Top Industries Being Transformed by Blockchain

Even though there are still plenty of naysayers, blockchain is truly moving to change the world, with many industries already adopting blockchain solutions. To be clear, we aren’t just talking about stores that accept crypto; we are talking about businesses that have integrated blockchain technology into their daily operations.

Some of the largest industries utilizing blockchain in their operations include insurance companies, the gaming industry, and the finance industry. Read on to learn more about which industries are being transformed by blockchain.

1. The Gaming Industry

Perhaps the largest blockchain innovations have taken place in none other than the gaming industry. While gaming online was once a distant dream, it is now commonplace, and many casinos, like Mintdice.com, are using blockchain to make it happen.

While yes, this means there are cryptocurrency casinos, we also want to point out that fiat casinos have turned to using blockchain for verification purposes. Not only is it a secure method of verification, but it can also help casinos prevent certain malicious behavior thanks to its native characteristics. Honestly, we expect blockchain usage in gaming to increase in the coming years.

2. The Entertainment Industry

This may come as a surprise, but remember the games Axie Infinity and the Sandbox? Both utilize blockchain for world creation, player verification, and the purchase and sale of unique items. In fact, while these gaming worlds are fully decentralized thanks to blockchain, allowing everyone the chance to make their own digital world.

Like with gambling, we expect that blockchain usage in video games will continue to increase in the coming years. There are also rumors that the media industries will use blockchain in the future to prevent illegal downloading, but this is just a rumor right now.

3. The Finance Industry

This shouldn’t surprise you, as it seems like the news is flooded daily with corporations turning to blockchain investments and innovation, but it is important to note that integration goes far deeper than that. Many payment processors have started researching blockchain solutions, searching for ways to make person-to-person payments even safer.

Additionally, many large banks have begun looking into ways to secure loans with cryptocurrency. There are also blockchain ETFs on worldwide markets. While they focus mostly on Bitcoin and Ethereum right now, we expect the offerings to increase in the future.

This doesn’t even bring trading platforms into consideration, which were perhaps the first instance of blockchain usage in the financial industry (though they were built to facilitate cryptocurrency trades, which has a bit of a cross-out effect). Of course, in the time since, fiat institutions have begun using blockchain on their platforms as well, after seeing how easy it was for cryptocurrency companies to utilize the technology.

4. Internet Services

Internet services have perhaps the most innovation happening in the blockchain space; however, they rank fourth on our list because many of these services aren’t widely utilized. Examples include browsing, such as with MetaMask, using VPNs, like ProtonVPN, and more. Service providers have discovered that blockchain is one of the safest and easiest ways to create internet apps, and they aren’t wrong.

This goes even deeper with social media platforms like Mastodon and Odysee, both of which utilize blockchain in their architecture. Sadly, these platforms aren’t widely used yet, but we have hope for them in the future.

5. Healthcare Industry

The healthcare industry was one of the first to adopt blockchain because it filled a need. Hospitals and Doctors’ offices alike amass large amounts of paperwork and patient data—all of which they have to find a way to store safely. What was once a wall of files behind the reception is now a blockchain-based database.

Of course, this isn’t the case everywhere, and many brands have formulated their own databases, making it still a challenge to change doctors’ offices and to share records between general practitioners and specialists. We have hope, however, that continued development in this space, and in blockchain oracles, will one day enable blockchain to simplify data sharing (with patient permission) in healthcare.

6. Insurance Companies

When you think about it, blockchain makes sense in the insurance industry, and it’s a wonder we haven’t come up with the solution sooner. Smart contracts are perfectly suited for the insurance industry, enabling individuals to submit claims while providing both the adjuster and the shop issuing the quote with the necessary information. The claim can then be moved through the repair process automatically, moving to the next step when the previous one is complete.

Blockchain in the insurance industry also reduces fraud, which has been a massive issue in previous years. We expect blockchain to further automate the insurance industry in the future.

7. Crowdfunding

Crowdfunding is currently on the rise, with everything from artists to authors using platforms like Kickstarter to gauge interest (and collect payments) needed to complete future projects. Believe it or not, many of these platforms utilize blockchain, allowing individuals automatic payments when goals are completed, and automatic refunds to customers if a project goal isn’t reached.

We know crowdfunding is a blip on the radar in most people’s lives, but we are glad that there are blockchain ledgers keeping track of the process and smart contracts streamlining the process.

8. The Food Industry

The largest application of blockchain to date has been in food supply chains, which has leaked this technology into all sorts of industries we don’t have the space to list here. That being said, we believe the food industry, namely restaurants and grocery stores, has benefited the most from these innovations and utilizes them the most widely.

Blockchain provides an insane level of supply chain automation, allowing each aspect of the chain to operate autonomously before moving to the next aspect of the chain. The reason this is last on the list is because most individuals in the food industry don’t even realize this is going on, and we aren’t certain it is used by all brands. Just know, if you work in the food industry and you check the location/progress of your food next shipment, you might have blockchain to thank.