The impact of blockchain

Blockchain is revolutionising the world as we know it today. While it was originally designed to facilitate the transfer of cryptocurrencies, it is no longer solely connected to fintech. Nearly every industry is benefiting from the technology, from the public sector to healthcare and the travel industry.

With World Blockchain Forum hosted in London two weeks ago, and Blockchain Live coming up later this month, September has proven to be the month of the fintech. Not just in the UK, but all over the world. We have been seeing more and more blockchain based conferences and forums hosted, while the technology's influence is an increasingly hot topic in international media.

Investoo Group, one of the largest financial lead generation companies in the world, has therefore decided to share insights into 5 ways blockchain technology is impacting society.

We've also highlighted five markets that blockchain will transform

1. Multinational corporations adopting blockchain

As influential multinational corporations such as EY and IBM adapt digital currency payment networks, they solidify the fact that blockchain is not going anywhere in the near future. Leading businesses are no longer able to ignore its crucial benefits, especially within the financial sector. With some companies still experimenting with the technology through program testing, others have proudly integrated it into their systems including JPMorgan and Microsoft.

2. The growth of global acceptance

We have also seen more sceptical nations including China and Iran beginning to be more open towards the technology. Even though China has expressed previous reservations on cryptocurrency, The People's Bank of China has now adopted the testing phase of their trade finance blockchain platform. Iran has also accepted crypto mining as an industry earlier this month.

3. Impacting the UN's sustainable goals

Proving it’s crucial global impact, blockchain is helping leading organisation the United Nations, reach their sustainable development goals by 2020. Influential UN programmes are experiencing hugely beneficial advancements in their technology including the World Food Programme’s Building Block. 100,000 Syrian refugees in Pakistan and Jordan have successfully received assistance through the programme as of January 2018 according to the Forbes Technology Council.

4. Revolutionizing healthcare

Blockchain provides major advantages for the healthcare sector, which has actively integrated it in their data record systems. Thanks to such advancements, a higher standard of healthcare could be developed within the sector. From enhancing the ability to collect and analyse medical data, to ensuring the secure privacy of individuals’ records, the technology provides critical improvements and developments.

5. Influencing the travel industry

Blockchain has successfully advanced into the global travel industry. Many airlines and hotel companies, including Lufthansa and citizenM hotels, have incorporated its technology while dealing with customer transactions. Luggage may be tracked in a more simplified way thanks to blockchain, while rapidly speeding up identification services, saving time and increasing efficiency.

Based on the above, we expect the technology’s global influence to continue to grow and expand as the innovation becomes an authoritative figure in problem-solving processes across all industries.

David Merry, CEO of Investoo Group