The blockchain: one of the most promising new technologies for the future. It's a distributed ledger technology that underlies crypto currencies like Bitcoin and provides a way to record and transfer data that is transparent, safe, audit-able, and resistant to outages.
The blockchain is likely to disrupt many industries in the coming five to ten years. And these are some of the industries it's already disrupting:
#1 Energy Management
Energy Management has been a highly centralized industry for a long time. Energy producers and users cannot buy directly from each other and have to go through the public grid or trusted private intermediary. Transactive Grid is a start-up using the etherium blockchain that allows customers to buy and sell energy directly from each other in a peer-to-peer way.
#2 Healthcare
Another industry that relies on so many legacy systems and is ripe for disruption is healthcare. One of the challenges hospitals face is the lack of a secure platform to store and share data. They're are also often victims of hacking because of outdated infrastructure. Blockchain technology can allow these hospitals to safely store data like medical records and share with the authorized professionals or patients. This will improve data security and can even help improve accuracy and speed of diagnosis. Gem is a startups that is working on disrupting the current healthcare database.
#3 Online Music
Several blockchain startups are coming up with ways for musicians to get paid directly from their fans without giving up large percentages of sales to platforms or record companies. Smart contracts can also be used to automatically solve licensing issues and better catalog songs with Mycelia and ujo music are two startups creating blockchain based solutions in the music industry.
#4 Real estate
Some of the issues in buying and selling real estate are 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. UBITQUITY is a blockchain-secured platform for real estate record-keeping that is an alternative for legacy paper-based systems.
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Ahmad Rezk