The Blockchain Revolution: Beyond Banking
The banking industry is just the beginning. Blockchain technology is poised to disrupt 36 industries, transforming the way we conduct transactions, verify identities, and secure data. The law, car sharing, and other sectors will soon see the impact of this revolutionary technology.
The Power of Blockchain
Blockchain is fundamentally a global public ledger that can automatically record and verify digital transactions, regardless of their location. The Bitcoin blockchain has proven its strength in the financial sector, but entrepreneurs believe that blockchain can subvert many other industries. The application of blockchain in transaction data will be rich, especially since it doesn’t require a centralized regulator to operate.
Innovative Applications of Blockchain
- Banking
Banks are stockpiling and transfer hubs for value. Blockchain technology can assume the same function, bringing accuracy and information sharing to the financial ecosystem. Swiss bank UBS and British bank Barclays are testing blockchain technology, which can save the banking industry nearly $20 billion in middle costs.
Banks have started to invest in blockchain start-ups such as R3 CEV, which aims to develop a blockchain platform - Corda - that can become the new operating system for financial markets.
- Communication Applications
Encrypted communication application Telegram has raised funds through an ICO on a blockchain platform. The center of the communications platform, Slack, is threatened by Telegram’s plans to raise the largest ICO in history, totaling nearly $1.2 billion. Other well-known investment institutions, including Benchmark, Sequoia Capital, and Kleiner Perkins Caufield & Byers, are also involved in Telegram’s ICO.
- Hedge Fund
Numerai, supported by First Round Capital and Union Square Ventures, is hiring a group of traders and quants to develop predictive models. The most accurate predictive model will receive Numerai’s own tokens as a reward. Numerai is similar to Quantopian, but with a little more cooperation.
- Vote
Election needs to verify the authenticity of voter identity and secure the voting record. Blockchain technology can become a voting platform, tracking and counting the infrastructure - without the risk of fraud. Follow My Vote, a voting blockchain start-up, has released its voting blockchain solutions.
- Internet Identity and DNS (Domain Name System)
It is difficult to establish a true identity and personal information on a company’s server. Platforms like Blockstack and uPort are using blockchain technology to put identity data on the Internet. Users can access their personal identity data through a central network.
- Critical Infrastructure Security
The current Internet architecture is vulnerable to hacker attacks, especially on devices. Risk is increasing as more infrastructure, such as power plants and transportation facilities, are networked with sensor installations. Companies like Xage are using tamper-proof security books to share data between network equipment, ensuring that data comes from the right source and is not caught in the middle of transmission.
- Share Car Rental
Blockchain can bring new changes to the car sharing industry. With distributed books, taxi drivers and passengers can form a user-driven, value-oriented marketing platform. Start-ups like ArcadeCity have completed all transactions through a blockchain system, allowing drivers to set their own prices and establish their own customer base.
- Internet Advertising
Internet advertising is a large-scale industry. The number of mobile advertising loaded into the data page has encountered problems due to a lack of agreement between advertisers and consumers. Brave’s recent ICO, BasicAttention Token (BAT), can be compensated for advertisers and users. Advertisers can connect directly to the blockchain Brave browser, receiving targeted advertising and valid data about user spending.
- Encryption Currency Exchange
Blockchain can reduce network security risks by reducing human involvement, thereby reducing the risk of hacking, malfeasance, or other human errors. Some of the most successful companies are institutions that use blockchain technology, and many new projects are testing the sale of tokens on exchange blockchain (not completely decentralized). Enigma, a well-known project, claims to have gained the support of MIT and FlybridgeCapital. Another well-known exchange is based on Ethereum, ox Square.
- Education and Academic
Education certificates must be widely recognized and confirmed. The current process involves a lot of paperwork and human verification. Blockchain solutions can simplify the verification process, reducing the risk of degree fraud. Sony Global Education has developed a new educational platform using blockchain to securely share student records. Another start-up, Learning Machine, has launched Blockerts kit for district education on the blockchain.
- Car Rental and Sales
The car rental, buying, or selling experience is fragmented and inefficient. Blockchain can change this. In 2015, Visa and transaction management start-up DocuSign cooperated on a proof of concept project, using blockchain to simplify the car rental process. With Visa-DocuSign tools, customers can choose a car to rent, and the entire transaction is recorded on a public blockchain.
- Industrial and Things Multihop Network
IBM and Samsung are collaborating to develop a conceptual project ADEPT, using blockchain techniques to form a network of devices IOT. With ADEPT (decentralized autonomous operation point to point telemetry), the blockchain can become a public book for large numbers of devices, eliminating the need for a centralized coordination center. Devices can communicate with each other autonomously, manage software updates, bugs, or energy management.
- Cloud Storage
Cloud storage services are vulnerable to attacks from hackers. Blockchain cloud storage solutions enable decentralized storage, making it less vulnerable to attacks and system crashes caused by widespread data leakage. Filecoin is a well-known item that can be given token rewards for users to store files, creating a decentralized AWS. Supporters of the company behind Protocol Labs have received investment from large institutions such as Union Square Ventures, Naval Ravikant, and The Winklevosses.
- Industrial and Things Multihop Network (continued)
Other start-ups, such as Filament, are trying to use blockchain technology to develop the Internet of Things. Filament provides a decentralized network that allows any device access, interaction, and transaction without the need for centralized institutions.
- Cloud Storage (continued)
Storj and Siacoin are other cloud storage projects that use blockchain technology to provide decentralized storage. Storj is a blockchain-based cloud storage platform that allows users to store files and earn rewards in the form of tokens.
The applications of blockchain technology are diverse and widespread, with potential to transform industries beyond banking and finance. As the technology continues to evolve, we can expect to see more innovative applications and uses of blockchain in the future.