Industries That Are Ripe for Disruption by Blockchain and Cryptocurrency
Blockchain technology and Cryptocurrency are being applied to newer industries every day. Use cases are being developed for healthcare, chatting, music, supply chain management, and gaming. As blockchain is immutable and easily verifiable, it is an asset when records are to be maintained, which can be accessed by multiple users.
- Gaming and Gambling: Several online Bitcoin casino and gaming sites have sprung up, which allows usage of cryptocurrency. The ease and speed of transactions have increased. Several casinos are handing over the execution of games to smart contracts on blockchains to create trust among users and get rid of the infamous tag, “The house always wins.”
- Healthcare: There is no single database for patient records in healthcare today. The private and public hospitals maintain their records separately. Insurance companies also have no record of a patient’s health problems. Blockchain will address these issues by maintaining a single record of patient’s health and medications, which can be referenced by doctors in both private and public sectors to decide the best course of medicine. Insurance companies can access this record to verify a patient’s history.
- Chatting: Blockchain-based Telegram messaging service allows users to send money in chat. An invoice can be created on a blockchain to exchange goods between users. Business-related conversations in sectors like insurance, finance, etc. can be notarized and stored on a blockchain. It can be very useful in resolving disputes.
- Music: With the advent of YouTube, music distribution became rampant, but artists were deprived of royalty due to them. Blockchain allows artists to embed their albums into smart contracts. Users will have to pay fees decided by the artist to access their music. Thus, blockchain allows artists to decide the value of their music and gives them a greater say in its distribution. Artists can accept payments in cryptocurrency to reduce the cost of transactions.
- Publishing: Similar to music, blockchain technology can help authors publish their books, and access is allowed only after paying a stipulated fee. It is done by writing smart contracts on the blockchain. It gives authors their fair share from the sales of their works.