Removing fraud and trust from the equation, blockchain technology verifies, records and coordinates transactions autonomously without the need for third parties. It implies the role of intermediaries will diminish, which has a critical impact on legacy market players, whose business model is often based on some role in intermediation.
Thanks to the blockchain, new and as yet unimagined ways of doing business are in our very near future. Here are just five business sectors on the path to disruption.
Flexible, efficient and secure, the blockchain will fuel the transition to a new distributed energy model where consumers become prosumers – producing electricity via solar panels and battery storage. New types of collaboration will replace intermediaries and allow direct peer-to-peer trading transactions. The only issue when it comes to replacing intermediaries is the question of who owns the liability when a transaction fails.
The transparency and automated administrative operations of blockchain-based supply chains would eliminate an entire layer of complexity that bring about points of failure. Combined with the Internet of Things (IoT), artificial intelligence (AI), robotics and more, blockchain will allow the physical flow of goods to be more effectively orchestrated and synced with information and financial flows.
Internet of Things
Blockchains provide an automatic go-to registry for ownership and maintenance status for connected devices within the IoT. These “smart” devices are embedded with sensors that transmit and exchange data with the connected blockchain at all times in order to better understand your habits and patterns, and provide for a smarter living experience. Blockchain technology allows the sensors to handle all the information through AI and distributed computing, all while keeping the information secure and functional.
Over the last decade, the financial services industry has suffered a major blow to its public image. The security, dependability and efficiency of the blockchain has the ability to significantly improve it. With its ability to make digital records that are incorruptible, blockchain technology has the ability to upend legacy institutions, including payments, lending, and capital markets. The blockchain will power the automation of financial services and processes, allowing traditional businesses to replace aging back-end systems and radically increase efficiency. This technology allows legacy firms to create new revenue models while lowering costs by automating manual processes, presenting untold opportunities.
In addition to maintaining healthcare records and linking healthcare providers to promote record sharing, the blockchain could also track things that aren’t currently tracked at all, like yours and your parents’ genome, your nutrition, your fitness data, what your mother’s pregnancy was like, your microbiome and more. All of these things are important to maximizing health over long periods of time. The blockchain allows individuals to own their own data and even profit from it by selling it to health research studies or drug discovery.
How Could Blockchain Impact Your Industry?
Learn more from business cases for disruption across various sectors that could correlate to yours. Pre-register now for Advanced Blockchain for Enterprise, a two-day virtual event taking place December 4-5, 2018. This engaging, interactive event consists of two one-hour sessions led by blockchain expert, Steve Derezinski, covering advanced blockchain concepts and applications for managers, engineers and leaders. You’ll learn the technical aspects of using this in-demand technology to impact your bottom line for the better.
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Dose, Inese. (15 Mar 2018). Blockchain: at the Core of the Energy Sector Revolution. Cryptonews.com.
McKendrick, Joe. (14 May 2016). 6 reasons to love blockchain technology. ZDNet.
McKendrick, Joe. (19 Mar 2018). 5 Reasons to Blockchain Your Supply Chain. Forbes.
Woolf, Nicky. (20 Feb 2018). What Could Blockchain Do for Healthcare? Medium.
The potential for blockchain technology to revolutionize various industries is exciting to consider. From energy to healthcare, the transparent and automated nature of blockchain has the ability to streamline operations and increase efficiency. It’s intriguing to think about the ways in which legacy institutions will need to adapt and potentially overhaul their business models in order to remain competitive. However, it’s important to also consider the potential downsides and challenges that may arise, such as determining liability in the absence of intermediaries. Overall, the Advanced Blockchain for Enterprise event seems like a great opportunity for business leaders to gain a deeper understanding of how blockchain can impact their industries and bottom line.