The future of Blockchain and cryptocurrency is vast and banking isn’t the only industry affected. The main reason for this is the popularity of blockchain technology. It is also beginning to challenge many business sectors too.
Industries Disrupted By Cryptocurrency In 2020
The products and services of the blockchain platform will likely disrupt industries all over the world. Let’s breakdown and discuss more the industries that will be disrupted by blockchain and cryptocurrency in 2020.
Banking has already disrupted and is facing many challenges due to the blockchain platform. Cryptocurrencies and blockchain overcome most of the drawbacks of the banking industry. If you want to transfer some money through a conventional bank, you have to give a transaction fee to the conventional bank. The whole process is time-consuming, expensive, and not even secure too.
On the other hand, blockchain offers a peer to peer decentralized transferring system with highly advanced security and comparatively low fees. As the platform is decentralized, no central authority exists, so you don’t have to pay one. Your transaction history is recorded in a ledger that is viewed and reviewable by any of the cryptocurrency users, giving you true autonomy over your transaction.
Cyberattacks are a nightmare for everyone and it is a threat for everyone in the digital world. Blockchain can overcome this nightmare by securing your data against unauthorized access and tampering. As blockchain is a decentralized system, it can involve high security and two-factor authentications.
The cryptographic algorithm verifies all the information stored in the blockchain network which leads to no SINGLE point of entry for a wide-scale attack. This peer to peer connection makes it easy to understand if any malicious attacks occur and by eliminating a central authority, blockchain provides a secure and transparent way of recording transactions without disclosing private information to anyone.
Blockchain technology in the healthcare sector is very important because today many problems and faults occur in the storage of people’s health data. As they are stored in a centrally located files, anyone can have access to this very private information. Blockchain technology enables rapid access to the data and delivers high-security features too. In blockchain technology, each block is connected to another block and distributed across the blockchain nodes, making it difficult for a hacker to corrupt the data.
Blockchain technology can bring better changes in the traditional voting process. In the traditional process, most voters stand in line to cast votes or send in mail votes. These votes must be counted by a local authority. If the online voting process is implemented, that too involves a central authority, and problems of fraud arise. MiVote, a blockchain voting platform is a solution to these problems.
These are the four most popular and large sectors that face challenges due to the blockchain platform. The increased transparency and security of the blockchain platform is the main reason for this. So it is clear that the future lies within the blockchain technology.