Industries Likely to Be Disrupted by Blockchain

The two things every business needs – efficiency and trust, beginning with staff and ending with empowering each customer. The majority traditionally lie on a third party as an intermediary, which is a tried and tested system but lacks conviction in the modern age. It’s now the world of digital, where hacking and forgery is common. Businesses depend on a degree of co-operation and honesty, but how can they when data is shared so freely? GDPR was brought in as an EU law to protect the individual’s rights, but maybe technology can provide a simple solution? Blockchain is the buzzword at the moment, working as a digital ledger to store and facilitate faster transactions across multiple computer networks, sharing data securely between only those who have access.

It’s a genius concept that will soon take the world by storm. It’s already being utilised by multiple industries as they seek a safe way to remove the need for a third party. Blockchain will change the way we work because it functions on a decentralised network. Applications like Alacrity will create a brighter future for multiple industries. Because they are developed on this model, data is more secure on a large network of users, making it harder to manipulate or alter. Alacrity is also one of kind, built on an oracle system to ensure the application can share key data with all other external sources directly. There’s no longer the need for masses of paperwork, which needs to be sent by fax or email. Everything is digital, and Alacrity holds the key. Just think how easy it can make business transactions. They can be done across multiple countries instantly. Alacrity can store mass amounts of data on its large decentralised storage system.

Now let’s think…which industry can benefit from these changes, using the advantages of technology to thrive? Imagine a world where the NHS could share vital documents between doctors and nurses on a distributed digital ledger? That could save lives! Or how about a bank that can make instant cross-border payments or identify a customer instantly with just a fingerprint? Sounds good right… saving the customer heaps of waiting time is a win-win in costs and retention. Alternatively, the supply chain industry is in desperate need of an overhaul. Technology and Blockchain in particular could help to monitor shipping and a number of key factors. What about the legal sector or real estate market? Both require mountains of paperwork and a diligent process, which can be securely stored on a system. We look at some examples of industries that could benefit from Blockchain:

Finance Sector

Banks are always seeking faster methods to improve the financial services they offer. Millions of transactions are made daily on a global scale, often between large global corporations. These transactions cost huge sums and can sometimes be a long drawn out process. Step forward Blockchain, which can support financial institutions. Many banks such as JP Morgan, Barclays and Swiss bank UBS are already looking at the technology.

Healthcare Industry

There’s nothing like a four hour wait at A & E to be treated for an emergency situation. The NHS are on its knees because of hold ups, lack of resources, manpower and time to do the job. Paperwork is one area that has already been addressed as an issue, with technology the likely solution. Blockchain can help in the fight to improve patient care, saving medical staff time to make key decisions by sharing thousands of records on a digital block,. More than 65 million patients have records that need storing, so why not save it all digitally for future reference and to free up space for vital care.

Supply Chain 

This industry is massive and depends on accuracy and speed to thrive. Effectively it helps with managing the successful deliveries of products, ranging from clothes to food beginning with the raw items and finishing with the end product. While it’s nearly impossible to track each individual item, millions of pounds are lost in poor customer relations based on bad service or poor time management. These issues can be improved drastically with the implementation of Blockchain.

Legal Sector

Civil litigation, criminal justice, employment law, housing. These are just a few areas from the legal sector that need documents stored on a system for future reference. One area of Blockchain that is being discussed to improve this is by implementing Smart Contracts as a digital means to secure data. Contracts can be shared between parties instantly, as well as preventing the manipulation of information and prevent fraud too. It can also assist with legal transactions and allow easier access to public records when needed, should they all be shared on the Blockchain in the future.

Real Estate

Moving house can be a pain and if you’ve ever had the pleasure of doing it, you’ll know how much paperwork is involved in the process. Blockchain has the ability to store key contracts on a digital system, saving you time and money. Experts even suggest it has the potential to eventually stop the need for escrow payments, wiping out the need for an intermediary when buying or selling a property.

And that’s just the tip of the iceberg for Blockchain’s potential. The technology is already being used by some governments to provide a secure platform to cast votes, removing corruption and speculation of previous polls being rigged. As we already know, it helped to launch Bitcoin too and looks to have a big future to play in cryptocurrency. Blockchain can only be a good thing for the future of technology. Just like the internet, it wants to help with the progression of mankind, giving us the assistance to excel in multiple industries. The likes of Alacrity ensure that we all work on a decentralised network in the future. Doing so will help to create transparency, allowing a shared access to data that’s protected by computer encryption.

Current Blockchain’s on the market have tried to solve the issues of relying on a third-party, but so far have failed to address this. Because Alacrity uses its own built in storage system and gives power back to the user, data can be secure, shared and access external sources from the broader internet, IoT and other Blockchain’s. It has multiple uses because Blockchain boils down to a simple truth; that we need to constantly make transactions and store data across so many industries. Technology has finally caught up, with the likes of Alacrity allowing businesses to affect positive change, reducing costs and the threat of hacking in the future.