7 Industries That Bitcoin Is Likely To Disrupt

//7 Industries That Bitcoin Is Likely To Disrupt

7 Industries That Bitcoin Is Likely To Disrupt

Bitcoin has proven that it can render safer, auditable and transparent transactions. No wonder many institutions and businesses are including Bitcoin as a payment option in their platforms. This has seen Bitcoin price increase, and now the cryptocurrency is the talk of the town. In fact, it’s threatening to disrupt major industries. Here are the sectors that Bitcoin is projected to disrupt:

Bitcoin is threatening to disrupt the banking industry

It’s plain to see what the internet has done to media. Experts believe Bitcoin technology will do the same to the banking industry. Let’s face it; a lot of people, especially in the third world countries still don’t have access to traditional banking services. This could be the loophole that Bitcoin takes advantage of. Bitcoin enables secure, auditable and transparent transactions all over the world via the internet. Bitcoin enables just about anyone, anywhere to send money in a matter of seconds, with minimal fees. Even a large banking institution like Barclays is integrating Bitcoin technology to make their financial transactions faster, efficient and secure.

Bitcoin is projected to disrupt the supply chain management industry

With Bitcoin, every transaction is written and stored in a block or a permanent decentralized record. The transactions are also monitored securely, and transparently. This technology has the greatest possibilities of minimizing time wastage due to human errors. The Bitcoin technology can also be utilized to track costs, emissions, and waste at each stage of the supply chain. It can also be leveraged by companies to authenticate products by monitoring them from their source.

Bitcoin is expected to disrupt the insurance industry

The only currency in the insurance market is trust management. Bitcoin has proved over time that it can manage the trust. Insurance business owners can use the Bitcoin technology to verify different types of data, as well as insurance contracts, such as the insured individual’s identity. Bitcoin, which is based on the blockchain technology, can be leveraged by any insurance company that depends on real-world data.

Bitcoin is projected to disrupt the private transport sector

We’ve already seen how Uber came and disrupted the private transport sector with innovative and streamlined private transport system. Experts project that the Bitcoin technology is going to disrupt the private transport sector at a much larger scale. The Bitcoin technology can enable instant peer to peer transactions; which is what most customers want. Customers want transactions that don’t involve third parties that take a share of their money. Private car owners can also use Bitcoin to pay for fuel, parking, and tolls.

Experts believe that Bitcoin will disrupt the cloud storage technology

Cloud servers are prone to hackings, human error and data loss. The Bitcoin network fortifies cloud storage technologies to make them secure enough to keep hackers at bay.

Bitcoin could seriously disrupt the way people vote

Relevant institutions can use the Bitcoin or blockchain technology to register voters, count votes and verify them. The fact that Bitcoin transactions cannot be changed means the voting, counting and verification process can be 100% authentic. This will be a huge leap towards credible and fair elections.

Bitcoin is projected to disrupt government systems

Government systems have been known over the years to be slow and susceptible to acts of corruption. Implementing Bitcoin-based systems can substantially streamline government systems, such as reducing bureaucracy, and enhancing efficiency, security, and transparency in government activities.

Conclusion

Well, this is just the beginning. The Bitcoin technology is expected to disrupt a bigger chunk of many industries in the next 10 to 20 years. So if you’re smart enough, it’s time to start learning about the blockchain technology so that when it takes over, you’re not swept off.

2018-03-28T00:21:58+00:00