Whenever you see a successful business, someone once made a courageous decision. —Peter F. Drucker

The media focus around blockchain over the last five to ten years has shifted from the currency bitcoin to the underlying database technology, which is a distributed ledger technology(DLT), now used in a wide variety of use cases.

McKinsey predicts that blockchain will make the most future impact in those sectors where transparency is of paramount importance. The widespread industry belief is that enterprises need to be committed to deliver blockchain solutions. Blockchain defiently is very useful & it’ll become a need in the near future.

According to Forbes, with time the trust factor in the capabilities of blockchain is expected to rise. The real impact of a distributed ledger is still under speculation, but given the spurt of applications already crowding the markets, it is only a matter of time before blockchain penetrates every industry sector. This universality of blockchain can be compared to “all things digital,” which Gartner predicted in 2017, and within two years that prediction turned into a formidable reality.

Something that could reduce the growth period for blockchain is the existing transactional-integrity features of cryptocurrency. In near future, critical data will reside on distributed data stores — combining on-premise, cloud, and remote facilities — and blockchain will emerge as a savior for transactional integrity.

3 Smart blockchain applications in the future

Once there’s enough knowledge in people about the security & trust blockchain provides, there’ll be a boom in these industries popping up.

  • Social Media/Social Networking, being one of my favourite.

As data production from popular social media platforms skyrocketed, so did the instances of data breaches, including the case involving Cambridge Analytica and Facebook. Against this backdrop, a new form of social networks, namely Blockchain Social Media, are emerging, and rapidly expanding to provide better security.

Since most of the traditional social media platforms are centralized, the emerging decentralized social media platforms promise a different way of data production and control. Most importantly, it enables users to have greater control over their data.

  • Energy Distribution & Sustainability

Energy companies, ranging from utility providers to oil and gas enterprises, are recognizing the transformative impact of blockchain technology. Companies are majorly looking into Energy distribution via blockchain & Peer-to-Peer energy trading by tokenizing energy along with commodity trading, Oil & Gas exploration, transportation & storage.

  • Blockchain in Insurance & other Industries

Blockchain ensures integrity of personal information, offering full control to the insurer & enhances trust among all parties involved in an insurance contract or claim. Along with those blochchain reduces operational cost by automating insurance processes helps detect and prevent fraud. Along with that financial-services sector, blockchain technology has disrupted the industry with many applications, like automated risk assessment and technology-guided portfolio management & More.

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