We have all heard / read of Blockchain technology and how it is going to be a major game changer and industry disruptor in the (very near) future. However, what is Blockchain all about?
To the layman, blockchain technology can be summed up as a database which is decentralized with cryptography which ensures security of information that cannot be accessed minus the original key/passcode. The actual disruption in the offing is created through the collaborations arising from the same. The best part in the future will be that no authority or company will be required for enabling any kind of transaction. This in itself is slated to be the biggest disruptor or game changer of all.
Following are the top 10 industries that Blockchain is expected to disrupt over the next few years:
Healthcare- Blockchain technology may well be able to solve some of the largest issues afflicting the healthcare sector. All providers and medical practitioners may be able to easily access health records of patients securely. These records may be uniformly maintained and accessed right from a person’s birth to his/her demise. Immediate access for the same may help doctors get vital information in case of any emergencies while the information remains updated even when you change an insurance provider or doctor.
Banking & Financial Services- The BFSI sector is poised to witness quite a lot of change owing to the advent of blockchain technology. It could play a vital role in enabling better storage of central banking records and may also be a more cost-effective and swifter money transfer method due to decentralization. Security will definitely be enhanced with minimal risk elements since there is no central authority or vault of information.
Politics& Governance-Any voting related anomalies or rigging of votes may be fixed by blockchain technology. Systems which will be integrated with blockchain technology will prevent any hacking by rivals and vote tallying, identity verification and registration of voters would be done transparently.
Real Estate- When it comes to the real estate industry, blockchain could go a long way towards simplifying overall contracts, agreements and other procedural formalities. Agreements can be smarter in the future and documents will also be stored intelligently and more safely.
Law- Retrieval and proper storage of legal documents and also verification are major issues that the industry grapples with at all times. Blockchain technology can help in proving legality of documents and wills through secure storage and easy verification.
Security solutions- Blockchain technologies work to build decentralized systems and help in securing the entire procedure of data verification, storage and encryption. This will disrupt the security solutions space and decentralized data storage via cloud already does away with several issues relating to hacking of valuable data. Highly advanced cryptography that is based on blockchain technology can go a long way towards encrypting data securely.
Government Services- Blockchain technologies can also help with regard to lowering overall red tape in the system. Benefits, schemes and other activities can be disseminated better with zero wastage and any chances of fraud. Smart agreements will ensure that funds from the government are only released upon meeting of specific conditions and completion of work.
Cab & Personal Mobility- Blockchain technologies may help in building peer to peer networks across ride sharing and rentals which will lower the need for cab aggregators. This could be a major revolution in this industry segment.
Social Welfare & Charity- Several people wish to donate money to charities but there is always the fear of the money being siphoned off or not actually reaching the intended beneficiaries. Trust can be built by charity organizations via smart agreements and systems for online reputation management which certifies that money is actually reaching intended locations and target groups. A blockchain based system is already being put in place by the World Food Programme of the United Nations. Under this system, refugees can obtain food through iris scans instead of having to provide credit/vouchers/cash which can all be stolen or misplaced.
Education Sector- Distance learning is the next big thing nowadays and there is a prevalent need to verify the educational records and other documents of students. A blockchain system may help in storing student and other records safely with verification and this can be accessed by other educational institutions and also prospective employers. It could help improve collaborations between several universities.
The scope of Blockchain spread across other industries as well. More and more Blockchain enthusiasts and companies are putting in steady manhours to decipher the technology to create solutions that solves our everyday challenges. However, as the ecosystem is new and the knowledge capital around the theory is still evolving, Startups / companies struggle around many factors including – resources, business model, go-to-market strategy etc. and needs guidance / mentorship to proceed and scale ahead.
If you are a Startup in Blockchain and facing challenges to scale up your business, then reach out to the team of India Accelerator – the only GAN partnered accelerator company in India, focussed to provide early-stage tech startups with the launchpad including – cash, competency and connects – that will help them create disproportionate value. India Accelerator is currently inviting applications for their 3rdround of Cohort Program – S2019. You can apply to be part of the Program and receive upto $30,000 in funding for your startup.
Apply Now at – bit.ly/Apply_S2019