Blockchain technology is widely considered one of the most transformational innovations of the 21st century. With an inevitable potential to disrupt industries, the blockchain revolution is already experiencing intense interests from corporations and governments. Here are the top four industries that blockchain development will completely disrupt.
Banking and Finance Services Blockchain is a decentralized system that promises to secure monetary transactions, making them fair and transparent. Banking and financial institutions are always at a risk with identity theft, and security. The blockchain ledger technology can ensure faster transactions, reduce costs, and offer increased security for the financial system.
Healthcare Patient medical histories are the most personal and confidential data in healthcare requiring reliable security. However, this is easier said than done. With blockchain, physical records are transformed into encrypted digital records with a single unalterable version distributed across a network making it practically impossible to breach.
Integration with the Internet of Things The scaling number of online devices in our increasingly on-the-go lifestyle is inevitable. Due to the growth of the IoT, issues of privacy and security are a major concern. Blockchain has the ability to secure IoT networks and protect applications from breaches. With a decentralized system, it can secure data in an encrypted format, reducing time and cost, while ensuring security and speed.
Cyber Security The rapid pace of advancing cyber-crime, makes it the most pressing challenge for the industry and a key risk for businesses that also impact costs. Blockchain provides effective authentication and security solutions which can be put into action at a fraction of the cost. By integrating a blockchain technology layer over existing security infrastructure, organizations can radically improve the defenses of personal and organizational IT systems.