Innovate or Lose; Six Industries That Are Most Vulnerable

The Wave of Blockchain-Powered Disruption Has Dramatically Changed Views
By 
Coin Cloud Team
, published on 
April 8, 2019
Innovate or Lose; Six Industries That Are Most Vulnerable

Given time, things change. As technology continues to accelerate, we discover new ways of doing things. New technology disrupts old industries we probably never thought would change. For instance, we now swipe the digital pages of an eBook, and self-driving cars will soon hit the market.

Why are disruption and innovation important? To answer this question, we need to look at the disruption that’s happening today and understand where we are headed. Blockchain technology was the brainchild of developers who believed that the current banking system was flawed. In particular, they didn't think the role played by banks as third parties was necessary. With the advent of blockchain technology, real-time transactions have become possible, while greatly reducing the role played by banks.

So, what are enterprise companies doing about blockchain-powered disruption?

Industry leaders are definitely not happy with startups making waves in their respective industries. Many large corporate entities have acknowledged that blockchain technology poses a threat to their industry and are already addressing it.

Big Blue (IBM), for instance, has an abundance of resources and is starting to use them to get ahead. In 2017, IBM unveiled a new product, “Blockchain as a Service”, which is a public cloud service that allows clients to build secure blockchain systems.

The wave of blockchain-powered disruption has dramatically changed the views of many enterprises, who are now considering using the technology in their operations.

Here are some of the affected industries …

  • Medical Records: The pharmaceutical industry uses blockchain for secure and convenient storing of patient data. The patient can access and control their data.
  • Equity Trading: Blockchain technology is changing how we buy and sell stocks by validating and settling transactions, eliminating the multi-day wait time in the current system.
  • Energy Futures Trading: Similar to the benefits on equity traders, blockchain can settle futures trading considerably faster, and make the logging of resources more efficient, all while maintaining regulatory compliance.
  • The Internet of Things (IoT): Cisco Systems introduced a blockchain-based application to monitor their IoT devices, which are able to send and receive data and determine the trustworthiness of devices on a system.
  • Prescription Drugs: Blockchain could monitor prescription medicines by tracking products based on serial and batch numbers. Pharmaceutical giant Merck & Co. is testing such a system for prescription drug returns.
  • Real Estate: With blockchain, users can store land titles on a network, seamlessly transfer titles, and protect legal ownership of real estate and land.

Disclaimer: The information and views supplied on the Coin Cloud blog are for educational and entertainment purposes only. We are not financial advisors, so please do your research and consult with a trusted financial specialist before investing your money.

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