Most people think about cryptocurrencies such as the popular Bitcoin as separate entities which are indeed just iterations of existing financial instruments, but it goes deeper than that. It’s actually more about the underlying technology (the blockchain) which drives these technologies introduced to specific sectors and there are four major industries targeted by the block chain technology.
So what block chain is, is basically just a public ledger system which uses the processing power of many connected devices to essentially store records in a growing data repository. Basically all records of all transactions which were ever made are stored, such as financial transactions.
The financial sector
Cryptocurrencies probably had to be targeted to get the world’s attention as to what block chain technology can do, because in the process of adding your own device to be used as part of the joint computing power to create the mentioned growing repository of records, whoever offers up this computing power of their device can essentially earn the currency generated – Bitcoin. So it’s perhaps not a factor of the financial sector being a future target for the technology, because that’s happening right now!
The legal field
No, the block chain is probably not going to replace the entire staff working as part of the legal field, but I’m pretty sure anyone can see the value in efficiency of having a public ledger system storing and offering accessibility to important legal details that affect ongoing legal processes. It won’t be up to a judge to have come across a precedent for them to become aware of it, for example.
So the block chain will enhance the legal field, which is definitely a target.
Safety, Health and Environment (SHE)
Imagine being able to keep tabs on exactly when and where certain health and safety measures were either implemented correctly or were neglected. That’s what the block chain is bringing to Safety, Health and Environment (SHE).
Computer programming itself
Isn’t it just amazing how a certain piece of technology can effectively be brought into existence, only for it to be used to improve the very technology used to build it? That’s exactly what block chain is going to bring to computer programming itself, a process which is already under large-scale deployment as can be witnessed through group coding and collaborative projects that are analysed, graded, de-bugged, and implemented in real-time. Block chain is in a sense the Frankenstein of programming, particularly the AI (Artificial Intelligence) branch of programming.
So in conclusion, it may not be public knowledge to a large scale, but the industries which make for inevitable targets for the emerging block chain technology include the financial sector, where we’ve already seen cryptocurrencies like Bitcoin, the legal field, where professionals will have to tailor their services to specific markets such as operating as a workers compensation attorney in Fort Wayne, SHE, where human error will effectively be eradicated, and in computer programming itself, which is ironically the field which brought us the technology to be deployed in its own improvement.