Experts in finance, technology, insurance, marketing and even manufacturing, conclude that the next big technology to change our world in the next decade is blockchain technology.

What is Blockchain?

Blockchain is a type of ledger or world distributed database. It is the technology behind digital currencies like Bitcoin which we have all heard about, however, Blockchain is much bigger than just the creation of digital currency. The idea is simple in theory, but complex in operation because it is a world distributed database running on millions of devices and open to anyone. It is a place where information, money, titles, music, art, scientific discoveries, intellectual properties, and many other things, can be stored securely and in the most private way.

Let me show you an example. When you have a bank account, your bank is the intermediary between you and your employer or you and your service providers. On the blockchain, intermediaries like banks, governments and technology don’t figure into the equation, instead trust is established by vast collaboration between users. Blockchains offer integrity and trust between people and nations. They are virtually impossible to rob or cheat and this creates the first digital medium for value, which implies great things to come for businesses around the globe.

How Are We Going to See those Changes?

Here are 7 industries in which Blockchain technology will make its mark over the next 10 years.

1. The Financial Sector

We are already seeing an impact of blockchain technology in the financial sector with the trading of cryptocurrencies. But more benefits are also appearing, and financial experts expect to see seamless and fast interactions in all areas of the financial world, causing a substantial fraud reduction. We expect the technology to simplify the entire financial sector so trading transactions are faster and all parties have immediate access to the same trade data. This will offer savings, better data management and more transparency within the sector.

2. Logistics and Shipping

This is one of the industries that will see some major changes.The entire shipping procedure may see significant downsizing once efficient blockchain technology comes into play. We will see more transparency and accountability here as customers will be able to verify products and monitor the shipping process directly. We expect to see better validation of contracts and successful deliveries in shorter periods of time.

3. Better Networking Infrastructure

IBM and Samsung are working on a new blockchain project called Adept. The idea is to create a decentralized network of loT devices. A blockchain will work as the public ledger for a huge number of devices so that there will be no need for a central hub to intermediate the communication. Without a central communications system, the devices will be able to communicate directly and conduct software updates, fix bugs and even manage their own energy.

4. Retail

Decentralized blockchain technologies will connect buyers and sellers without a middleman or the associated fees that come with the intermediary.

5. Real Estate

Buying and selling real estate will become an easier process. Title fees, mortgages and real estate closings will work seamlessly with none of the current mistakes made on public records. Using blockchain technology will bring transparency to the real estate process and speed up transaction times. Blockchain will help track ownership and ensure accuracy in deed transfers.

6. Government & Voting

One of the largest influences blockchain will have is on government processes. Expect streamlined processes that are quick, and where bureaucracy issues are reduced. Many countries plan on putting all government documents on the blockchain within the next 5 to 10 years. Blockchain will also have a significant impact on processes like voting, and used for voter registration and voter identification, thereby preventing voting fraude.

7. Healthcare

Another industry that is overdue for change and one of the biggest challenges has been to find a secure area to store and share data. Unfortunately, the current healthcare system is at risk of hacking because of its outdated system. Blockchain will allow hospitals to store medical records and share them with authorized medical professionals and patients. Data security will improve and in turn, this helps improve speed and accuracy of patients health.