Infographic: 16 Ways Blockchain Disrupts Industries

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Infographic: 16 Ways Blockchain Disrupts Industries

Published on: April 19, 2018

What does the blockchain hold in store for the future? If you think about it, the blockchain is still in its infancy, much like the internet was a few decades ago. Do we have any idea how far the tech will go? Well, we have an idea of how blockchain disrupts industries:

When it comes to the blockchain technology, everyone who keeps track of global news knows about Bitcoin and the potential impact that cryptocurrencies could have. And, it is true, cryptocurrency transactions are faster, require less manual intervention, and work out a lot less expensively. For this reason, blockchain technology and the cryptocurrencies that it births are becoming more popular, and these days they can be used for various purposes – whether it’s booking a hotel, participating in Bitcoin gambling, and you can even order a pizza from particular restaurants using Bitcoin. Crazy, right?

But is that all the blockchain has to offer? No, actually it isn’t. In fact, it is estimated that the blockchain tech market will be worth around $8 billion globally by 2024. Expect to see it start showing up in a range of different industries.

How Blockchain Disrupts Industries

You might get a better deal or promo on your insurance rates, for banking services, cloud computing, etc. The list of potential applications is endless.

What is it that makes blockchain such a disrupter, though? It is primarily the distributed nature of information stored within each chain. That means that no one company has to carry all the costs of safeguarding or processing all the information.

The fact that blockchain tech is also open source has played a big role in its increasing adoption. And it also means that it is valuable for more than just creating a cryptocurrency.

Take the Ethereum chain as an example. This is a blockchain tech that has added functionality due to it having programming language as well. Developers can use the chain to develop and distribute applications directly to the end users.

Again, because of this built-in coding, another useful application of Ethereum is in the formation of smart contracts – contracts that can execute themselves without interference from any third party.

What does the blockchain hold in store for the future? If you think about it, the blockchain is still in its infancy, much like the internet was a few decades ago. Do we have any idea how far the tech will go?

Who can say – it is the perfect example of how human ingenuity is reshaping the world we live in. To learn more, take a look at our infographic:

 

Infographic via Bitfortune

 

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