Blockchain adoption will be slow and gradual, like a tree growing in a fertile field. Companies in many industries are adopting the blockchain. Real world use cases in these industries will help lay the foundations for more innovation.
Banking is probably the first industry people think of when they hear the word blockchain, or more so bitcoin. No longer will banks store their value in gold but in a digital gold. Payment services for people without banking will now have the ability and access to banking digitally and without fees.
Cybersecurity If people are going to trust digital currencies and blockchain the cybersecurity industry will play a big role in reducing risks and securing blockchain databases.
Internet of Things The IoT is a network of things that use the internet and blockchain to improve business operations. An example would be an electric meter you can send bitcoin to that pays the electric company instantly through an online network. Another example would be your car automatically paying a gas company when you pull up to the pump and fill up. These things are done by networking property together, allowing companies to collect payment, and other online data instantaneously.
Industry 4.0 has a lot to do with IoT. Essentialy, it is the computerization of manufacturing. With the IoT digital systems interact with other and with humans in real time. I may do a separate post on Industry 4.0 to explain it better.
Business Consulting No matter what business type; research, analysis, and forecasting can now be done with data stored on the blockchain. This can be applied to sports bets, stocks, and other more traditional business models.
Real Estate If you’ve ever bought a house you know it’s not an easy process. Lots of paperwork and fine print. You don’t want to get ripped off or make a mistake. Blockchain can provide transparency to the process. It can prevent fraud and public record errors. It also speeds up transactions instead of waiting for approval.
These are just some of the industries blockchain will improve. Do any others come to mind when you think of blockchain? Let me know in the comments and follow me @beartooth-clark. Cheers!