Security

Out with the old: How blockchain is disrupting industries with "old-fashioned" systems

Riot Blockchain CEO John O'Rourke explains how blockchain technology is transforming the way industries operate, and store information.

Blockchain is disrupting multiple industries from real estate to banking to Wall street.

TechRepublic's Dan Patterson met with CEO of Riot Blockchain, John O'Rourke to discuss some of the industries that are embracing blockchain technology, and how they're using it to their advantage.

Most industries that make use of this technology are industries that are "antiquated in how they're run," said O'Rourke. Telecommunications and healthcare are two big examples of industries that are modernizing how they operate.

SEE: IT leader's guide to the blockchain (Tech Pro Research)

In telecom, there can be six different middlemen between a buyer and supplier. O'Rourke explained how people in the industry developed a token technology where all the funds are held in a trust account, and they have their own blockchain technology system that allows them to bypass the middlemen.

In healthcare, medical records are being digitized and put on a blockchain, so they can be viewed with one click, rather than medical professionals sorting through tons of paperwork.

Government is another area with old school systems in place that could benefit from blockchain technology, he added.

"Just like the internet disrupted the transfer of information...I think the blockchain is going to disrupt transactions, and everything we do," O'Rourke said.


Also see

healthcare.jpg
Image: iStock/shansekala

About Leah Brown

Leah Brown is the Associate Social Media Editor for TechRepublic. She manages and develops social strategies for TechRepublic and Tech Pro Research.

Editor's Picks

Free Newsletters, In your Inbox