Economical sectors affected by cryptocurrencies

BANKING AND PAYMENTS 

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Considering what the internet did to media, the blockchain and the cryptocurrency invention is likely to kill this industry in the same way. Blockchain technology can be used to give access to banking services to billions of people around the world including those that do not have access to the modern banking services, it allows one to send money to any account around the world charging low transaction fees. This invention has served as an emergency red light to the industry hence different financial institutions like Barclays or Equity are quickly adapting to the new invention by investing in blockchain projects and start-ups, numbers say that more than 30% of the banks will be using the blockchain technology by the end of 2020 

CYBER SECURITY 

Data in block chain industry is highly secured and verified using cryptography even though the ledgers are made public, making it resistant to any form of unauthorized changes and hacks, eliminating the work performed by middlemen in the cybersecurity sector. 

 SUPPLY CHAIN MANAGEMENT  

Transactions that are made using the block chain technology are documented in a decentralized area and frequently monitored for security and transparency hence greatly reducing the amount of time and cost inefficiencies due to human error. It also monitors the human resource management and amount of emission that are produced in the industry creating a clear understanding of the environment and ways to conserve it. It also tracks the movement of products or assets from the buyer to the seller, creating a clear authenticity in the trade status of some of the blockchain industries involved here are Skuchain, Fluent, and Blockverify 

FORECASTING 

The blockchain industry will change the whole approach to research, consulting, analysis and forecasting. Organizations like Augur are working on creating globally decentralized prediction markets in the sector this platform can be used to place and monitor unpredicted events like bets, stocks or even elections  

NETWORKING AND IOT (INTERNET OF THINGS) 

Companies like Ssung and IBM want to create a decentralized network of IOT devices using the blockchain hence eliminating the need for a central location to handle communications for IOT devices