Blockchain technology has made its mark in recent years. We first got to know this technology through Bitcoin and other cryptocurrencies, but in fact, blockchain is a revolutionary invention and is taking decisive steps towards shaping the future of the world. In this list, we will talk about 10 industries whose destiny will change with blockchain technology. Without further ado, let’s start ranking our list.
Don’t think, “What does the entertainment industry have to do with blockchain technology?” This technology is a candidate to eliminate the problem of pirated content, one of the biggest problems of the entertainment industry. The entertainment industry, which has been unable to solve the problem of piracy in music, movies, series, and similar digital content for decades, has pinned its hopes on blockchain technology.
If this technology succeeds in intertwining with the entertainment industry, very important developments will be made both in terms of publishing original content without the threat of piracy and reducing the fees paid for this content. Think about it, after blockchain technology becomes active, perhaps we will be able to use our Netflix and Spotify accounts with very small Bitcoin payments. Apart from this, protecting copyrights, content ownership rights and reducing the cost of publishers will also become possible with blockchain technology.
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2. Environment & Ecology
Who would have thought that a technology developed entirely digitally could help protect the environment and slow down global warming? Don’t think of it as impossible, blockchain technology can help us obtain more efficient energy sources, use existing energy sources more economically and reduce carbon emissions.
In addition to these, decentralization of regulations in product chains, much more effective work in the field of recycling and product tracking using less material will also be possible thanks to blockchain technology. When all these possibilities are evaluated; there will be significant developments such as less packaging waste, less fossil fuel consumption and therefore less global warming.
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In fact, we should characterize this title not as “will change in the future” but as “already changed” sector. Because blockchain technology is already playing an active role in the financial world. It seems that this role will become even more prominent soon and perhaps cryptocurrencies will replace traditional currencies. Of course, this will be a bit difficult to realize.
The biggest impacts of blockchain technology in the financial world will be speed and security. Decentralized transaction approvals, transferring money at very high speeds and, most importantly, sending money internationally with very low commission values are possible with this technology. Thanks to blockchain, loans, investments and stock market transactions will become faster and more reliable. Apart from all these, we need to consider that a very significant mass of people in the world live unbanked and away from ATM technology. If cryptocurrencies, one of the most important fruits of blockchain technology, are fully integrated into our lives, the need for banks will significantly decrease. Everyone will be able to be the investor of their own money and the bank of their own cash.
In the second title of our list, we talked a bit about how blockchain technology will affect the energy sector. Now let’s talk about how exactly the energy sector will be affected by this technology. Experts believe that thanks to blockchain technology, the energy sector will be decentralized, democratized and, in short, fully liberated.
Thanks to smart contracts, one of the most important developments within the blockchain, it seems possible that the measurability, disreputability and even distribution of energy will be reduced to the control of individuals. In addition, the blockchain is expected to reduce energy distribution costs significantly, make it much easier to raise the funds needed for energy production and bring the idea of “sharing renewable energy” to real life.
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Among the sectors that will be revolutionized by blockchain technology, the transportation and logistics sectors also stand out. Let’s first look at how the travel industry will be affected by this development. What comes to mind first when we think of travel? Isn’t it details such as luggage, identity or passport information, payments, exchange rate differences for foreign travels, reservations, and accommodation? There is already a blockchain solution for all these details and if this technology manages to be included in our lives, all these problems will disappear. Our identity information, passport information, payment system will be completely decentralized in a digital environment. In this way, we will gain incredible advantages in terms of reservations and accommodation, as well as the use of money between countries.
In the logistics sector, blockchain will bring about major changes in both the boxing and tracking of shipments and their transportation. Thanks to blockchain technology, companies will be able to control their shipments, especially those that need to be transported at certain temperatures and must maintain their freshness, anywhere and anytime with special barcode systems. Apart from this, the most important expectation in the field of logistics, “cost reduction”, will also be realized thanks to blockchain technology. A very serious cost efficiency will be achieved with the decentralized transfer of paper-based tracking processes from the physical dimension to the digital world.
The new generation of supply chains, which will become transparent and secure with blockchain technology, is a dream come true for professionals working in this sector. All vehicles operating during the operation of supply chains, i.e., pallets, trailers, containers, etc., will be able to be tracked at any time in any environment, both in terms of transportation quantities and transfer records. This will be the highest point of measurability in the production sector.
Apart from this, there will be no need to use paper during supply chain transactions such as supply tracking, change orders, shipment notifications. Everything will be realized without the need for manpower thanks to the use of data collected on blockchains and even machine communication technology. Thanks to digital labeling systems called RFID, supply chains will have instant access to all the details of the products. In short, blockchain technology will incredibly speed up the information processing process in the production area.
Blockchain technology, which allows all data to be stored in a decentralized and secure manner, as well as fully transparent access for everyone, is also revolutionary for education. Thanks to the blockchain, the qualification certificates that people will obtain in the field of education will become unalterable. In other words, from now on, no certificate can be forged and anyone who wants to will be able to see what successes people have achieved in the field of education. Apart from this, the problems of information storage and information sharing, which are among the biggest problems of the education world, will be solved with the arrival of blockchain technology.
Storing student records, student IDs, diplomas, and certificates of achievement in a way that cannot be changed by anyone is of great importance for the education sector. For all this information to achieve these qualities, it will be necessary to switch to blockchain technology. In addition, the need for cloud storage in the education sector can be met at a lower cost thanks to blockchain technology.
Why Blockchain is pushing us to rethink our business models
Blockchain technology has a lot to offer in the field of health. First, keeping health records will become much easier thanks to this technology. Thanks to health records that are not connected to a single center and impossible to change, international freedom can be achieved. In addition, in countries divided into states like the US, access to these records can become much easier. Fundraising processes, which are also of great importance for the health sector, can become easier and more efficient than ever before thanks to both blockchain technology and cryptocurrencies.
In the sixth place of our list, under the heading of production, we explained how far supply chains can go with this technology. Approximately the same advantages apply to the health sector. Thanks to the new supply chain technologies to be created with blockchain technology, the logistics of medicines and medical supplies will be much easier. In addition, the temperature monitoring, which is critical in the transportation of blood, organs or other tissue objects, will also be realized more effectively thanks to blockchain technology.
Both the traditional definition and the technological, digital definition of media could evolve with blockchain. With this technology, users will have unprecedented ease of access to media content and payment for paid content. Moreover, it will radically change the way media channels store and process data. Ratings tracking, which is carried out under extremely difficult conditions in today’s channels, will be much easier thanks to the blockchain.
Going shoulder to shoulder with virtual reality (VR) technology, blockchain technology will open the doors to brand new virtual worlds. Through blockchain, which paves the way for ease of funding, disconnects between viewers and content producers will be eliminated. In this way, it will be possible for people who live intertwined with the media to have a completely different content experience.
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After the financial sector, the area where blockchain technology will have the most impact is government affairs. The identity data of millions of people, tax regulations, censuses, voting and more are managed in incredible chaos today. The only system that can eliminate this chaos is blockchain. In a world where data is unhackable, unalterable and completely transparent, it would be incredibly easy to hold elections, conduct censuses and manage the affairs of state. Many countries are already laying the foundations for this.
Another advantage of blockchains in government affairs will be the elimination of paper waste. The biggest obstacle for governments that are making great efforts to fully digitize transactions is the risk of data disappearing and being hacked. Thanks to the decentralized structure of blockchain technology, these risks will be eliminated, and state affairs will be carried out in a much different environment of trust and peace.
Are your business one of them? Contact Enkronos today to start your blockchain journey.