7 industries that will soon be changed by blockchain technology

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7 industries that will soon be changed by blockchain technology

Overview

Blockchain is like the new digital superhero; flying in to save industries fighting corruption from further damage. Fraudsters, beware. Blockchain is coming.

Here are seven industries that blockchain will change in the coming years:

1. Fishing

This isn’t necessarily a case of fishing specifically, but this is one industry that is suffering from scrutiny because of corruption along the supply chain. As we become more ethically aware, the need to be able to verify and prove where fish comes from, whether it has been ethically caught and sold and how it has got from the sea to our plates is greater than ever. Black market fishing is on the rise, but blockchain-based supply chains can completely eradicate this. Another industry that works on a supply chain is the diamond industry, where the problems are far more severe and well-documented.

2. Education

Increasing amounts of falsified college diplomas and educational records are making it very difficult for employers to discern between the real and the fraudulent. This is also cheapening the qualifications of those who have actually worked hard to get them. A blockchain-based educational record would allow employers to verify beyond doubt that people are who they say they are, but would also increase the amounts of qualifications that could be stored.

3. Medicine

Many countries are overly burdened by their medical systems, but if you could get an appointment or a prescription from anywhere in the world without any trust issues, it would create a more even spread and open up cheaper and more trustworthy options.

4. Lending

The lending system is geared towards a specific financial demographics and nobody else can hope to get the credit they need. A blockchain system could store all kinds of data worldwide – not just traditional financial analysis – and allow lending to take place all over the world at the touch of a button.

5. Data

Data companies run the world. Your data isn’t yours; in fact, it’s for sale right now. Imagine a system that returned data ownership to its rightful home and allowed you to market and monetize your own data when you want to, protecting anything you don’t. Blockchain is the perfect way to keep data secure and on a single ledger – and keep unethical data companies out.

6. Gaming

As with a few other industries on this list, blockchain and gaming are already in partnership. The ability to buy and sell equipment, skins, profiles, and upgrades is easier than ever before on a blockchain system. Gaming is more fluid than it ever could have dreamed and this will continue to grow in the coming years.

7. The Arts

When it comes to art, lesser-known artists are often plagiarized online, not given credit or not paid. If you could register your ownership unequivocally on a blockchain system, this would never happen again. Artists worldwide would suddenly have the power to reach a massive audience without the risk of losing ownership of what they have created. This also applies to the music and literary industries, of course.