Blockchain technology is changing the world as we know it — and fast.
Retailers, corporations, governments, you name it are rapidly adopting the technology. In fact, it’s already impacting the food you eat thanks to IBM’s latest technology.
IBM just launched its blockchain-based ledger that will track food supply chains. Known as IBM’s Food Trust Ledger, it will allow food retailers, suppliers and growers to see the supply chain in real-time. This will enhance transparency and create a way to trace food origin and safety.
Even Ticketmaster is jumping into the fray.
Ticketmaster acquired Upgraded, a blockchain technology company that services the live event industry. Additionally, Upgraded can convert traditional tickets into secure interactive digital assets. Therefore, blockchain technology provides protection and peace-of-mind for the customer.
The technology has only just begun to transform industries, though
Countless industries can become more efficient and effective when they implement this technology. This is why the demand for blockchain engineers is skyrocketing. Everyone wants to get a slice of the action and there is a shortage of talent to do so.
There are three industries in particular which are implementing blockchain technology at a rapid pace.
Blockchain Technology and the Banking Sector
This is perhaps the most clear-cut example of how effective blockchain technology can be.
The technology allows for quicker transactions, lower costs and enhanced transparency. No longer will you have to wait countless working days for a transfer to process or suffer through exorbitant charges for sending money across borders.
One of the entities doing well in this space is Ripple. They are now partnering with many notable financial institutions worldwide. Of course, the banking sector can be slow to change, but significant changes are coming in the next few years.
In an effort to encourage further blockchain adoption, Banco Santander launched a mobile payment solution powered by RippleNet.
For one, Banco Santander is the world’s ninth largest financial institution by revenue. Two, it’s the biggest bank in the Eurozone. And three, by launching its own blockchain solution, this catalyst could very well spearhead the adoption of blockchain in the financial sector.
Blockchain Technology and the Health Sector
There are many stakeholders present in the health sector. The key areas of focus for blockchain in this industry are patient files and medical records.
Currently, it is challenging to share these files with various medical professionals from different institutions.
It is not safe enough to provide easy access. Therefore, there are several obstacles regarding file sharing. This wastes valuable time and leads to long waiting lists. With blockchain technology, all the medical information can be stored on a single secure database that is easily accessible by those who need these records.
Because the technology stores data in blocks that can’t be altered or accessed without a key code, it enhances security. Therefore, the only way to obtain a key code is with permission.
Drug companies can keep track of supply chains. At all times, pharmaceutical companies must track every movement of a drug delivery. This includes the manufacturing stage to the end points in the supply chain and everything in between. With the new technology, companies have a full record of transport. That leaves little opportunity for theft at any point of transfer.
Blockchain Technology and Sharing
The peer to peer sector is constantly growing. Fundamental changes occur in this area. Ride sharing and house sharing apps are becoming immensely popular.
Intermediaries still exist for the short-term renting of a house or sharing a car ride from Airbnb and Uber, respectively. Therefore, the industry currently needs a central authority.
New technology can eliminate these third parties entirely. Consumers will be able to use the blockchain network to communicate with one another directly. This will reduce the costs of third parties.
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