Cryptizens and Netizens… Gear up! This is how cryptocurrencies are going to shape our future.
Scroll down to get into your future, built by cryptocurrencies and blockchain.
Guess, you’ve heard about at-least 5 of them.
Now we are in 2018, and several industries are gradually incorporating blockchain, digital assets, and cryptocurrencies. Let’s discuss the top 5 sectors, whose future will be carved by the blockchain technology.
A study conducted by Gartner revealed that the incorporation of blockchain brought about over $4 billion in business value-add in the previous year. It is estimated that this value will grow to $21 billion by 2020 and over $3 trillion in 2030.
As we know, Banking and Insurance Industry, as evident, is adopting at a faster pace as compared to others. So, let’s start with that, latter ones may raise your eyebrows.
The issue with today’s banking systems is that individuals are being forced into unfair deals, due to lack in inclusion and fairness. Even there are many people who have no access to the banks, the fundamental need for humankind.
Here’s where cryptocurrency can play a prominent role. We can eliminate exorbitant interest rates and middleman cost, which can save up to almost $20 billion. Bitcoin has its first mover advantage, with Ripple drawing attention after its recent partnership with Saudi Arabia’s Central Bank.
OmiseGo, an Ethereum based platform has focused more in the developing world, where many people doesn’t have a bank account. Their objective is to help people transition from fiat to crypto usage.
Blockchain can reduce traditional bookkeeping transferring title deeds for real estate transactions. PayPal’s first COO, David Sacks, believes the $7 trillion real estate market that’s currently under professional management through licensed realtors will be tokenized, using cryptocurrencies. Crypto will enable sellers to transfer the title to crowd source large purchases.
Most recent examples are: Merido- a real estate project in New York, which aims at leveraging blockchain smart contracts that can let average people to own property, and Propy- has created decentralized platform, facilitating transactions, allowing cross-border real estate sales.
The energy sector is unbelievably incorporating the blockchain technology, especially in the area of renewable energy integration on blockchain-based energy grids. Companies like Spectral Energy and Power Ledger have raised over $60 million to test the beneficiaries of the blockchain. Conjoule, which has already raised a funding of over $5 million, has a pilot project running in Germany.
Apart from renewables, Smart Contracts are also authenticating energy transactions in order to control the grid networks, thereby making it more robust.
This list wouldn’t be complete without mentioning digitization — the greatest innovation. Companies like Samsung and IBM are using blockchain technology for a new concept called ADEPT, which will create a decentralized network of IoT devices.
The blockchain technology has made its way to the healthcare industry, wherein the vision is to create a more convenient way to data sharing in health care.
The healthcare industry is drowning in complexities in billing and medical research, where adoption of blockchain can help in determining collaboration and governance issues.
MedRec, one prototype using blockchains, is intending to solve wastage of time and money and duplication of procedures, by allowing patients records to be accessed securely by whoever needs it. This pioneer in the field shows the potential for how dramatically things could change in healthcare by deploying blockchains.
Blockchain can even facilitate drug development, by reducing counterfeit drug implications, which currently cost them $200 billion losses, approximately.
Blockchain has the potential to keep the data private and secure while reaping the benefits of connected medical devices.
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