Industries Affected by the Blockchain Technology [INFOGRAPHIC]

The blockchain technology represents a pretty advanced system that among other things, allows funds, invoice, and document transactions.  The whole process is done across a P2P network which provides enhanced security and full anonymity for all parties involved.

Transactions are conducted using cryptocurrencies that leave no personal details attached. These are just some of the reasons why the entire cryptocurrency market is estimated to hit a $1 trillion valuation this year – it’s a serious business.

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16 different industries are using blockchain technology.

To get you acquainted with how blockchain is changing the market as we speak, the team behind BitFortune has recently published a handy infographic. This infographic provides some insights into how 16 different industries are using blockchain technology for their businesses and what benefits it gives them.

One-third of C-level executives are now reportedly thinking about implementing the blockchain technology, while 13% of senior IT leaders are also seriously considering that option. Meanwhile, 80% of bankers said they expect blockchain technology to be commercially adopted by 2020.

Top 3 Industries Affected by the Blockchain Technology
We’re going to discuss some of the most affected industries and markets where blockchain could do wonders for all parties involved. Unfortunately, we can’t list them all, but here’s how some industries are incorporating blockchain into their business.

1. The Charity Industry
One of the many benefits to blockchain is the added level of transparency and security. Those in the charity industry need to make every purchase or transaction accounted for, and blockchain can turn this into a much smoother process. The Water Project and Save the Children are already using blockchain technology for their charitable affairs.

2. Supply Chain Management
Blockchain can help to reduce the number of errors and potential security threats dramatically. The advanced technology also allows for a more efficient process. Moreover, an industry giant FedEx has already announced plans to incorporate blockchain into its customer satisfaction processes shortly.

3. Real Estate
Blockchain cuts out the need for third parties, such as banks. Consequently, this innovative technology can help reduce the costs involved. Property investors are already using the technology to receive automatic payments as well as to distribute secure and transparent smart contracts. One example of blockchain being used within the industry was in 2014 when Lake Tahoe was bought for 2,739 bitcoins (the equivalent of $1.6m).

To find out how blockchain is being used to impact various industries positively, take a look at the infographic below.
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