The cryptocurrency boom that took the investment world by storm last year has officially cooled down but it doesn’t mean the industry has disappeared, rather the opposite. Over the past year, the focus has shifted from the cryptocurrencies themselves to the blockchains that support them, and they have grabbed the attention of some highly influential companies.
For example, as reported by websites such as CNBC, and BullMarketz.com, both IBM and Microsoft are scrambling to get a lead in the blockchain industry, and they are not alone. Not to mention all of the major international banks that are using blockchains to find new payment solutions. But what changes can we expect and which market has the highest potential of being disrupted? Let’s take a look.
The banking industry
Naturally, since cryptocurrencies and blockchains were originally intended to create new means of payment, one of the industries that will benefit the most from this new technology is the banking industry. We have already seen several major banks including UniCredit and Santander adopting blockchains to help perform quicker, safer, and cheaper international transactions and domestic payments. Another part of the banking industry that is looking into using blockchains to help speed up payments is Western Union which conducted multiple tests with Ripple earlier this year. And even though, Western Union decided not to implement blockchains just yet, they are still showing a very real interest and major changes are coming sooner rather than later.
Certain blockchains have been designed to support new ways for developers to create apps and we have already seen some major changes in this particular field. At the moment, the Ethereum blockchain is the most promising when it comes to app development, and over the next 3-5 years, a major shift in how and where apps are developed is expected. The main advantage of developing apps on a blockchain is availability. In fact, most people can do it from home and then distribute their software to a large group of potential users without having to rely on established channels. In the end, that’s what blockchains are for, to make our lives easier and give back the power to users and consumers.
Health care is perhaps not the first thing one associates cryptocurrencies and blockchains with, but there is major potential there. Everything from simple solutions such as doctor and hospital reviews to more advanced usages such as recording medicine supplies and even storing patient information could be done and optimized using blockchains. And who wouldn’t like an optimized and potentially safer healthcare industry?
Blockchains are here to stay, and in many ways, they have already established an important role in our future. Moreover, the above-mentioned examples are only three of the industries that have shown the most potential and interest in blockchain driven solutions in recent months. In the future, we should expect to see most if not all major industries joining the change, and if you’re running a business, we think you should consider how blockchains could benefit you.
Are you selling products? Then there are blockchains that can be used for production oversight and customer satisfaction. Are you selling services internationally? Then maybe blockchains could help speed up and secure your payments. Are you handling customer information? Then storing that data on blockchains can make the process easier and safer for both parties.
The list goes on and on and the sooner you accept that change is happening, the sooner you can benefit from it.