Cutting out the middleman can be a great thing. Unless you are the middleman. There a lot of intermediaries, and their main function is to establish trust between two or more parts.
Where will the Blockchain technology remove the middleman in the coming 5 to 10 years?
1. Bank and Payments
Some people say that the blockchain will do to banking what the internet did to media. Blockchain technology can be used to give financial services to billions of people around the world including those in third world countries who don’t have access to traditional banking technologies.
Bitcoin allows anyone to send money across borders instantly and with very low fees.
Many banks like BARCLAYS are working to adopt blockchain technology to make their business operation faster and more efficient and secure.
2. Cyber Security
Data is verified and secured using cryptography. This way the data is less prone to being hacked or changed with our authorization. The blockchain eliminates the need for middlemen making it more efficient than many legacy systems and cybersecurity.
3. Supply chain management
With blockchain technology, transactions are documented in a permanent decentralized record, and monitored securely and transparency. This can significantly reduce time delays and human mistakes. It can also be used to control cost, labor or even waste in emissions at every point in the supply chain.
The blockchain can also be used to verify the authenticity or fair trade status of products by tracking them from the origin. Some blockchain startups working in this sectors are Wabi, Vechain, provenance.org .
Samsung and IBM want to create a decentralized network of IoT devices using the blockchain for a new concept called ADEPT. It will build a centralized network of IoT devices, eliminating the need for a central location to handle communications for IoT devices. The devices will be able to communicate with each other directly to update software, manage bugs and monitor energy usage.
The global insurance market is based on trust management. The blockchain is a new way if managing trust and can be used to verify many types of data in insurance contracts like the insured person’s identity.
Oracles iterate real-world data with smart contracts. This technology is very useful for any types of insurance that relies on real-world data.
6. Online data storage
Data on a centralized server is vulnerable to hacking, data loss or human error. Using blockchain technology allows cloud storage to be more secure and robust against attacks. Storj is one example of a cloud storage network using blockchain technology.
Common complains in the charity space include inefficient and corruption which prevent money from reaching those who are meant to have to. Using blockchain technology to track donations can let you be sure that your money is going to end up in the right hands.
One of the most critical areas of society that blockchain will disrupt is voting. Blockchain technology can be used for voter registration, identity verification, and electronic vote counting to ensure that only legitimate votes are counted and no votes are changed or removed. Creating an immutable publicly viewable ledger of recorded votes would be a massive step forward in making the election more fair and democratic.
Government systems are often slow, opaque, and prone to corruption. Implementing blockchain based system can significantly reduce bureaucracy and increase security, efficiency, and transparency of government operation. Dubai is aiming to put all its government documents on the blockchain by 2020.
Healthcare, another industry that relies on legacy systems and is ripe for disruption. One of the challenges hospitals face is lack of a secure platform to store and share data. They are also often victims of hacking because of outdated infrastructure. Blockchain can help hospitals safely store medical records and share them with authorized doctors or patients. This will improve data security and can even help improve accuracy and speed of diagnosis.