The future of the adoption of blockchains
In this section, we will learn about the real-world implications of blockchain technology, how it will affect various industries and its effects on social and cultural aspects.
Industries disrupted
Blockchains provide a secure representation of real-world assets in the digital realm, thanks to their cryptographic security. This introduces a revolutionary perspective across all industries.
The following use industries are well covered by blockchains:
- Banking and finance
- Healthcare and medicare
- Supply chains and warehousing
- Governance and policy-making
- NGOs, associations, and institutions
Many of these industries are getting disrupted by blockchain technology simply because it adds trust, security, and decentralization, creating a win–win solution for all the parties involved in the ecosystem.
Sociocultural and economic changes
Apart from disrupting industries and bringing about technological change, efficiency, and effectiveness into the system, blockchains are also triggering social change, as it becomes easy to track whether all social strata are benefiting or if there are any individuals that are left behind. Applied with the right policymaking, they can ensure a reduction in economic disparity and wealth equality and ensure that economic welfare funds reach the intended audiences.
It is easy to see that applications and effects of blockchain technology go well beyond a few industries and can alter the way society and culture function at large, especially since blockchains allow the digital representation of real-world assets and thereby enable cross-border trading of these assets in a highly secure and efficient manner.
This is why it is important for engineers to gain expertise and a foothold in this new and upcoming technology.
