Recently, the conversation around blockchain and banking has intensified.
Facebook has been driving its Libra project for a digital currency and Bitcoin leading the race for another phase of financial transactions.
Blockchain is gradually taking over the financial industry completely.
A blockchain disruption, however, set to revolutionalise certain industries beyond the financial sector.
The power wielded by the technology sets it as an almost perfect application to execute financial transactions that would be devoid of unnecessary interference.
Beyond this, let us consider some other sectors that are likely to get blockchain disruption in years to come.
The Music Industry
Even at the turn of the last decade, hard copies of musical albums running in millions got sold, but gradually the industry has transited into the digital age.
Hardly will you come across young people having physical copies of their favorite music, the digital age has made it easy for downloads.
This is just one of the pointers that blockchain will soon revolutionalise this industry.
Blockchain can make payment easy for all parties involved in a musical project, the songwriters, composers and the actual performers as well.
Through blockchain, verification of spin would be made easy such that splits between the management and the companies can be determined automatically.
Asides, it would also afford artists the luxury to sell a part of their ownership to any third party at their disposal.
Imagine a future where fans would crowdfund the project of their favorite artist.
Blockchain verifies the ownership and the artist gets their royalties through smart contracts.
Information coming from the health care sector requires security and privacy.
Blockchain’s role here is to verify transfers, insurance policies and as well make sure that information gets only to the right people.
Sooner, biometric data would get sent from attached devices of patients to doctors who in return would through blockchain verify and offer prescriptions.
This future development would change the health sector completely as patients with remote needs would be well catered for.
Blockchain set to eliminate the barrier of distance in administering health care.
For years, online gamers have exchanged items and with the blockchain technology, more channels could be created to validate players’ exchange.
With the introduction of cryptocurrency in online gaming, the digital currency could be part of the take-home prize.
This ensures that more people will consume online video games.
Blockchain is in no doubt a technology that is setting a disruptive path in this digital era.
Now and in the future, technology would change how we transact business exchanges and consume data.
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