Top 10 Industries Influenced By Blockchain
By Saikumar Talari on ALTCOIN MAGAZINE
Blockchain is moving to many other fields other than banking as more and more industries are trying to adopt blockchain and utilize it for various purposes. Bitcoins are the ones which make blockchain a powerful technology, most entrepreneurs are believing that blockchain can influence many more industries other than finance.
Here are the top 10 industries other than banking where blockchain is influencing:
Education
Blockchain is helping education systems to verify the academic credentials of the individual from being claimed in a fraudulent manner. Many institutions around the world, verify academic credentials in a manual process which might not be a trusted method of verification. So, blockchain can eradicate the errors and maintain a secure process of verifying academic credits.
Sony in a partnership with IBM has developed an education platform that uses blockchain as an important tool for securing and sharing student records.
Internet
In the current digital generation, sign-ins and sign-ups of websites can’t be considered as secure. Establishing a true identity is becoming hard as we live in a world of cybercriminals, the information that resides on the servers may be stolen. Blockchain can solve this issue as it is a decentralized platform which can secure sensitive information of the users.
Uport and Blockstack are the platforms which use blockchain technology to carry your identity with you easily around the internet.
Ride Sharing
Apps like Uber and Lyft which provide peer-to-peer ride service show up against the process of decentralization. They use algorithms and operate as dispatching hubs to control their fleets of drivers.
Arcade city is a startup which utilizes blockchain technology to facilitate transactions. It is similar to other ride-sharing options and allows drivers to establish their rates.
Online Advertising
As always, the internet is introduced as an ad-hoc solution for showing ads. Advertisements utilize a lot of mobile data to load web pages, and everyone faces a lack of protocols.
Brave has converted Basic Attention Token to initial coin offering to compensate users and advertisers. So, users will receive better-targeted ads without the issue of malware.
Energy Management
Managing energy is another field where everything is centralized from previous times. In developed countries like the US and UK, to transact in energy one should make way through power holding companies like National grid and Duke Energy.
With blockchain, the need for intermediaries can be minimized as the distributed ledger is in place. A startup like Transactive Grid is rethinking the energy-exchange process in a traditional way.
3D printing
3D printing is a process that is highly technology-driven, where the digital files can be easily transmitted with a single click of a mouse. As a result, the parts and products can be easily tracked leading to smarter supply chains and digital networks.
Blockchain can help these transforming infrastructures to eliminate intellectual property theft and vulnerabilities. Stealth is a startup working on grouping blockchain, 3d printing and IoT- sensors technologies to create a highly advanced process of manufacturing.
Video Streaming
The internet traffic is predicted to increase by 81% of the total traffic with video streaming. Blockchain can reduce the amount of traffic cost by decentralizing storage, encoding, and distribution.
Livepeer is a form of a decentralized network that enables users to share live videos with their peers. Users can gain Livepeer tokens to transcode the video.
Airlines
Booking a flight consists of a lot of data like names, immigration details, credit card numbers, destinations and at times even rental cars or hotel information, depending on how flight bookings happen.
Implementation of blockchain technology can reconcile and secure this data can result in a safer and convenient journey. Converting the ticket into a digital token can add a new layer of security, this can be done using smart contracts. Airline Loyalty is one such place where blockchain is already being executed.
Pharma Industry
Blockchain usually a slow paced industry, despite the sectors aim at problem-solving and innovation, there are many formalities involved in FDA approvals, clinical testing, and more.
Using blockchain technology can result in faster innovation, better-regulated production, and smarter medical information security. It can also carry out safer drug production.
Waste Management
Recycling of land-filling waste results in cleaner surfaces, but it can be a laborious and confusing practice that does not have many rewards. A solution based on the blockchain can help optimize recycling systems that are already installed.
Plastic bank is an initiative which rewards users in exchange for used plastics. It is working with IBM to spread its wings globally to implement more recycling solutions.
