5 industries that will be revolutionized by blockchain

Blockchain technology and the adoption of it has begun to revolutionize the way we send money and make payments. More and more people are learning the fantastic opportunities blockchain will enable in the financial world. But a smaller number of people know other industries where blockchain will have a giant impact in the future. We’ve compiled them below.


Voting


Every time there is an election in a country there is often speculation as to if the election was legal. It’s not rare that the losing party accuses the winning party of cheating with fake votes. With blockchain, this problem will be non-existent since all votes are recorded on the public ledger. No that does not mean everyone can see what you voted for. It does mean that everyone who can legally vote will get a private key which can only be used once and then it gets verified. This eliminates the speculation of rigged elections. For example, Lithuania is experimenting with blockchain-based elections already!


Supply chain management


This is a HUGE area where blockchain probably will have a big influence on the way supply chains are managed. Due to globalization, we can get our hands on goods from pretty much anywhere on the globe. This means long supply chains, expensive handling costs, and long waiting times. Implementing blockchain into the management of supply would dramatically lower costs and increase efficiency. Imagine you’re ordering a shirt from H&M. The garment probably starts out at a cotton farm. The genesis block would be the sale from the farmer to the logistics company, shipping the fabric to the textile factory. Then the next block would be added when the textile company turns it into a garment. Then that gets shipped to the sewing factory and then onto a boat or plane. Delivered to the customs, transported to the store and then you get it in your hands. Thats a LONG chain of supply. Each and every step could be traced with blockchain technology. Who handled what part of the chain? What took most time? Where are the unnecessary costs? Blockchain holds the answer. 


Banking


This is the industry where the blockchain-revolution started and has had the most impact and widespread recognition. Bitcoin creator Satoshi Nakamoto had the vision to change how we make transactions over the internet without the involvement of a third party (bank). Blockchain fully enables peer-to-peer transactions on the web by registering every transaction on the blockchain. When other members of the network have confirmed and verified that a transaction is legit, it then gets permanently added to the blockchain, and when enough people have verified it, everyone's ledger gets updated. This eliminates the need for a bank.


Charity


Every once in a while there is a huge story in the news about a big charity organization which has gone corrupt. Fishy deals in third world countries and high executives getting juicy bonuses has become one of the largest problems for charities. Their trust gets erased every couple of years, and then they have to start over. Just like with the supply chain, you can monitor EXACTLY what your generous contribution actually contributes to. By adding all information about the money you donated and how it's being handled, by whom, and where, the risk of fraud and corruption. 


Government


Governments around the world are known for a lot of bureaucracy and long handling times. Sometimes even corruption. The technology that blockchain enables means that processes in government will be a lot quicker and smoother. Blockchain will increase general safety, and most importantly, it will help create a transparent government. For example, Dubai is looking to implement blockchain in their government.

Boy are these exciting times we are living in! I am just humbled by the number of people who are starting to grasp the power of crypto. But for it to survive, we all need to contribute and support organizations that are leading the development and the further adoption of this wonderful thing called blockchain. Share this post to spread awareness. Share this post to contribute to a blockchain world! I don't know about you, but I can't wait to see what the future has in store for blockchain. What I do know is that I want to be a part of it.