If 2017 happened to be the year of blockchain early adoption by mainstream businesses, then 2018 to 2027 will be the decade blockchain solutions will be disrupting many industries across the world. It is believed that, by 2025, blockchain will be considered mainstream and integral to the capital market and ecosystem.
Blockchain offers the chance to truly rewrite the way companies and markets operate by delivering greater transparency and trust, removing redundant processes, and revamping inefficient capabilities. Beyond simply automating old processes, blockchain eliminates steps and activities amongst businesses and facilitates the restructuring of traditional value chains. From financial industry to healthcare, retail, oil and gas, manufacturing, trade, agriculture, blockchain is redefining ways businesses operate and leading us to the ‘Internet of Value’.
Blockchain has the potential to drive profound, positive change. it can help to improve the way the world lives and works.
In the financial services industry, blockchain technology undermines the ‘middle-man’ business model. It makes it harder for fraud in transactions, and so reduces the value of credibility lent by trusted intermediaries. Therefore, players in this industry will have to re-imagine their business models given this disruption in their value chain.
According to tech experts, the healthcare industry has high hopes for blockchain technology since interoperability, or the ability to securely share medical records across providers and patients, is the driving force behind many technology investments within healthcare. It’s widely believed that blockchain will be the technology that will form the basis of securely creating and sharing medical records that will solve many of healthcare’s current issues of siloed stores of data that lead to the delays and administrative burden of sharing health information.
Every industry must start utilizing blockchain technology as a foundation to explore the convergence of a variety of technological tools to address customer centric needs and social problems that provide excellent business opportunities.
Those that take advantage of this will be rewarded with a resilient and anti-fragile digital infrastructure that enables the cultivation of efficient ecosystems, better products, and services, lower costs at scale, and improved outcomes for all.