When it comes to the Bay Area IoT and ecommerce staffing market, it is essential that you understand how things work so that you are not caught off-guard when making your plans.
A blockchain is a digital ledger in which transactions made in cryptocurrency are recorded chronologically and publicly. One should know that around 80% of the major banks currently in operation today are creating their own blockchain technology. In fact, in 2016, Barclays facilitated the world’s first transaction through the use of blockchains. This allowed them to cut a standard process that would usually take around 7 to 8 days down to less than 4 hours.
A substantial number of other banks and companies are also making plans to have blockchains in their ledgers in the coming years.
With such examples, it would not be wrong for one to conclude that blockchains have the ability to render intermediaries obsolete, whose main job in contrast is to sustain various operations by serving as third parties who can foster trust between entities unknown to each other. With blockchains, there is no need for such aspects and this is why some of the world’s biggest companies are investing in blockchains. On the other hand, it is important to understand if your business will be the disruptor or the disrupted party in such a scenario.
The 5 Industries that Blockchain Will Disrupt
- Financial Sector
When taken into perspective, banks are basically secure storehouses that deal with the transfer of huge chunks of money. With blockchain’s, such institutions can decentralize, secure, and tamper-proof ledger address at only a fraction of the regular cost.
- Music Streaming
With artists loosing close to 86% of their music proceeds due to illegal downloads each year, blockchain’s are proving to be a rather viable option for ensuring that such issues are effectively addressed.
In years to come, elections may be facilitated through the use of a blockchain audit that would be able to authenticate voter’s and keep proper records of ballots whilst still providing room for anyone to confirm that nothing was altered.
- Real Estate Market
The use of blockchain in the real estate market means that both professionals and regular people involved in the sector can manage, track, and transfer deeds without the need of intermediaries.
- Supply Chain Management
Blockchain’s in the supply chain management field can help to eliminate the need for intermediaries through the creation of smart contracts that can be utilized using a traceable system.