The blockchain is one of the most promising new technologies for the future. So what is it it's a distributed ledger technology that underlies crypto currencies like Bitcoin/STEEM and provides a way to record and transfer data that is transparent safe auditable and resistant to outages. The blockchain has the potential to make the companies that use it democratic, transparent, decentralized and secure the blockchain is likely to disrupt many industries in the coming five to ten years.
These are some of the industries it's already disrupting.
Some people say that the blockchain will do to banking with the internet did to media. Blockchain technology can be used to give access to financial services to billions of people around the world, including those in third world countries who don't have access to traditional banking technologies like Bitcoin. I strongly feel STEEM can occupy this place in future particular in third world counties.
With blockchain technology transactions can be recorded in a indestructible decentralized documented and monitored securely and transparently this can greatly reduce time delays and human mistakes. It can also be used to monitor costs labor and even waste in 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.
Blockchain is set to change the entire approach to research consulting analysis and forecasting. Online platforms like augur AND Gnosis are looking to create global decentralized prediction markets. These technologies can be used to place and monitor bets on anything from sports to stocks to elections in a decentralized way.
Samsung and IBM are using blockchain technology for new concepts called a debt which will create a centralized network of IOT devices. Operating like a public ledger for a large number of devices, it would eliminate the need for a central location to handle communications between them the devices would be able to communicate to each other directly to update software manage bugs and monitor energy usage.
The complete Insurance market is based on trust management with the companies. Blockchain is a new way of managing trust and can be used to verify many types of data in insurance contracts like the insured persons. Identity can be used to integrate real world data with blockchain smart contracts this technology is very useful for any types of insurance that relies on real world.
Data on a centralized server is inherently vulnerable to hacking data loss or human error using blockchain. Technology allows cloud storage to be more secure and robust against attack storage is one example of a cloud storage network using blockchain technology. Projects like SiaCoin, STJX and Maidsafecoin.
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. There are numerous accounts of hacking because of outdated infrastructure in the Hospitals. Blockchain technology can allow 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.
Many blockchain startups are entering in to industry, helping 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 spected creators my Celia in Ojo music are two startups creating blockchain based solutions in the music industry.
When you shop you trust the retail system of the store or the marketplace a decentralized blockchain based retail utilities work differently they connect buyers and sellers without a middlemen and associated fees. In these cases trust comes from smart contract systems the security of exchanges and built-in reputation management systems to startups disrupting the retail space are open bizarre and ob1
Crowdfunding has become a popular method of fundraising for new startups and projects in recent years. Crowdfunding platforms exist to create trust between project creators and supporters but they also charge high fees, reduction based crowdfunding trust is created through smart contracts and online reputation systems, which removes the need for a middleman. New projects can raise funds by releasing their own tokens that represent value and can later be exchanged for products services or cash. Many blockchain projects have now raised millions of dollars through such token sales. Eventhough it's still early days and the regulatory future of blockchain based crowdfunding is uncertain, it's an area that holds a lot of promises.
@dommaraju