In this guide, find out how blockchain developers are helping these four markets to transform and evolve with the technology.
Blockchain technology is relatively new and enough to be scary. And powerful enough to be interesting. Blockchain developers who intend to develop for cutting-edge markets, before anything else must consider who can get the most benefits of Blockchain's features. If we take these three advantages we have mentioned in our previous blog (speed, resiliency, and security), here is a list of markets that come to mind.
Like many other necessary things, data security is also essential in the healthcare industry. Further, couple it with the requirement for multiple parties to gain rapid access to huge data sets, and you may start to outline a prescription for blockchain. In fact, there are already around eight startups that vision bringing blockchain solutions to healthcare facilities, medical research labs, and disease management programs. While the field is now open for new opportunities, fierce competition is foreseen.
This area doesn't crisscross mind and perhaps it might not be at the top of your list when looking for emerging markets for Blockchain, but it needs to be. In fact, game developers have already developed games that seamlessly run on blockchain technology. It's because Blockchain enhances and makes it easier to incorporate prominent asset-sharing and purchasing features within games.
Although the rise of blockchain technology as a gaming platform is still in the initial stage, blockchain developers who can find out how to get the best out of it will benefit from this ever-alluring gaming market. As well as, gamers' love for technology makes them a preferred test market for new, innovative platforms.
Another industry that nobody thought can be disrupted by blockchain's fin-tech solutions is the insurance industry. However, prejudicing that the fin-tech tidal wave could pass them by unscathed is neither practical nor self-preserving.
Today, developers have some innovative and intriguing ideas on how to use blockchain technology in the insurance business. And for sure they're not playing around.
By embracing the seemingly endless capability of blockchain technology, fin-tech can help form new insurance models.
Also, Explore | A Detailed Review of The Emergence of Blockchain 4.0
A peer-to-peer (P2P) insurance model can bring greater advantages at lower premiums since there will be no agent or single authority working for the interests of an insurance firm.
Parametric insurance can pay policyholders not only by assessing the entire loss but by determining a few triggers. For instance, a policyholder whose property has got damaged by a hurricane can be paid money based on the hurricane's category. In addition, such agreements with reservations can be well-encouraged using smart contracts.
Decentralized storehouses for reserving policies, especially when shared by various agencies, could aid in reducing insurance fraud. While this actually may not seem disruptive, enabling insurers to disperse information on a shared database (shared ledger) could impact the insurance landscape and its customer in many positive ways.
While it's true that law enforcement agencies are coming together to fight criminal activities on the Bitcoin blockchain, they also seem to have realized the benefits Blockchain technology can bring to them in their day-to-day operations.
The ever-increasing need for high-level security and the persisting requirement for multiple agencies to access huge datasets quickly, make law enforcement one of the ideal areas for Blockchain. Penetration may be hard, but sooner or later it will gonna happen.
Most importantly, law enforcement does not likely accept radical transformations to infrastructure. Therefore, blockchain developers who can come up with viable solutions to this new market early may take the most market share. In a nutshell, the market may be open for everyone now, but don't perceive it to be receptive to late-comers arriving after those viable solutions are being implemented or already have been.
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