Banking Is Only The Beginning: Big Industries Blockchain Could Transform
By: Biditex Exchange
Tags: Education, Tourism, Blockchain, Health, Banking

There are a lot of companies thinking about investing and implementing Blockchain technology in their operational activities. Over 100 startups from 45 different countries have already partnered with UNICEF to start developing Blockchain solutions. 69% of banks are already experimenting with Blockchain.

It's very obvious that after a few years a lot of the industries will be affected by Blockchain.

Let’s see what industries blockchain can transform in the near future.

1. Gaming Industry

Blockchain games are decentralized. Instead of living in a centrally controlled server, Blockchain game assets (digital goods) are distributed among ‘players’. Blockchain games either issue their own token or use an existing token (such as Ether in case of Ethereum). With well designed token economics and gameplay, blockchain games are starting a new era in the gaming industry.

True ownership, decentralized games, provably fair gameplay, acquiring crypto through gameplay (play-to-earn), global leaderboards, censorship resistance, and no infrastructure to manage for the developers, are just a few of the touted advantages of Blockchain games.

2. Finances

Blockchain technology has the potential to solve several significant problems faced by the banking industry today. Right now banks store money for their customers, and they also handle the transfer of that money.

Blockchain inherently has a secure system that would provide permanent records of the millions of transactions that take place in the banking industry each day. This ledger system could significantly lower the risk by providing secure records. Furthermore, money could be transferred cheaper and faster by the decentralization provided by the blockchain.

3. Healthcare

Blockchain and distributed ledger technology have great potential across healthcare to improve patient care and reduce costs. These emerging technologies have already started to take hold in healthcare networks, from clearinghouses to drug supply chains to provider-credentialing processes and other critical areas.

4. Tourism

The tourism sector is complex and fragmented. There are a lot of challenges that businesses in the field face: from daily financial and operational activities to retain their customer base. In the tourism industry, this is more than just hypothetical.

For many companies, Blockchain-based services are already isolating major pain points and resolving common challenges by focusing on streamlining the process.

Essentially, companies are building a more reliable ecosystem that removes gatekeepers and makes it easier for customers to get involved.

For example, having a universal Blockchain ID simplifies travel. And because of Blockchain’s decentralized nature, there is also less chance for cyber attacks. Not to mention all transactions become traceable and instant — making the whole process even more convenient.

The industry relies heavily on sending information to and from many different parties, and Blockchain makes processing all that data more efficient.

But aside from tracking information, identification services also become easier. The technology can drastically reduce check-in times and queues at the airport since something as simple as a fingerprint can replace showing your documents.

The bottom line is that the travel industry should be comfortable in an ideal world. Though, this isn’t the case yet.

5. Education

The technology is sure to disrupt education industry too. There is no denying the fact that the education system is far from where it needs to be. Using this technology, a lot of improvements can be made in the education sector. It’s only a matter of time before the blockchain technology becomes mainstream too.

Blockchain is still in its early days and technology has a long way to go. It would be interesting to see what this technology has in store for the education sector.