Many people have heard about blockchain technology being a big game changer. Unfortunately, not so many have witnessed the real benefits of this disruptive tech yet. The majority still see it as nifty technology that is yet to showcase its practical applications.
The 2018 has been a year of increased funding for blockchain startups in various sectors. Like most new tech, blockchain has been sluggish in practical implementation, a case that has seen some folks claim that it is a waste of time and money.
With the current disruptions, however, business owners and investors should understand that soon blockchain will be widely adopted solution to most business challenges. To put it briefly, this technology will affect every aspect of a business.
Currently, traditional businesses are keeping a close eye on this tech, but only a few are taking the risk with bold steps in the adoption. The slow adoption rate is a result of the lack of information available to business owners from non-IT sectors.
The new digital startups spearhead the disruption of blockchain technology. They seek to resolve existing issues in innovative, blockchain-based ways. Currently, such startups spun across a number of different industries.
Startups such as BlockCypher, REMME, Ripple, and Gatecoin are good examples. These companies try to approach old, notorious money transfer issues in the entirely new way, and so far have been quite successful.
Clause, Blockfreight, Skuchain, and Earth Bening are some of the businesses implementing blockchain in the supply chain management sector. They seek to reduce or eliminate fraud as well as increase customer engagement.
There are more businesses and startups in different industrial sectors including the Internet of Things (IoT). In this industry, you will come across interesting companies such as Slock.it, Filament, and IOTA, among others.
Although there is still a lot of uncertainty among investors, blockchain is undoubtedly going to be the biggest tech talk heading into 2019 and beyond. For more information on the blockchain disruptions, you can check out the infographic below and get a glimpse of which industries are more likely to be affected.