3 Sectors that Set to be Disrupted by Blockchain Technology in the Near Future

Many people are still stuck on the blockchain’s effect on banking, but still don’t realize how much a revolutionary technology it is. The ability of the blockchain to make whole networks almost impenetrable and unalterable could be carried out in tons of other industries. Then there’s all the possibility of smart contracts, which could be used to authorise transfers without an escrow, collect and send remittances without a transfer service, or execute trusts without the need of an attorney. Let’s take a look at a few industries the blockchain is set to take over in the next few years.

Healthcare

Healthcare information is one of those sectors that could need more privacy, security, and speed. The blockchain could be used to verify insurance policies, transfer and confirm information fast, and make sure that only the right people get to see that information.

We can expect more mHealth app development to be centered around the blockchain in the future. We could see a time when biometric data is sent directly from wearable devices to physicians and prescriptions made and verified through the blockchain, allowing patients to get the medicine they need at their door without them having to lift a finger. The possibilities in this sector are endless, and promising especially for patients in need of remote care or round the clock assistance.

Gaming

Gaming was actually at the forefront of the virtual currency craze, and players have been exchanging online items and real estate for in-game and fiat currency for years. With the help of the blockchain, channels could be created that use smart contracts to validate exchanges between players. The blockchain could bring in “pay to play” games that would be accessed using cryptocurrency. Cryptocurrency could also be won in games and used to buy more game time. This could revolutionize the way people consume video games, and how developers monetize them.

The Music Industry

The music has been one of the slowest to enter into the digital age, with physical copies still being widely sold at the turn of the decade. But the industry is poised for another digital revolution thanks to the blockchain.

One of the things it could do is make it easier for artists to get paid. And we’re not talking simply about performers, but composers, writers, and all the people involved in the project. Spins could be verified through the blockchain, and the various splits between the record companies, management, etc, can all be made automatically.

But where it could become interesting is that artists could also sell part of their ownership to any third party that they please. We could see a future where artists have their projects crowdfunded by their fans, verify ownership through the blockchain, and distribute royalties back to them through smart contracts.

Conclusion

We often hear about disruptive technologies, but there are few cases where this rings truer than with the blockchain. There is no doubt that the technology will completely transform the way we buy and sell products, and how we consume, exchange, and store data in the future.