Advertising, government, healthcare, and nonprofits are but a few of the kaleidoscope of industries that stand to evolve thanks in part due to the technology that cryptocurrencies are implementing every day across the blockchain. From smart contracts to a decentralized system of banking, these technologies are proving that the “future is now” and are becoming an integral part of industries across the board.
Major global organizations like the United Nations Foundation and the Red Cross are actively seeking to incorporate blockchain technology into their everyday operations. Lending to the idea, that blockchain technology is not only for the financial and economic sectors but for the overall good of multinational corporations and foundations alike.
With transparency and lower administrative costs driving the force behind the desire for international organizations to adopt blockchain technology, you can expect to see a more robust adoption of these technologies in the coming years. Not only will foundations and human-aide organizations benefit from this newfound transparency but so too will the medical field as well as government institutions who are constantly seeking a clearer vision of what their candidates are doing in office.
Major Industries To Look Out For
While blockchain technologies will undoubtedly touch every aspect of our lives in the near future, there are a handful of industries that could be drastically altered in the near future. Here are five that clearly stand out, and how blockchain could improve the way they currently function.
An industry that is wrought with fraud and misconception, blockchain technology offers a more direct and transparent path for advertisers. Utilizing the blockchain’s built-in system of being able to trace where and how information moves—clients will now be able to see with their very own eyes how advertisements and creative works are made, edited, then published. Simplifying the often-mystifying creative process for clients and content creators alike.
Elected officials and governments are often plagued by misinformation and distrust—blockchain seeks to ease the pain we often associate with witnessing a government official or agency we distrust. With smart contracts, corruption laws can easily be written into the blockchain so that funding can be governed and tracked. Gone will be the days of wondering where public funding originated from and where it went.
Nonprofits / Foundations
An often asked question with foundations and nonprofit organizations is—where is my money going? Blockchain technology and monitoring will simplify the route and overall trajectory of foundational funding. Donors will be able to see on the blockchain where exactly their money is going, to who it’s going to, and how much of it are they actually utilizing for the things they say they’re using the funds for.
If you have ever purchased a home or rented a property, then surely you are familiar with the hassle of escrow payments and which legal fees need to be paid and to whom—this entire process is now be simplified by tech pioneers like Propy, who act as third-party organizers, utilizing blockchain technology to release funds when the right conditions are met through smart contract technology.
Have you ever gone to a doctor in a new city only to come across the annoyance of having to track down not only your former doctor’s information but all of your past medical history as well? This can be a daunting task, especially considering how medical history is often kept on private servers individual to the medical office. This problem will be remedied through NFT (non-fungible tokens) and the blockchain—so that an individual’s medical history is all kept in a secure location and universally accessible in case of an emergency. No more calling around the country to track down your former doctor from kindergarten.
Future of Blockchain Industries
When the internet first premiered in the mid-1990s, the world struggled to understand the real utility of such a novel idea. In fact, most industries scoffed at the idea of the internet being incorporated into everyday life. And yet, nearly thirty years later, nearly every successful corporation or organization has fully adopted the internet as a necessity and one of the greatest tools men have ever used to stay connected.
In this spirit of innovation, industries today are at the great crossroads yet again—wondering whether this new blockchain technology will be the impetus for evolution or just the passing of another technological trend.
Finance, government, education, advertising, these industries will change regardless of technology. But there is one concept we can be sure about, and it is the fact that blockchain technology is going nowhere. It is here to stay and industries will find a way to incorporate this new technological innovation through one form or another.
Whether it is making the financial industry less centralized or encouraging a more transparent use of funds in the government and nonprofit sectors, blockchain technology will open the eyes of society and quite literally unmask many of society’s inequalities.
This can only lead to a more honest, more kind, and more interconnected world which is exactly what we need now, more than ever.