In 2017, the world has shown a tendency to adopt blockchain and cryptocurrencies more often. In 2018, this trend continues – not only didn’t the correction phase on the crypto market weaken the interest, but it led to the increasing attention to how the blockchain technology can be implemented outside finances.
Analysts have published various reports with forecasts up to 2025. It’s impossible to make indubitable predictions due to the highly innovative nature of blockchain, but we can get a general idea. Let’s see which industries will be affected the most during the next years and what are the possible results of such processes.
Businesses to be destroyed
Some traditional industries may even disappear. Most likely, new technologies will form new systems on the basis of the old ones.
Blockchain allows transferring digital money using peer-to-peer systems which record every transaction. Cryptocurrency was namely designed to replace traditional money transfers. Users create private crypto wallets which are similar to bank accounts but don’t have any central authority and function without intermediaries. They freely transfer cryptocurrency across the border, invest in it to get huge returns, and even trade it against fiat money at dedicated websites. If you take a quick look at Katie Wager’s list of such sites, you will understand that cryptocurrency has introduced as to a whole new economy.
Currently, there are numerous crypto projects that offer way more solutions that just dealing with money. But still, those that are focused on financial transactions are in highest demand. They can be divided into two large groups:
- Disruptive projects. They aim to replace traditional banks and payment processors with new global networks. Example: Bitcoin.
- Cooperative projects. They want to collaborate with existing systems. Example: Ripple.
Now, banks rule the world because the majority of people are more familiar with them than with blockchain. If the technology continues to expand, people will probably switch to crypto as a more secure and simple way of managing finances.
2. Payment processors
Payment processors are third-parties which help merchants handle transactions. They facilitate the exchange between the banks of customers and vendors. The problem is that they slow down transactions and charge extra fees.
With the blockchain integration, people will be able to pay directly without middlemen. This type of payment network is unified: users send crypto, miners verify deals, and merchants receive coins. Numerous services like Bitt facilitate transactions.
Another crucial thing about blockchain relates to the trust. The decentralized system records data and makes it unchangeable. With all guarantees being public, this could bring traditional companies related to verification and certification to an end. Industries related to these processes and lawyers working in this domain are in danger. Check some blockchain-based examples: EmerCoin offers a digital proof of ownership, Block Verify proves that products aren’t counterfeited.
Industries to be transformed
While finances may be totally rebuilt thanks to cryptocurrencies, there are several industries that will be not so radically reshaped. We’ve selected some of the most promising businesses to implement blockchain by 2025.
This industry is one of the most active in terms of blockchain adoption. There are so many solutions: VIBE builds the market for VR/AR content creators, SingularDTV is a decentralized video distribution platform, BitTicket sells tickets to various events, vDice is the most famous casino powered by blockchain.
Blockchain facilitates the content distribution, making it direct and personalized. Projects like Steem or Theta allow media companies to monetize their content and grow the community.
With a depletion of resources and climate change threats, energy matters are becoming essential. The modern energy industry is based on fossils but slowly moves to renewable sources and sustainable systems. Startups like Grid+ and Conjoule allow for smarter management of the energy we consume.
Apart from providing decentralized energy exchange, blockchain-based companies can control the impacts on the environment. Smart contracts can maintain the entire process of generating energy with the perfect balance between demand and supply, making factories more efficient.
The idea of decentralized elections may be truly revolutionary. Traditional systems are biased and leave enough space to fake the results. Blockchain platforms for elections record live results, visible for everybody. Nobody can manipulate the numbers to change the final choice. In the Swiss city of Zug, the community has already conducted successful blockchain-based voting.
The general trend
There are two complex reports on the future prospects of blockchain in different industries, from
MarketsandMarkets and ReportLinker. They predict that the market of blockchain-powered projects will reach $566.2 million by 2025. This technology will most likely transform logistics and supply chain industries, as well as energy and power. The US, China, and Canada will be among the leaders in the blockchain solutions implementation.
Analytics highlight three key trends:
- Blockchain-as-a-Service solutions (cloud systems for developers with which they can create, host, and share apps)
- Simplifying businesses (making companies more transparent and convenient)
- Lowering costs and fees (highly efficient productions)
A lot remains to be seen, but what is definite is that blockchain will be more and more integrated into different areas of life. With more people becoming engaged, influential industries will be completely reshaped or even destroyed by this emerging technology.