The value of any blockchain lies in its ability to securely transfer value. In the finance industry, experimentations are already ongoing with applications like bitcoin revolutionizing cross-border payments. There exist blockchain applications in other industries. However, most real-world use cases at the moment are predominantly in the finance sector.
A special report by Zage investigating the future of blockchain asked industry experts to identify sectors that will be greatly impacted by blockchain. Out of 102 industry leaders, 56 percent referred to the financial industry as the one industry to benefit the most immediately.
However, distributed ledger technologies are not just useful in finance. Here are the next industries set to soon be disrupted.
Gaming
Both the gaming and blockchain industries are budding fields that can mutually benefit from a collision. In fact, most of the early adopters of cryptocurrencies were gamers since virtual currency models in games provide an easy transition to cryptocurrencies.
Blockchain gaming brings about decentralized asset exchanges, fast and secure payment networks, plus verifiable and scarce collectibles. These tools can revolutionize gaming and introduce proper monetization methods for every stakeholder in the industry.
Mike Brusov, the Co-founder and CEO of Cindicator, mentions that gaming is set to “become an even bigger business” in the next five years. “It’s already a $40 billion industry, larger than the global film box office and will continue to grow as game assets become an increasingly important source of revenue,” Brusov adds.
Tokenized game assets can also bring about a lot of traction. Matthey Campbell, the CEO and Cofounder of Loom Network, says that “virtual collectibles” as was the case with Crypto kitties “open up far more powerful and engaging gaming experience.”
Healthcare
Healthcare services are vital in any modern society. In the recent past, there have been incredible innovations in the healthcare systems that have led to an increase in average life expectancy. However, there is still a lot that needs to be done to increase efficiency.
As Andreas Kalteis, CEO of Novem Gold puts it, “people die every day because the medication or treatment they receive is based on too little information, which is not the doctor’s fault but it’s just the state of that industry.”
One of the tools that will not just improve efficiency in health care but also increase security, reduce costs and improve the public’s access to healthcare services is blockchain. “Sure, business is exciting, but saving lives is far more exciting,” Kalteis adds.
Blockchain’s capacity to cut costs is a welcomed reprieve in a world where global health care expenditure is expected to rise to $10 trillion by 2022.
As modern infrastructures enable increased digitization of healthcare services, a patients’ role in their healthcare is ever increasing. Blockchain can empower patients with better access to security for their health data while ensuring access to the best healthcare across the globe.
There already exist blockchain-based healthcare platforms that help patients determine the most affordable option while allowing them to profit from their data when used in research.
Real estate
Reports show that real estate remains to be one of the largest asset classes in the globe with a total valuation of $217 trillion.
However, the industry is rife with fraud, lack of transparency with public records, lack of liquidity and high transaction fees that further raise the barrier to entry. With blockchain, however, real estate public records can be recorded on an immutable distributed ledger that is accessible and easily verifiable.
This will not only speed up the process of buying real estate, but it will also eliminate bureaucracy and reduce the barriers to entry. Blockchain’s self-executing smart contracts can also be used to cut out the middle man and further reduce costs.
Also, tokenization in the real estate industry can enable fractional ownership making it possible for multiple people to co-own a building. Practical applications are already underway as Colin Paper, Presearch founder, explains that there are “real estate deals being done in cryptocurrency.”
Final remarks
Apart from gaming, healthcare, and real estate, respondents from the special report also pointed out the precious metal industry, agriculture, shipping and supply chain management as sectors that could benefit from blockchain technology.
However before mass adoption is achieved, Yudi Levi CTO at Bancor says that “it is important for blockchain-based startups to think beyond fulfilling the goals of investors and holders.” His sentiments are echoed by Sunny Lu (VeChain CEO) who says that adoption will also come after “creating business value.”
Carolyn Coley is a blockchain reporter. She joined Smartereum after graduating from UC Berkeley in 2018.
