Innovate or Die; Six Industries That Are Most Vulnerable
Given time, things change. As technology continues to accelerate, we discover new ways of doing things. New technology disrupts old industries we probably never thought would change. For instance, we now swipe the digital pages of an eBook, and self-driving cars will soon hit the market.
Why are disruption and innovation important? To answer this question, we need to look at the disruption that’s happening today in order to understand where we are headed. Blockchain technology was the brainchild of developers who believed that the current banking system was flawed. In particular, they viewed the role played by banks as third parties as unnecessary. With the advent of blockchain technology, real-time transactions have been made possible, while greatly reducing the role played by banks.
So, what are enterprise companies doing about blockchain-powered disruption?
Industry leaders are most definitely not happy with startups making waves in their respective industries. Many large corporate entities have acknowledged that blockchain technology poses a threat to their industry and are already addressing it.
Big Blue (IBM), for instance, has an abundance of resources and is starting to use them to get ahead. In 2017, IBM unveiled a new product, “Blockchain as a Service”, which is a public cloud service that allows clients to build secure blockchain systems.
The wave of blockchain-powered disruption in many industries has dramatically changed the views of many enterprises, who are now considering using the technology in their operations.
Here are some of the affected industries:
- Medical record keeping
The pharmaceutical industry uses blockchain for secure and convenient storing of patient data. The patient can access and control access to their data.
- Equity trading
Blockchain technology is changing how we buy and sell stocks by validating and settling transactions, eliminating the multi-day wait time in the current system.
- Energy futures trading
Similar to the benefits on equity traders, blockchain can settle futures trading considerably faster, and make logging of resources efficient, all while maintaining regulatory compliance.
- The Internet of Things (IoT)
Cisco Systems introduced a blockchain-based application to monitor their IoT devices. Their IoT devices can send and receive data and determine the trustworthiness of devices on a system.
- Tracking prescription drugs
Blockchain could monitor prescription medicines by tracking products based on serial and batch numbers. Merck & Co., the pharmaceutical giant, is testing such a system for prescription drug returns.
- Real estate industry
With blockchain, users can store land titles on a network, seamlessly transfer titles, and protect legal ownership of real estate and land.
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