The significance of the blockchain technology is undeniable, but where to actually apply it in the real world? For what industries will it be valuable? Thanks to this technology and platforms such as Ethereum, data is stored transparently and with better security. Not only are they resistant to external forces, but we are also able to control them.
As a technology, blockchain has immense potential for various organizations, making them more transparent, democratic, effective, transparent and, most important of all, capable of reaching a level of security that will change how many industries operate.
1. Banking, payments and their security.
Just as the advent of the internet influenced media, blockchain will cause a similar change in banking. It will provide billions of people with access to financial services, even in those parts of our world where ordinary people do not have access to banking.
Technologies such as the Bitcoin enable us to send money instantly, from anywhere and to anyone in the world, costing us little to nothing in fees. Abra, a fintech startup, is exploring such use of the technology. However, banks are not lagging behind. Recent years have seen many banks making the decision to invest in the implementation of blockchain in order to increase the efficiency and security of their services.
Writing data into the blockchain is authenticated and encrypted through advanced cryptographic methods. This way data is less susceptible to a 3rd party. In other words, it makes it more resistant to hacking and changes in data without authentication. Due to this reason, blockchain removes the need for an intermediary service that would provide security.
2. Insurance
The global insurance market is based on trust. Data from insurance policies coupled with information from the real world (weather, markets, world events) can make the entire insurance market much more effective through the use of smart contracts. This technology is already useful in crop insurance. Aeternity is one such blockchain startup that focuses on insurance.
3. Directing Supply Chains
With a technology such as the blockchain, transactions are permanently and transparently recorded, allowing the included parties to monitor them. This has huge potential in monitoring the effects of various products on our environment. Such a distributed network of a data can help in checking the authenticity of products by identifying their origin.
Provenance, Fluent, SKUChain and Blockverify are a few startups that are already working on such projects.
4. Ride-sharing
Blockchain can be used in operating decentralized, peer-to-peer versions of ride-sharing apps such as Uber. This application allows users and car owners to arrange their own conditions for ride-sharing, without the need for an intermediary or a centralized company that would influence their contracts or apply fees to the process. Startups operating in this industry include Arcade City and La’Zooz.
The use of “built-in” e-wallets will allow automatic payments for parking, highway tolls, stamps or for charging an electric car.
5. IoT — the Internet of Things
Samsung and IBM are cooperating on a new concept named ADEPT, which would use blockchain technology to create a decentralized version of an IoT for devices. It works as a public database for a large amount of devices, eliminating the need for a central server and allowing devices to manage communication between themselves on their own. Devices in such a network can communicate directly in regards to software updates, monitoring information about electricity usage and checking for bugs in the system.
6. The management and distribution of energy
The energy industry is one of the most centralized of its kind in the world. Producers and their customers cannot buy energy directly from one another, instead depending on a public network or private suppliers. TransactiveGrid is a startup that uses blockchain technology and the Ethereum platform to offer customers the option of buying and selling energy directly between themselves, without the need for a mediator.
7. Online sports betting
Betting has always been an attractive form of entertainment thanks to the excitement of playing, the risk factor and the possibility of winning money. The rise of the internet has brought this form of entertainment into the online environment, thanks to which gambling has entered a Golden Age. The implementation of blockchain technology can remove the need for an intermediary, in this case being bookies and betting agencies. It allows us to introduce a new level of security and transparency into the process, thanks to which sports betting will be safer than ever. A good example of this is Bethereum, a platform that will change sports betting into a form of entertainment where nobody can influence or affect the outcome of matches or otherwise manipulate with the money of the bettors. Nothing will stand in the way of players experiencing excitement and fun with their friends, colleagues and peers.
