Industries that will be disrupted by Blockchain Technology.
On November 3rd and 4th, Indonesia will be hosting the largest Blockchain Conference in the Country. The event will occur in Jakarta where more than 1000 dedicated Blockchain industry attendees across key industries will gather together with business decision makers, tech innovators and investors to focus on the growth Blockchain Technology. There are a number of industries that Blockchain Technology is set to disrupt which will be presented during the South East Asia Blockchain Summit 2018.
Some of the industries that will be disrupted by Blockchain Technology include;
Music;
The music industry faces a long list of challenges especially when it comes to artists getting value for their hard work. On producing a song, artists use intermediaries to distribute it to consumers. These intermediaries have distribution hubs from which music is downloaded by the fans. They retain a large percentage of the artists' revenue for the distribution which is very costly on the side of the artists who do much of the hard work.
Blockchain technology uses a peer-to-peer way of networking which enables artists to distribute their music directly to the consumers without the need of an intermediary. The consumers make direct payments to the artists thus increasing their profits. There are a lot more ways Blockchain Technology is set to revolutionize the music industry for example when it comes to copyright ownership, rights management, ticketing for events.
Healthcare;
The system used by the healthcare sector makes it hard for medical personnel to access information of patients. Different doctors work on patients and mishandle their medical records all because of poor record keeping. This makes it hard to retrieve the medical history of a patient when it needs to be assessed.
Blockchain Technology gives a long lasting solution to this challenge by ensuring safe storage of patients' medical records which can only be accessed with authorization using a private or public key. All medical personnel who work on the patients record the information on their respective blockchains. This ensures secure and easy access to the records when a medical personnel needs them.
Real Estate;
Acquiring property for example a house is usually very frustrating because of the huge amount of paper work involved. This, on top of the middle men who act as brokers makes the process long and costly as there are fees for every paper work stage. Blockchain Technology ensures that transactions are recorded on the blockchain thus eliminating the middlemen and the huge amount of paper work required. The transactions stored on the blockchain too can not be modified making it hard for fraudsters to get their way in.
Government;
Corruption in governments has affected service delivery in multitudes of countries around the World. The systems are not transparent enough to track officials that misuse funds allocated to serve the public. Blockchain Technology has a huge potential to overcome this challenge by providing a transparent system which records all transactions. This ensures proper accountability of funds, and makes it easier to track down culprits who misuse them. On addition to the transparency, Blockchain Technology has the aspect of smart contracts which ensure that funds only get released when the conditions set for them are met thus making it difficult to divert the money.
Retail;
Blockchain Technology links buyers and sellers using smart contracts which don't require middlemen involved in the transactions. This eliminates the expenses incurred by the middlemen and attracts customers to traders without the concern of getting over charged on goods and services.
Blockchain Technology has huge potential to disrupt many more big industries as will be discussed at the South East Asia Blockchain Summit 2018 in Indonesia from November 3rd to 4th.
For more information about the South East Asia Blockchain summit 2018 in Indonesia, checkout;
· Project Website: http://southeastasiablockchain.com/#aboutsea
· Speakers: http://southeastasiablockchain.com/#speakersea
· Promotional Video: https://www.youtube.com/watch?v=SiVm2RO51bE
· Facebook Event: https://www.facebook.com/events/330829530808430/
