What will blockchain be used for in the future?

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E-mail is one of the very first and most popular applications that emerged from the early days of the internet. We still utilize it to this day and for good reason. It makes our lives easier and more efficient in ways we never really thought it would be. While it hasn’t completely replaced regular mail, it’s arguably much more important.

As mentioned in a previous article, cryptocurrency is just one application for the amazing applications that can be created on blockchain but it isn’t the only. Blockchain is in the position to disrupt major industries around the world. For example, “In September 2016, Barclays carried out the world’s first trade transaction using blockchain. They cut a process that normally takes 7–10 days down to less than four hours.”

IBM is working with the government of Dubai to develop smart contracts that can facilitate all trade that passes through its port. This is huge, given $344 billion worth of goods passed through the port in 2016. Dubai’s government said it plans to shift all transactions to blockchain by 2020.”

Below, we have listed some of the other industries that blockchain could quickly turn on its head.

  • Financial Blockchain offers a “secure, decentralized, tamper-proof ledger” at much less of a cost than what banks currently use to keep track of records and transactions.
  • Voting Blockchain can keep better track of votes and voter identity rendering fraudulent activity ineffective
  • Music Artists can earn royalties themselves without having to go through a record label
  • Real Estate When buying a house there are an incredible amount of paperwork to deal with. An app can cut down time and increase accuracy of the records on hand.
  • Personal Data Blockchain will allow you to control who sees your personal data and better all-around verification.

Learn more about how you can use blockchain to change the world here. You can get a head start on this new technology by learning to think like a software engineer with our after school programs.