Blockchain technology is an advanced method of transacting through which individuals enter instructions through inter-connected computers. The technology uses digital currencies where people in different parts of the world can transact with ease and high levels of security. It is expected that this type of advanced technology will bring disruption to various industries, some of which have been discussed below.

The Banking Industry

One of the industries that will experience extreme disruption and negative impacts is the banking industry. It is common knowledge that blockchain technology is a much safer method of transferring money from one person to another. This comes at a time when the banking industry has already been infiltrated by cyber criminals who have been stealing customers’ money by hacking bank systems. It has already come to the realization that blockchain system cannot collapse, which is an upgrade of the banking systems which have the tendency of collapsing occasionally.

Healthcare Sector

Traditionally, health records have been stored in papers and stored in files at a particular hospital. This method has not been very reliable as people may change their location or some important health information might be lost. Blockchain technology will play a vital role in storing hospital records where individuals can have them on their smartphone on the go. This means that a person can access his health records at any given time, which can be important when solving critical health conditions.

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