Where blockchain technology is most disruptive is the industry that can benefit the most by this emerging technology. The global financial services sector is worth approximately 20-25% of the world economy and traditional financial businesses are winners when they are using blockchain technology. This technology which is a key component of the fourth industrial revolution can facilitate cross-border payments and an entire decentralized, bank free, financial system is being built. But even the biggest traditional banks regard blockchain technology to be a key component to improve their business.
The enormous global supply chain management industry (worth USD 16.64 billion in 2021) will blossom by using blockchain technology. Blockchain technology can improve the transparency and security of the transportation process and increase efficiency of services. In fact, the entire production process including details about the product and its delivery can be tracked, traced, and validated by a blockchain. This technology ensures that data is not tampered with which increase trustworthiness of the goods and of the cargo company.
A clear winner by using blockchain technology is the medical sector that can use blockchain technology to create secure systems for storing and sharing medical records. To improve public health, medical establishments and governments should seriously consider using blockchain technology to improve the efficiency of healthcare delivery. Any medical staff would argue that one system for the entire medical sector will increase efficiency of treatment and decrease administrational costs.
Moreover, governments and authorities are using blockchain technology to store and verify digital identification information and to deliver a digital monetary system. This is the biggest area in which blockchain technology may be a severe cause of concern as digital identifications and digital money may infringe on privacy if not properly constructed and managed. But using blockchain technology for digital identification and e-money will be inevitable components of the future and doing it right will be crucial.
Businesses that do not embrace blockchain technology will suffer from less effective, more costly, and less secure services. Traditional cargo companies will be less effective and therefore lose market share to competitors who are evolving and up to date with technology. Public health will suffer due to ineffective healthcare, and problems of lack of financial inclusion will continue. Moving away from paper fiat money and into e-money is a must to function in modern society and blockchain technology is the solution. Businesses will go bust for not following the trend of digitalization of society.
The digital future is already here and only the tech-savvy actor will enjoy the fruits of keeping up with the fourth industrial revolution.