As blockchain has taken over the tech world, numerous entrepreneurs have been trying to stake their part in being the next unicorn. This has led to a wave of innovation and new creations coming about, which a lot of industries have been keeping their eye on. And if you’ve been excited to check out what’s going on in crypto, there are a few front runners you should keep your sights within. Check them out below:
If there’s one industry that crypto could see some positive gains with, it’s implementing automated contracts. As noted by UpWork, 57.3 million people are currently freelancing in some capacity, which goes to show the sheer size to which the gig economy has grown. However, a lot of people that work gigs often can be cheated by bad actors, particularly in instances where they’re paid less or not at all for the work they’ve put in. That’s why the blockchain could be such a great addition.
With the blockchain, the contract would be automatically executed, giving those that signed off on it each end they were promised. Aside from the lawyer Aaron Kelly’s system for creating contracts, there aren’t a lot of automated, smart contract solutions on the market so far. This could be something the blockchain could completely transform, as it provides a way for contractors to be protected moving forward.
Another industry that a lot of people have been excited about seeing take off on the blockchain is with healthcare, particularly with file management and security. As healthcare providers have to send patient information between one another, the simple administrative or managerial mistakes can cost quite a bit. In fact, according to Get Referral MD, 86 percent of mistakes made in the healthcare industry are administrative, which goes to show that this is a system that’s largely broken, where the blockchain could be the perfect solution.
With a health records blockchain, patient data will not only be safe and secure but also accessible to a large network of providers. Additionally, labs will be able to cross-reference data, giving them a full scope of a problem on a larger scale. All-in-all, the healthcare industry could see some major shake-up from the blockchain and should be something to be mindful in the coming years.
As something nearly all of us rely on, it’s no wonder that some people are trying to disrupt the freight industry with blockchain’s great system for proof-of-ownership. As noted in BusinessInsider, with $726 billion in cargo every year for the US, this is a field with massive potential, and only a few companies are working to develop a freight coin out of the gate. However, don’t be surprised if you hear more about how these companies could potentially bring the cost of all our goods and services down.
Although a relatively new field in general, crypto collectibles are an industry that could be making a permanent place soon. Since the blockchain can provide proof-of-ownership, we can trace where collectibles came from, as well as at what price point they sold for. This concept has so far been an early success, with things like Crypto Kitties generating millions of dollars in their ecosystem, as noted by TechCrunch. And as an industry that’s already seen some early success, don’t be surprised if crypto collectibles become an innovation everyone is trying to get their hands on.
The Marijuana Industry
Finally, while not a permanent fix, blockchain and crypto have been discussed as an early solution to help fix the legal marijuana industry’s payment problems. This has been something crypto has been through money at early, which as noted by Coinschedule with 7.5 percent of total ICO money being distributed towards payments last year, this is one industry that’s on the rise. Yes, with both the marijuana and payments industry potentially playing an effect, this is one field to keep your eyes on.
The biggest reason why so many people are intrigued with this industry is that it allows an industry that’s growing in size to protect their money. As marijuana companies can’t work with banks or credit cards, they have to rely on expensive security companies to save on their cash. With crypto, these companies suddenly have an intermediary they can use to send and store funds electronically. And although no one has stuck out as the frontrunner yet, this is surely an industry to watch.
What are you most excited for that is currently happening in crypto? Comment with your answers below!