Here are the Industries That will be Disrupted by Blockchain Technology

This blog post offers insights on the industries that will be disrupted by blockchain technology. The sooner consumers and brand builders understand the potential of blockchain technology and how it will impact their lives, the sooner they can start to take action to become an early blockchain adopter. If your target audience looks to you for business, blockchain or cryptocurrency advice, read on to discover helpful information you can share with your followers.

According to data from Statista Research, the blockchain technology industry is expected $2 billion (U.S.) by 2021 (statista.com/statistics/647231worldwide-blockchain-technology) This conservative estimate shows the grand scale of blockchain and just how large a financial impact it will have on the future of business. A growing number of industries are starting to wake up to the fact that their way of doing business will likely be changed drastically via blockchain technology. No longer will corporations and governments be able to sit back and say “that’s the way we’ve always done it.” Peer-to-peer transactions via blockchain-enabled the world, consider how the following industries destined for disruption by this technology.

Financial Services

One of the first industries likely to be disrupted by blockchain technology is the financial services sector. Everything from banks to lending agencies and credit card companies could potentially find their way of doing business entirely upended by customers opting for blockchain businesses in the market. The ability to make transparent transaction is especially appealing to cost-conscious consumers.

Automotive

Automotive dealership owners and managers should be concerned. Not only do they have to compete against ride-sharing companies and autonomous vehicles, but they will also soon have to worry about blockchain-based vehicle ownership. Instead of consumers securing a loan or paying cash for their vehicle purchase, they may soon be able to complete all vehicle purchasing transactions via blockchain technology. Imagine being able to purchase shares in a vehicle and have the ownership rights to your portion of it detailed via blockchain transactions. Instead owning 100% of a car, you merely pay for part of it.