Although it may have started out as nothing more than a background framework necessary to run Bitcoin, blockchain technology has now taken over the reins from cryptocurrencies as potentially the most disruptive technology of the 21st century.
While it’s quite complicated to create, the core concept of blockchains is relatively simple to understand. A blockchain is a decentralized database capable of functioning without a central authority overseeing it. What makes it special is that, once a piece of data enters a blockchain, it becomes a “block” and altering or deleting it is no longer possible. This enables us to create digital environments in which we do not need to be concerned about a piece of information’s authenticity.
Obviously, this has massive potential to improve just about any business or industry that relies on digital data to some extent.
To make matters even more enthralling, transactions carried out through a blockchain are much more secure, transparent, and quicker than anything we currently have at our disposal.
Of course, as is usually the case with potentially radical technological breakthroughs, there are skeptics out there that believe blockchains are not such a promising technology as people cut them out to be (some even make a good case or two). However, the majority of experts acknowledges that blockchain is likely to disrupt and improve just about any industry that decides to incorporate it.
Spurred by all the possibilities that could be waiting just around the corner, the team behind BitFortune.net created the following infographic with hopes of providing you with insights into how different industries can benefit from blockchain implementation. The entire text relies primarily on layman’s terms, so no particular tech-savviness is required to understand it fully.
The infographic takes a look at a total of 16 industries projected to take on radically different shapes from the moment they incorporate blockchains into their frameworks. The analysis deals with blockchains within the context of government systems, healthcare foundations, insurance companies, financial institutions, etc.
The text also takes a look at some potential effects of blockchain implementation that have been flying under the radar a bit, so expect to learn a bit about how the technology of decentralized systems could have an impact on the likes of the music and crowdfunding industries.