The Industries Blockchain will Disrupt

We often hear, in the news, or on blog posts that blockchain is the next big thing since the Internet, and I shall try and explore which industries are ripe for disruption, and which industries will be taken over by the blockchain technology

1. Banking and Payments.

The big boy that's ripe for disruption, and is hot on everybody's mind. The banking industry is one of the few industries that hasn't been fully disrupted to date, conversely, banks have been using the internet to streamline operations, increase efficiency and to further extend their market share, customer reliance/ importance in today's society.

The blockchain will do to the banking industry what the internet did to media. This is because the blockchain can help "bank the billions worldwide who are not banked." Many a time we (including myself) often overlook at the sheer amounts of people who have been shut out of the modern financial system, and without access to capital or leverage it significantly decreases the chances of the people in poverty climbing out of being impoverished. Bitcoin allows anyone to transfer money or value across borders almost instantly and with a relatively low cost structure.

Banks like Barclays and JP Morgan have begun experimenting on blockchain and how its technology can help increase efficiency in the banks operations. JP Morgan has even gone so far as to set up a private department just for R&D of blockchain and how to utilize it. IBM, which has been one of the early believers in blockchain, believes that at least 15% of banks will use blockchain by end 2017.

2. Cyber Security

A surprise for many I believe, as the blockchain is essential an open, accessible ledger that everyone to see! However, thanks to advanced cryptography, data can be encrypted which will make it less prone to being hacked or accessed/modified by people who are restricted.

3. Cloud Storage

Data that is stored centrally, is prone to being hacked or attacked, as there is only one point of attack for hackers to attack. With the block-chain, cloud storage will become decentralized which decreases the chances of hacking, data loss and human error.

4. Charity

One of my personal favorites, and something I feel strongly about.

Charity organizations have lacked transparency, and accountable when it comes to fund allocation. This has also given rise to inefficiency and corruption, which essentially takes out money from the pockets of those who needs it most. Using blockchain to track donations, can assure donors that their funds are going into the right hands.

5. Forecasting & Betting

The blockchain is set to change our approach to analysis and forecasting. Platforms like Augur has created a global decentralized prediction markets, that allow participants to "bet" on outcomes of events, anything from sport, stocks or even world events in a completely decentralized way.

There are more industries that I feel will be disrupted. I will be adding them in future posts!