Is disruption really a bad thing? After all, it’s what eliminates corporate monopolies on any given market.
The added competition allows for reform that benefits the end user and everyone else involved. And this is exactly what we expect to see in various industries.
So the following three industries are just a tip of the blockchain disruption iceberg. Let’s review.
Banking and Payments
There’s a saying going around that blockchain is going to do to banking what we saw the internet to the media – it fizzled it out. But is this really true? Only time will tell.
What’s attention-grabbing about blockchain is the fact it will give access to a greater number of people. Particularly the underserved and unbanked population worldwide. The blockchain and applications build on it, will offer faster, a cheaper transaction fee cutting middleman.
You can already find large financial institutions working on implementing blockchain technologies. And in doing so, they’re making their operations more efficient, faster and secure.
No, it’s not just the financial industries being impacted by blockchain. There will be a disruption in advertising due to blockchain connecting consumers directly to businesses. Plus, they can decide on how their data is accessed and are even paid each time a business uses it to extend offers to them.
Global Logistics and Shipping
Now, there are several layers associated with the logistics and shipping process. There are carriers, drivers, haulers, forwarders, shippers and so on that interacts in any given transaction.
With blockchain, the procedures are downsized to become more efficient due to enhanced transparency and accountability. The whole supply chain model will become ultra-efficient.
Needless to say, there will be basically all industries will be impacted and disrupted by blockchain technologies, the degree to which impact will be we will have to see with time.
Robin Trehan is associated with a Blockchain company and is a banking expert.