Which Industries Are Set to Use Blockchain the Most in 2020?
The blockchain has become more than just a buzzword and we expect 2020 will see a number of industries continue to utilize the technology to transform the way they function. A number of industries are already using the blockchain, and with impressive results: The banking industry’s adoption of the tech, for example, has seen financial institutions all over the world create their own cryptocurrency.
But this is just the beginning as other industries are set to take the center stage this year, with the technology becoming a vital part of the gambling industry and on the way to transform the healthcare world. As 2020 is set to be a big year for the blockchain, and more and more industries latch onto the tech, we look at the industries that are set to be using the blockchain the most this year.
Healthcare & Blockchain
The healthcare industry is already utilizing the blockchain, with the handling of data one particular focus point.
But blockchain technology could also help with a number of other aspects: the medical supply chain management and drug traceability; making things more efficient and streamlining care; preventing cyber attacks; and preventing costly mistakes.
With Estonia leading the way, the healthcare industry is set to continue using the blockchain this year – and it is thought other countries will follow suit. With a number of promising startups pioneering how the tech will be used, such as Medibloc, Solve.care, and SafeInsure, we are only just seeing the beginning of how it will change the healthcare industry.
Out of all the industries, banking and financial services is probably using blockchain the most. But things are still moving and we can expect 2020 to be the year when more institutions start to hop on the bandwagon as they realize how useful the technology is. Blockchain deployments will enable banks to realize savings on cross-border settlement transactions of up to $27 billion by the end of 2030, reducing costs by more than 11%, a report has stated.
And according to another report, around 77 percent of financial institutions are expected to adopt blockchain technology as part of an in-production system or process by 2020.
Gambling and Blockchain
The gambling industry is already being revolutionized by the blockchain. Just like how the internet changed the way the gambling world operated, blockchain is expected to do exactly the same. It is thought blockchain will help mostly in terms of transparency, with casinos using blockchain systems to prevent fraud. Gambling with bitcoin and other cryptocurrencies is also becoming far more popular due to quicker payouts, anonymity and lower costs. The FortuneJack platform is one popular example of this. It allows its players to choose between typical casino games – like poker and Blackjack – as well as slot machines. Developers are constantly adding new games and jackpots can be millions of dollars worth of Bitcoin.
In interesting developments elsewhere, the Ethereum blockchain is allowing anyone to create their own online casinos.
Media, Entertainment and Blockchain
The media and entertainment industry – anything from art to music streaming – is likely to be revolutionized by blockchain. It’s already being talked about a lot but 2020 looks set to be the year when we see big changes.
With the music industry especially, because of archaic systems it is built on, can benefit hugely from the blockchain. As the US loses $12.5 billion in total output each year from online music theft, it is thought blockchain tech can help with the direct monetization of all copywritten assets through smart contracts and p2p micropayments, allowing artists to earn royalties on their music without going through a record label. Startups such as MediaChain and Ujo are already working on this.
Elsewhere, blockchain is being used to combat digital piracy, fraudulent copies, infringed studio intellectual property. Expect to see more work being done on this in 2020.
Blockchain and Voting
As we reported before, the use of blockchain for election voting is already being explored in a number of countries. The idea is to simply allow citizens to cast their vote using the blockchain – preventing voter fraud. And so far, so good. 2018 saw the US state of West Virginia use remote blockchain voting during the 2018 midterm elections. Elsewhere, Australia, Brazil, Japan, Switzerland and South Korea are also trying out the tech.
Real Estate and Blockchain
The real estate industry is not one that springs to mind when thinking of blockchain technology. Though it is thought this industry can be massively transformed with reduced costs, real-time payment settlements, tokenization and the removal of third-party entities. We predict this industry to really utilize the blockchain and not just with people buying homes via the tech. Governments, too, have been experimenting with the blockchain to track documents during the sale of a property. For example, Sweden’s land registration authority, Lantmäteriet, has been experimenting with the blockchain to track documents during the sale of a property.
Contributed by Anonymous Rabbit