Blockchain, the technology underlying the cryptocurrencies has become the new go-to technology by governments and institutions all over the globe. Most Commonly associated with Bitcoin among other cryptocurrencies, these might showcase the widely known use of this technology. However, today blockchain technology is revolutionizing almost every other sector. Let’s take a look at those industries:
- Financial services
One of the most common sector that utilizes blockchain technology is finance which is just the tip of the iceberg. Being a digitized and secured ledger, blockchain can facilitate the banking institutions to work as value storehouses and transfer hubs. Banks around the world like Barclays and UBS are experimenting with blockchain to expedite the settlement process while cutting down costs substantially.
Ripple is one of the most popular company whose products have been widely used in the banking sector that aims to become a global payment solution provider of on-demand and instant settlement by connecting banks, and corporations.
Healthcare is an integral part of an economy that faces numerous obstacles in terms of outdated infrastructure, processes, and lack of a platform to securely share data. Better collaboration means a higher probability of accurate diagnosis meaning better treatment resulting in quality and cost-effective healthcare.
Blockchain technology can make this a possibility by providing secure storage and data access, especially in the developing nations. In turn, healthcare services get modernized that means improved patient healthcare and increased revenue.
- Internet Advertising
A popular form of advertising is digital advertising that generates significant revenue. In today’s digitized economy where people spend a better part of their time on their phones and other electronic devices, this sector is only going to grow over the time. However, this also leads to centralized advertising power while users suffer from the onslaught of irrelevant advertisements. From here, data is further collected and used to target individuals.
Recently, Brave come up with its BAT token that allows users the option to receive ads and even pay their content creators that means better targeted ads for users and the elimination of the middleman like Google along with better data for advertisers.
- Cloud Computing
Computing power like internet and electricity is becoming extremely crucial, especially in tasks that involve heavy computation as in scientific industry. However, the point of concern here is that these resources are accessible to big players only that have the funds to afford and operate these systems.
A great example of blockchain in this industry is Golem. One of the initial projects created on the Ethereum blockchain, Golem allows users to lent their CPU capacity to others and get rewarded with tokens in return. The “world’s supercomputer” has made sharing the computing resources a reality by executing smart contracts.
One of the most popular encrypted messaging apps is Telegram that recently raised about $1.7 billion in its private ICO sale. Apart from Telegram, Kik and Slack are also planning their own ICOs. Given the several new entrants making their foray into this space, blockchain adoption is rapidly increasing.
- Internet of Things
IoT is a technology that is going to have transformative effects with internet connecting all the devices surrounding us. However, this sector is riddled with security issues and too much processing time. This is where blockchain trumps by securing the data in an encrypted format while making it easier to handle the heavy processing.
By combining blockchain and IoT with RFID technology, Waltonchain created “Value Internet of Things”. IOTA is another big name in this niche that utilizes DAG to provide a feasible and practical way to communicate with each other.
- Supply Chain Management
Rising costs and efficient supply of products to retailers and customers is the most pressing issue of the supply chain industry. This billion dollar industry which is only going to grow has numerous other obstacles to overcome such as fuel cost and overproduction of products. The smart contract offers a potential solution as provided by VeChain blockchain project.
By using smart contracts, the entertainment industry is seeking to make content sharing fairer for creators. Moreover, on the basis of pre-decided licensing agreements, the revenue on purchasing the creative work will be distributed automatically. By acquiring blockchain startup Mediachain Labs, Spotify is working on connecting artists and licensing agreements through a decentralized database.
Blockchain has been a favourite among the governments all over the world, unlike cryptocurrencies. Elections are an integral part of the government that often lacks a system that eliminates the chances of fraud. Many blockchain solutions have come up with solutions that offer transparency, tracking and cost reduction.
- Real Estate
Real Estate sector requires increased transparency both during and after the transactions. Moreover, a simple and efficient solution without the involvement of a third party. Blockchain provides a solution that is paperless, transparent, faster and efficient.
The blockchain is a nascent technology that holds the power to transform numerous sectors which goes way far than the above-mentioned industries. It’s just the beginning as governments and industry insiders are still pondering over this technology.
Thanks for reading!