For those just beginning to understand blockchain technology, it may seem that its that same thing cryptocurrency, particularly Bitcoin. What's lesser understood is that blockchain is not cryptocurrency, merely the technology that allows cryptocurrencies to exist.

A 2018 report by ResearchandMarkets expects the overall blockchain market to be worth $7.8 million by 2022. IHS Market offers even more optimistic numbers in a 2018 analysis predicting the business value of blockchain. According to IHS the cost savings and efficiencies brought about by implementing blockchain across various industries are projected to increase from $2.5 billion in 2017 to $2.0 trillion in 2030.

In reality blockchain is enabling more than just anonymous financial transactions. The distributed ledger technology, which spreads an encrypted database across all users on any network, offers enhancements in encryption and automation that could have a major impact on a variety of industries – some of which may be very surprising.

Take a look at eight key industries that are already being transformed by blockchain:

RELATED ARTICLES:

Chris Wiltz is a Senior Editor at  Design News covering emerging technologies including AI, VR/AR, blockchain, and robotics.