Three Sectors That Will Be Positively Impacted By Blockchain Technology

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Research firm Markets and Markets has predicted that the market for products and services that are related to blockchain technology will be worth $7.7 billion by the year 2022 having grown from a size of $242 million as of last year. While big tech and big banks are expected to be the major beneficiaries of the decentralized ledger technology there are also other sectors that will be positively impacted too.

One of the sectors that is likely to benefit from the blockchain technology is health care. This is especially with regards to medical records, supply chains as well as smart contracts. An example of how this could transpire is demonstrated by MedRec, an initiative backed by the Massachusetts Institute of Technology, which aims to record family medical history that can then be passed from one generation to another. MedRec runs on the blockchain implementation of Ethereum (ETH) and also employs its smart contract technology to allow for the execution of scripts.

Music industry

Music is another sector that is also set to benefit from the blockchain technology. One example of a blockchain-based platform that focuses on the music industry is Myceria. The platform allows the pushing of smart contracts by musicians so that free-trade music can be shared with the profits being remitted to the content creators. With these smart contracts musicians are able to sell to consumers directly without requiring intermediaries such as accountants, lawyers or record labels as the payment of royalties is automatic.

Yet another example of blockchain technology in the music industry is the SingularDTV entertainment studio. The aim of the studio is to develop an entertainment-app ecosystem which is based on the Ethereum blockchain implementation and consequently empower artists to make music independent of corporate bureaucracy.

Academic credentials

Besides music and health care, human resource professionals will also greatly benefit from blockchain technology. A lot of time is spent by HR professionals in the verification of employment and academic histories of potential recruits for instance. Thus one of the ways the blockchain technology could assist is increasing transparency and help in the identification of lies with regards to employee credentials. A survey conducted by career site Careerbuilder for instance indicated that approximately 58% of employers had come across a lie on a curriculum vitae.