20 Future Industries that will be Affected by the Blockchain Technology (Part. 2)

7. Network and Internet

IBM and Samsung have explored the concept of ADEPT, which uses the blockchain technology to form the backbone of a decentralized network of IoT devices. According to CoinDesk, ADEPT is an anonymous decentralized point-to-point remote sensing technology that no longer requires the use of centralized routes. Without a central control system for verification, the device can anonymously transfer and manage software updates and errors. Other companies are also looking to integrate blockchain technology into the IoT platform. For example, Filament uses blockchain to build a distributed network of connected sensors, which connects to each other. The company received $5 million in Round A, and both Verizon and Samsung have invested in the project.

8. “Prediction Market”

The research, analysis, consulting and forecasting industry will also be impacted by the blockchain technology. Augur, an online crowdfunding platform, is wanting to invest in the decentralized prediction market. The company claims it will offer a service that resembles an ordinary gambling exchange. The entire process will be decentralized and provide an opportunity for users to place bets, not only on sports and stocks, but also on other aspects such as elections and natural disasters. The idea is to go beyond just sports and lotteries to create a “prediction market”.

9. Music:

Many music artists have turned to blockchain technology to share online music. According to Billboard, a company is planning to build a direct payment system for artists to solve the payment and authentication issues through smart contracts.

The PeerTracks system, which is still under development, aims to provide a music streaming platform that allows users to listen to music online and pay artists directly without intermediaries using the blockchain technology. The platform also wants to create a more direct incentive between artists and customers.

Smart contracts allow artists to sell their music directly to fans, rather than through record labels. Entrepreneur Phil Barry’s Ujo Music, is in the process of rebuilding the Music industry by incorporating the blockchain technology. Also, they are trying to solve the problems within online music and paid artists. In addition to streaming media, Ujo categorizes songs from artists and producers and utilize smart contracts for listing music automatically.

10. Carpool:

Carpooling apps like Uber seem to be the opposite of decentralization, where a company acts as a scheduling center and uses its algorithm to control the drivers. According to Bloomberg, an Israeli startup called la’zooz uses a proprietary digital currency similar to bitcoin to record transactions using the blockchain technology. Instead of using a traditional taxi service, people are using la’zooz to find other people’s travel routes and using digital currency as a payment method.

11. Stock Exchange:

Over the years, many companies have attempted to make the process of buying, selling, and trading stocks easier. An emerging blockchain company claims that the blockchain technology will make this process more secure, automated and efficient than the traditional system. TØ.com, a subsidiary of “Overstock”, wants to apply blockchain to the stock exchange network. Wired magazine reported that “Overstock” has implemented blockchain for issuing personal bonds, and the SEC now has authorized TØ.com to issue public bonds. At the same time, “ChainChain Start Chain” worked with NASDAQ to conduct private equity trading through the blockchain.

12. Real Estate

There are several difficulties with buying and selling property, such as lack of transparency during and after the transaction, the amount of paperwork, the potential of fraud, errors in record and so on. Blockchain provides a way to realize the demand of paperless and fast transaction. Real estate blockchain applications can help record, track and transfer land ownership, deeds and lien and provide a platform fro financial companies, real estate companies and mortgage companies. Blockchain technology allows you to preserve documents securely while improving transparency and reducing costs.

13. Insurance

Companies such as AriBnB, Tujia and Wimdu provides a way for people to create value by temporarily lending/borrowing assets, including private homes. The problem is that owners aren’t able to insure their assets on these platforms. A blockchain startup, “Stratumn”, a service platform,“Deloitte” and “Lemonway” together, recently launched a blockchain-based solution called the “LenderBot”. The “LenderBot” demonstrates the potential to apply and utilize the blockchain technology in the insurance industry, with micro-insurance concept products designed for economic sharing. It allows people to subscribe to personalized micro-insurance products and communicate via Facebook messenger. The ultimate goal is to insure valuable exchange between individuals and the blockchain functioning as a third party in the loan contract.