estate

Issues in Buying and Selling real estate: bureaucracy, lack of transparency, fraud and mistakes in public records. Using Blockchain technology can speed up transactions by reducing the need for paper-based record keeping. It can also help with tracking verifying ownership, ensuring accuracy of documents, and transferring property deeds. 

Ethereum and Ubitquity are a blockchain-secured platform for real estate record-keeping.

9.Government

Government systems are often slow opaque and prone to corruption. Implementing Blockchain based systems can reduce bureaucracy and increase Security, Efficiency, and Transparency of governmental operations.  

Dubai is aiming to put all its government documen

ts on the blockchain using consensys by 2020. 

10.Voting Probably

Probably the one of the most important areas of society that blockchain will disrupt is voting. Blockchain can be used for voter registration, verifications, and vote counting. Creating an immutable, publicy-viewable ledger of recorded votes would make lections more fair and democratic.

Overall, we are in the early stages of the Blockchain technology. Well-established companies became just aware of the great potential which is provided by Blockchain. It is just a matter of time until this groundbreaking technology plays an important role with our society.

I see the most benefits in the public health sector. Anonymizing client data - Sharing the data globally with several AI research labs - Predicting disease - Suggesting MEDICINES & THREATMENTS.