Thanks to startups using blockchain technology, traditional businesses are starting to consider its potential benefits. We first learned about it in the cryptocurrency industry. Blockchain is an electronic ledger that records a high volume of digital transactions. It uses cryptography to verify and secure transactions. Since it has the capability to store data and is resistant to fraud, it makes sense that other industries would want to capitalize on it. Let’s take a look at some of the industries that will be disrupted by blockchain.

Banking — Blockchain is used for making secure transactions, so it is no surprise it would disrupt the banking industry. In addition to transactions, data can be sent in a similar fashion. Sensitive bank information can be sent using encryption for an added layer of protection besides being on a decentralized server. Also, banks can store a high volume of bank records and transactions can be sent faster and cheaper.

Real Estate — Blockchain technology can do a great deal that would reduce the role of real estate agents and mortgage brokers, especially when it comes to contracts and titles. Smart contracts can be created between the buyer and seller without an agent. The buyer and seller input the necessary information, which is stored on a “100% encrypted and secured block.” They can be set up to be executed only when certain conditions are met (e.g. funding) as well. This speeds up the process, eliminates escrow and prevents fraud as well as reduces costs and labor. And cryptocurrency will be used to sell assets on the secondary markets through tokenization, which will benefit investors.

Legal Industry — The legal industry has a great deal of documents and contracts that need to be securely stored and retrieved. A key function of blockchain is verification. This will be extremely beneficial when it comes to details in contracts. Once they are verified by both parties and then stored, there would be no risk of the contract being altered, especially with digital inheritances. It would also help in the chain of custody. This is essentially a paper trail created for each piece of evidence. Aside from reducing the amount of paperwork, blockchain technology would secure the paper trail, especially for digital evidence (e.g. files).

The main benefit of using blockchain technology in these industries is the elimination of intermediaries. Transactions could be made personally without the cost of using a third-party business for processing (e.g. banks). Like cryptocurrency, blockchain will change how we make purchases and reshape many processes. It will provide more choices and save us time and money.