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How are Blockchain smart contracts going to shape your industry?

As blockchain provides records with every transaction and transfer of data is transparent, resistant, auditable and safe, this technology can make an organization which is transparent, decentralized, efficient, secure, and democratic. The fact is is that it will disrupt many industries in the next 5 to 10 years.

Following are some industries it has already started disrupting:

  • Banking

It is a guess by some futuristic people that what internet did to the media the same thing blockchain development will do to the banks. People can have financial services on a huge number even though they don’t have access to the traditional banking system. With the help of blockchain, one can send money anywhere of the globe and charges will be much low.

  • Cyber Security

Data in blockchains are encrypted via advanced encryption so that they can’t be hacked. In recent months though they had faced several hacks, so they need to grow up security on the internet to fight with hackers.

  • Management of Supply Chain:

A permanent decentralized record is maintained to document transactions which are monitored securely and also transparently. Therefore, blockchains can reduce the human errors and also time delays. It also keeps track of everything and monitors labor, costs, and even waste and emissions at any point in the supply chain.

  • Forecasting

Blockchain will influence forecasting, analysis, research and consulting. In a decentralized, way they will monitor all bets on sports, stocks and elections.

  • Network

Blockchain is used in some companies like Samsung and IBM for a new concept known as ADEPT. IoT devices will have decentralized monitoring through blockchain. This is making any central location invalid to take care of communications in between them. Through these devices, one can update software, check energy usage and manage bugs directly.

There are many other sectors which are getting influenced by blockchains directly or indirectly, and in few years, if not till now, your industry also would come in its wrap.

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