16 Industries That Will Be Revolutionized by Blockchain 1
With all the buzz around bitcoin, blockchain has been in the trend for almost two years and you’ve probably heard about how it will revolutionize the banking and any sector related to the finance industry.
Blockchain, however, is more than just bitcoin’s shared ledger. Yes, it is an online ledger that simplifies the way we carry out transactions. But this shared ledger can be utilized to store any transaction and track the assets’ movement, regardless of the nature they may be- intangible, tangible or digital.
Different from a bank’s ledger which has a centralized network, blockchain protects the user’s identity and is anonymous. Therefore, making it a more secure way to carry out a transaction.
While bitcoin’s popularity has proved useful in proving blockchain’s usefulness in the finance sector, experts believe that blockchain can transform many more industries. Blockchain has many uses beyond bitcoin; bitcoin is only the first use case for blockchain. Otherwise, in simple terms, you can imagine blockchain as an operating system- MacOS or Microsoft Windows, and bitcoin as only one of the applications that can be run on that operating system.
But how does blockchain development actually work for these industries? How have the trailblazing companies who have already started using blockchain utilized the technology to their benefit?
Benefit: Faster transactions; Cost reduction; Improve security; Record keeping
90% of major North American and European banks are exploring blockchain solutions;
Blockchain’s potential for reducing bank infrastructure costs is 30%;
The banking sector can achieve 10% headcount reduction with the introduction of blockchain in the KYC procedures, which means $160M in cost-saving annually.-Goldman Sachs Report
2 Cyber Security
Benefit: Decentralization; Smart contracts; Accurate tracking; Protected communication; Confidentiality; Reduce or eliminate fraud and errors
Defense Advanced Research Projects Agency (DARPA) uses KSI (Keyless Signature Structure) to protect sensitive military data.
REMME’s blockchain can authenticate users and devices without the need for a password;
Nebulis uses the Ethereum blockchain and the IPFS (Interplanetary File System) to make its DNS infrastructure immune to DDoS attacks.
3 Supply Chain Management
Benefit:Reduce or eliminate fraud and errors; Reduce time and increase efficiency; Improve inventory management; Improve customer engagement
IBM and Maersk are creating a new blockchain company that will apply blockchain technology to global shipping supply chains in 2018.
British Airways tested using blockchain to manage data about flights between London, Geneva and Miami in 2017.
FedEx has launched a blockchain-powered pilot program to help resolve customer disputes in 2018.
4 Networking & the Internet of Things
Benefit: Improve security; Autonomous functioning of smart devices; Trusted data exchange; Privacy techniques protect information about device interactions
The IBM IoT filters device events and sends only the required data by the contract;
Mendix is combining IBM Watson IoT with IBM blockchain to create a mobile-first tracking solution.
Benefit: Transparency and relevant record keeping; Reduced opportunities for insurance fraud; Reduced costs and time of processing insurance claims; Improved customer engagement
56% of firms said they recognized the importance of blockchain;
Blockverify offers a service for users to check for stolen or counterfeit goods and fraudulent transactions by storing the history and supply chain in the blockchain.
6 Private Transport & Ride Sharing
Benefit: Reducing time for lease/rent/procurement; Smart contracts; Direct connection between drivers and riders; Transparency of customers base
Arcade City and Chasyr allow independent drivers to build their own transportation business and set their own rates;
LaZooz fills empty seats with passengers in need of a lift in real-time;
InstaRyde has expressed interest in using blockchain to become more transparent and speed up transactions in 2018.
7 Cloud Technology
Benefit: Reduce costs; Security protection systems; Resistant to cybercrime
50K+ farmers have joined Storj’s P2P network, which hosts 30 petabytes of data in 2018;
BiFi Pro, blockchain network digital file trading platform;
Benefit: Transparency of Transactions; Publicly shared financial reports
The Water Project focuses on delivering clean water to sub-Saharan Africa, began accepting bitcoin in 2014;
Save The Children started accepting charity in bitcoins via BitPay in 2014.
In the next article, “16 Industries That Will Be Revolutionized by Blockchain 2,” I will introduce eight other industries, namely voting, government, healthcare, energy management, online music, retail, real estate, crowdfunding, so stay tuned.
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