Almost on a daily basis, we see the challenges and opportunities presented by innovation. Technology overtakes another technology and we see consumers struggle or rejoice as change impacts their daily lives.
The explosion of the startup industry across Southeast Asia and the rest of the world is a major driver for this change. The need to differentiate and disrupt has led to innovation that is both necessary and unnecessary (think Juicero). One such technology that is changing the way the industry works is Blockchain Technology.
Blockchain technology has pushed its way to top as one of the largest disruptors of how people look at managing transactions on a large scale. Obviously, the first industry to be was the financial industry, specifically the introduction of cryptocurrency.
Here’s our explanation of cryptocurrency and how it works
Blockchain refers to the online decentralized ledger system that records transactions from around the world almost instantly and updates itself in such a way to reduce fraud. Though initially developed to make cryptocurrency transactions safe, the underlying Blockchain technology had significant potential for different industries. Here are our top 4 industries that will be disrupted by blockchain:
Real estate
Blockchain is already disrupting real estate investment and offers the ability to build smart contracts for ironclad property contracts.
The current proptech industry is changing rapidly, so it is an industry ripe for disruption as is still potential for growth in the region for the property market.
Read about BitofProperty and their mission to change real estate investment
Marketing
Marketing is relatively under the radar when it comes to technology disruption, but the impact of Blockchain technology offers great potential for the industry to bring itself forward.
The impact it can have on measurement, user information storage and user verification.
Read about blockchain in marketing and the impact
Healthcare
The need for safe and secure access to healthcare is fast is a problem that has been facing the healthcare industry for ages. Blockchain has the potential to solve this issue by providing an almost immediate way to access data that is hard to hack into and improve accuracy for essential aspects of healthcare such as:
- Medication dispensing
- Diagnosis
- Health records
Banking
Bank are notoriously slow to adopt new technologies, but Blockchain has been creeping into their industry, so it is almost inevitable they will start to adopt the technology for key aspects of their business.
Verification, transaction tracking, and records are just the tip of the iceberg for the use of Blockchain in banking. It is unlikely to push banks to be completely decentralised, but decentralising aspects of your technology and records will help prevent hacking and fraud as well as improve the speed of banking transactions.