3 Industries You Should Be On The Lookout For In Blockchain
With how popular the blockchain trend has been, it makes sense that a lot of people have been looking towards how they can be first to market in helping change it. And while there have been some great innovations so far, only a few industries have stood out as the front-runners to blockchain tech. However, that’s why I’m bringing you some helpful examples to ponder as you get to know more about this field. Check them out below:
As an industry that’s overdue for innovation, logistics is one field that could use cryptos influence. Not only has it been run off of a similar system for the past few years, but additionally has been relatively slow when it comes to progress. And as noted by PR Newswire, with the US market alone expected to reach $15.5 trillion by 2023, it’s no wonder that those in the blockchain community are looking to take advantage of this industry’s needs. However, this where the foundation is currently being built.
With how convoluted the logistics industry can be, one hurdle that it’s facing is the need for transparency. Companies like Fr8, for example, are looking to solve this problem by offering a freight blockchain network that connects truck drivers with those who are seeking their services, which is a practice that has solely been done by brokers in the past. Additionally, some other people in the industry are looking to solve problems with logistics as well, including problems with food miles and cost. All-in-all, this is an exciting area for blockchain to explore and something you should be mindful of.
Although it’s something that many would say naturally fits the blockchain, the actual application of contractual disputes on a local level is commonly overlooked. After all, unless you use something like the Aaron Kelly fivehundo system of automatically producing a contract so you’re set to go, then having a contract in place is a time consuming and often expensive venture, and likely one you don’t have time to wait around for. Fortunately, that’s where the blockchain can make a big difference.
As a big thing with the blockchain is the ability to offer people the ability to execute contracts automatically, it goes without saying that this could be a useful application for multiple industries. For example, according to Upwork, the average graphic designer cost between anywhere from $20 to $150 per hour, which let’s say that someone wanted to hire a designer for a logo. The designer assumed it would cost around $150 in total to get the logo done, which the buying agent agreed to.
The point where a lot of designers get the short end of the stick on is the actual payment, where often they run into people who say they didn’t like what they did or don’t feel like paying for; which, the blockchain could solve by automatically executing a payment as soon as the design is finished. All-in-all, the world of freelancing contracts could be changed quite a bit, with blockchain perhaps playing a significant role.
Finally, as health care is an industry that’s constantly innovating, it goes without saying that this would eventually be impacted by blockchain as well. After all, with blockchain’s structure of being a safe and transparent file sharing system, it goes without saying how this could be a great use case. Plus, as noted by Singlecare, with 30 percent of medical bills going towards administrative costs, it goes without saying that this could be an industry that this is a field that could see some significant savings from blockchain. However, the problem is finding someone that can deliver consistently on this can be tough, especially with how vast the industry is.
Although there hasn’t been anyone that’s solidified themselves as the frontrunner in overall blockchain healthcare quite yet, there have been some early favorites to do so. For example, the startup Nanovision has been looking to tackle the issue of sensitive patient information being transferred between practices with a health records blockchain solution that makes the entire industry more transparent and streamlined. Their technology will eventually allow for other labs to trade data and research in addition to patient information, making the healthcare field much more valuable and potentially leading to breakthroughs.
All-in-all, be on the lookout for how the healthcare field can be changed by blockchain tech because it’s implementation might be coming much sooner than you’d think.
What industries are you most excited about seeing changed by blockchain? Comment with your answers below!