Blockchain — Moving Beyond FinTech
Financial technology saw its first blend with Blockchain Technology in the year of 2009. Similar to the evolution of intranet to form the internet we use today, Blockchain is evolving beyond its primary use-application in Fintech revolutionizing the world.
Blockchain is a decentralized form of internet which can enable decentralized applications run by smart contracts to create a globally integrated ecosystem far more secure than any other available technology. The potential of blockchain in enterprise adoption is gaining traction due to its sound characteristics of transparency, auditability, immutability and efficiency among others.
Here are five industries other than fintech, where Blockchain is believed to prove its dominance.
1. Blockchain acting as Smart Property Registry
From all the tangible assets like automobiles, home appliances to intangible assets like ownership, patents require book-keeping. Book-keeping whether in physical form or digitized, is prone to fraudulent activities facilitating corruption.
Blockchain enabled decentralized network can be used as on open registry for the same which makes the data full proof due to its immutable characteristic. Smart keys could be used to facilitate access to the concerned party once the contract is verified on the blockchain ecosystem.
Frauds due to duplication of records will be eliminated thereby securing the ownership rights of an individual or an organization.
Know more on how Blockchain can act as Smart Property Registry, read here.
2. Blockchain acting as Distributed Cloud Storage
The cloud storage services available to us, are all centralized — thus we the users must place trust in a single storage service provider. ‘The Cloud Storage service providers’ control all of our online assets.
On the other hand enabling Blockchain to form a Distributed Cloud Storage can create a trust-free ecosystem of cloud storage where no single entity controls the data computed and stored. This secures the system by providing additional security and enthralls cost effectiveness. For instance, Storj is beta-testing cloud storage using a Blockchain-powered network to improve security and decrease dependency. Additionally users (you) can rent out their excess storage capacity, Airbnb-style, creating new marketplaces.
3. Blockchain in Identity Verification
Blockchain technologies makes tracking and managing digital identities both secure and efficient, resulting in seamless sign-ons and reduced fraud. Be it banking, healthcare, national security, citizenship documentation or online retailing, identity authentication and authorization is a process intricately woven into commerce and culture worldwide.
Let’s take an example of Aadhaar Identity Verification in India. Aadhaar is a 12-digit unique identity number that can be obtained by residents of India, based on their biometric and demographic data. In India, Aadhaar is the world’s largest biometric ID system. World Bank Chief Economist Paul Romer described Aadhaar as “the most sophisticated ID programme in the world”.
To understand how blockchain will solve the major hurdles faced in Aadhaar Identity Verification, read this article.
4. Blockchain in Internet of Things
The Internet of things (IoT) is the network of physical devices, vehicles, home appliances, and other items embedded with electronics, software, sensors, actuators, and connectivity which enables these things to connect, collect and exchange data, creating opportunities for more direct integration of the physical world into computer-based systems, resulting in efficiency improvements, economic benefits, and reduced human exertions. Moving towards a digitized economy comes with its own risks. The online data security, however smart, is susceptible to virus attacks and is not fully hack-proof. Integrating blockchain in IoT, will enable organizations & governments to create a transparent smooth functioning society with increased efficiency creating a globally connected network.
5. Blockchain in Entertainment Industry
We all love music, but how many of us actually buy genuine album rights. The necessity of applying blockchain technology to music applications allows for a paradigm shift in the way artists can control their musical work. From ownership rights, to royalty payments and first edition rights, blockchain technology applications empower artists to extend ownership of their works. This will have a major impact on the multi-billion dollar piracy industry which which in turn will create a legit mesh network without compromising the creativity of an artist.
The immense potential of decentralised applications will change the way we do business and the mainstream adoption of blockchain will conceptualise a smarter, transparent world.
