3 key industries you didn't know blockchain technology and cryptocurrency is set to disrupt

When people think about cryptocurrency and blockchain technology they invariably think Bitcoin, however the space is so much broader and far reaching than one cryptocurrency. Although the technology is still relatively new when compared to the internet as a whole, it has already proved it’s ready for wider usage. In this article I will introduce you to 3 industries you probably didn't know are set to be disrupted by blockchain technology and the cryptocurrency revolution.

What is blockchain technology?

Ok, before we explore the 3 industries that I have selected let's take a quick look at what blockchain actually is. Well, simply put it is a chain of blocks. The chain is a effectively a large public database and the blocks are buckets of digital information.

Let's dig a little deeper. In a similar way that you may use a regular database the blocks in the chain are used to store transactional data, such as date, time, and the currency denominated amount of sales. Instead of using an identifier like 'purchaser names', each block is given a unique digital code, called a “hash.” When a purchase is made for example, a network of computers verifies the details of the transaction and stores the information in a block. Once it is verified and given a hash, the block is then added to a chain.

What makes blockchain technology different from traditional databases is that copies of the blockchain are spread across a vast array of computers networks, which makes it extremely secure. Furthermore the code and data can’t be altered or deleted.

Blockchains have evolved to not only store large amounts of transactional data but they also utilise smart contracts, which are also referred to as self-executing contracts.

Just like any contract, a smart contract establishes the terms of an agreement. But unlike a traditional contract, a smart contract’s terms are executed as code running on a blockchain. Smart contracts allow developers to build apps that take advantage of the blockchain security, reliability, and accessibility while offering sophisticated peer-to-peer functionality which is why they are so powerful and will find their way into a wide range of different industries.