What is next big business centered around blockchain in 2020?

More than 80% of bank have adapted blockchain technology already. The idea of cutting down days of work to just 4 hours has impressed every business owner and entrepreneur. There is a research which says there are various industries that will be disrupted by blockchain technology by the year 2020.

The biggest fear that blockchain will make intermediaries obsolete. In the most usual case, there is always a middleman on which both the parties trust. However, in this case blockchain has completely eliminated the middlemen. Now the parties deal with each other through a secure network.

Blockchain is a big word around and by 2020 this will become the biggest technology after the internet. Blockchain Application Development company is the most beneficial aspect for any organization at this moment where one can restructure their entire organization build on this technology

One of the biggest examples, IBM is working with the government of Dubai. This company is aiming big in terms of developing smart contracts which will help facilitate major trades in Dubai. Knowing that Dubai is one of the biggest traders, blockchain technology is the best suitable for a place like dubai. This plan is led by The Chamber of Digital Commerce (CDC), which is leading the blockchain for a smart city by 2020.

Apart from planning a blockchain smart city, here are 5 industries that blockchain will disrupt predicted by the year 2020.

• Financial Services: When you think of transfer money what is better than banking and financial storehouses. With the help of blockchain technology, banking has become decentralized, secure and unhackable which means zero fraud. The first company to introduce blockchain bank is known to be Thought Machine.
• Voting/election Era: Voting is a messed up process right with so many allegations running across about misusing the election machine. Through blockchain voting becomes a simple yet secure process. This helps to authenticate every single voter’s identity. Blockchain also helps to keep track of every single vote and matches it with the voters that helped in eliminating duplicate voting.
• Streaming music: Everyone loves music and most of the time they prefer streaming however, this is a loss for the musicians as more than 80% is lost for illegal downloading. However, things have changed since blockchain technology is taking over the music industry. This technology lets artists earn royalties on their music creation. The first ever blockchain platform used for music was by artist Imogen Heap.
• Real Estate: Real estate is a big booming business for property dealers. Buying and selling property also depends on the economic situation and back falls. It can be a long process of paperwork and can also require a high broker fee. By introducing blockchain with real estate industry one can easily cut-down on the paperwork. You can track money and transfer property without waiting for months approval. It is still new in the industry however, a firm named Ubitquity is providing such a facility for people buying and selling property.
• Supply chain management: Middlemen have always played an important as they add more cost to the transfer of material from one destination to another. Here Smart contracts have helped in bringing traceability to the entire supply chain system. By making this industry more transparent with customers, offering secure payment channels, etc.

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