Technologists and industry veterans alike are excited by the long term implications of blockchains. As you have likely read in recent news, blockchains are poised to cause massive disruption in a variety of industries. However, without specificity and context, it can be hard to grasp the true potential of this technology.
So what is most important to understand?
Blockchains, at a very fundamental level, make up a decentralized system for managing and authenticating information. Within a blockchain network, no one entity controls or owns any of the data. Rather, algorithms and ‘Smart Contracts’ supplant the need for a third party, therein supplying a simple, yet robust network that verifies and authorizes marketplace transactions automatically. All of the data generated via these interactions is then stored and logged into a cryptographically secure digital ledger that protects against the threat of manipulation and hacking.
As you can imagine, implementations of this technology, like Bitcoin, are poised to fundamentally impact many of the world’s most complex and important industries. Here are five industries primed for imminent blockchain disruption.
2. Real estate
4. Supply chain management