Blockchain has promised a revolution for some time now, and although we haven’t seen a replacement of cash with tokens, there have been strides made that go largely unobserved.
Blockchain has already begun making waves in certain industries and sectors and looks to continue, based on every success it is experiencing.
Indeed, blockchain cryptocurrency Bitcoin has become a household name – and while many know it only in the briefest of terms, its uses are impressing those who have the important decisions to make within their industries. From the world of finance to the logistics of moving important materials, how is blockchain disrupting traditional sectors?
Banking
Banking is possibly the most obvious example of an industry that cryptocurrency is shaking up. It was reported that SWIFT payments, which help with cross-border transactions, could be fully replaced by Ripple payments on the blockchain platform. Ripple payments would be faster, more secure, and cheaper – but would also take some convincing of those in a position to fully roll them out.
Santander has already expressed interest. However, cryptocurrency is changing banking in the way of finance. As Bitcoin Code shows, there are automated trading platforms specifically for trading cryptocurrency, and this looks ready to change how we see the trading of binary options. Instead of solely being able to invest and trade stocks as based on companies floated on exchanges, the ability to trade cryptocurrency is attracting a lot of attention, perhaps due to the decentralized nature of it and the fact that it works well with the Internet of Things (IoT), which looks to be where technology is heading.
Logistics
The logistics industry is an unsung hero that helps maintain order in a hectic world, ensuring that suppliers, distributors, vendors, and delivery companies are all on the same page regarding the transport of products and assets. Decentralized logistics platform dexFreight showed us in October 2018 how they could successfully use the Bitcoin blockchain smart contracts to move an almost 2500-kg frozen food shipment 30 miles across Florida. Indeed, the supply chain management industry is set to be rocked by several other start-ups that want to build on the smart contracts that transport our food around. Blockchain could improve quality assurance within the industry, which is a huge issue when it comes to counterfeiting or delivering sub-par products, as well as improving efficiency when it comes to international trade.
Blockchain may not be as apparent in our day-to-day lives as many would hope, but that isn’t to discredit the industries it is succeeding in. The finance and logistics sectors may be two of the most important industries that ensure everything runs smoothly, and the fact that blockchain is aiding this can only spell positives for the adoption of blockchain across other industries. Indeed, there are many ways in which blockchain can assist business, and the success of two of the most important sectors using them will only proliferate the adoption worldwide.