The Digital Transformation of Blockchain, Myth VS Reality.
Technology
Ever since Blockchain came to be utilized more often for projects of various nature, the industries affected by this new technology have started seeing a revolutionary change happen to their everyday operations. Outdated means of production have been thrown away to be replaced with more efficient digital solutions, speeding up processes and guaranteeing a higher level of security and certainty.
Below you can find out which industries specifically have been mostly affected, how they are evolving and read about what company is already making a difference thanks to Blockchain technology:
Blockchain has become a fundamental asset to the ever changing technological industry, helping the various sectors within it reach out for a better digital future. Cyber security has been improved thanks to the ledger system preventing hacking and the safe protection against DDoS attacks. Extra security is also being provided via the decentralized network, alongside low transaction costs and unused space. Power management is also being improved with low cost energy, peer to peer energy transfers and utility metering.
Media
While the IoT system can finally be implemented within industries, and its applications be used for transactions. Artificial Intelligence is also a revolutionary tech field in itself that is being helped by Blockchain, as it improves implementation, automating and the securing of AI.
For example, startup Robonomics AI has integrated technologies such as AI and Blockchain amongst others to better approach and solve problems such as driving growth, cutting costs, reducing risk and enhancing customer experience. Their CEO and Founder Samir Sinha has been working on this project with the intention to mash up these automation technologies together to provide outcomes as part of a service.
Law and Crime
The media field has been seeing a revolution as well, as traditional standards are replaced by more efficient digital options. In advertising and marketing, the costs have been significantly lowered while the intermediaries have been removed. While the gaming industry can step up with decentralized gaming platforms and the chance to enable players to trade in-game items.
The Civil Media Company has made steps towards adopting blockchain to generate a decentralized marketplace for sustainable journalism. Lead by CEO Matthew Iles, it takes advertisers and other third parties out of the picture, allowing journalists to focus on serving their readers by themselves. At last enabling a more direct and transparent connection between citizens and newsmakers, while strengthening protections for journalists against censorship and intellectual property disputes.
Even a traditional industry such as the one related to law and crime has been seeing some significant and positive changes thanks to Blockchain.
Entertainment
For the police, it’s helped achieve a better way to preserve evidence, with no more falsification of data, timestamps or chain of facts. It also has increased gun safety, allowing to efficiently track criminal IDs and preserve ownership of gun possession.
Canadian based startup Adbank has been using blockchain to tackle the billion of dollars ad fraud problem, known as the second most profitable form of income for organized crime. Co-founder and Chief Kelsey Cole is part of this venture that plans to mix AI and blockchain to provide full transparency of payment transactions between advertisers and publishers while generating a whole new cryptocurrency powered ecosystem that can detect and reduce fraud.
Contracts
The entertainment sector is always keeping up with the latest change, as such it could not shy away from implementing Blockchain within everyday tasks. This innovative tech can help better retain ownership rights, preserve copyright and can even provide a more efficient smart contract system for artist compensation. While in the music related business, it removes the risk of illegal downloads as it provides a proper channel for artists compensation.
Startup Emanate is working on a platform that can solve today’s music industry problems via Blockchain, by allowing artists to collaborate in a transparent and trustless manner with the world’s first smart collaborations. This innovative idea co-founded and lead by CEO Sean Gardner will bring efficiency and transparency to royalty and right distributions for all the artists and record labels by automating payments as soon as music is streamed.
Finance
Blockchain is also changing the way we create and use contracts in every situation, turning long tedious processes and endless waits into something of the past. For inheritances, it will improve the validity of wills while a smart contract system in place will ensure inheritance. In regards to property and land, it will smooth the process related to changing ownership, add clarity to any property information and increase payment transparency. While for legal contracts preserving legal documentation and contracts will become much easier and organized than before.
Company Clause has used this new technology to created a revolutionary platform that enables commercial contracts to autonomously manage themselves. Their infrastructure can integrate legally enforceable contracts with real time data from IoT, leaving behind all outdated contract methods. This alternative solution to paper based contracts founded by Peter Hunn aims to bring a whole new level of speed, integration and automation to the business world.
Human Rights and Contributions
An industry that takes on the important duty of keeping capitals safe from external attacks couldn’t pass on the chance of using Blockchain to significantly improve safety and efficiency. Banking systems and money transactions will carry on with a much lower chance of intermediaries, as they will also happen with more accuracy and on a better interface. While the whole process related to insurance will see a positive change in the way we preserve agreements, validate them and also process transactions.
Global internet finance company Circle has been using blockchain technology as the base of their projects, while being powered by crypto assets. Lead by CEO Jeremy Allaire, it’s dedicated to helping people everywhere create and share value, having already managed to allow sending money around the world free of charge, while also enabling anyone to buy and sell crypto assets.
Governmental Services
Essential for society, even this sector has started implementing Blockchain to their operations and tasks. This technology helps enormously when it comes to verifying identity, history of employees and even for payment processes. For voluntary organizations, it’s a life changing solution that helps them better track donations and ensure integrity. Turning that long process into a much simpler one, while absolutely ensuring that fund raising channels are safe and maintain the required integrity.
Company Blockchain for Change has been using this technology to help on digital identity, community and financial inclusion. The core of this service co-founded by Calvin Bradley is to create a whole new system powering verified, autonomous and sovereign identity. Via that, they can reduce fraud associated with government benefits and streamline access and manage critical resources for low income and underserved people, starting from the US and aiming to expand to the rest of the world.
Transportation
An industry highly connected to the past but willing to accept these digital changes to improve the way important tasks get completed. For the government, it means a more transparent voting system that protects citizens rights and that minimizes fraud. For traveling it will help fasten passenger identification, and help with travel and passport boarding information. The healthcare sector will manage to run more efficiently thanks to an improved patient database, a better drug supply chain management, lower medical fee transactions and increased privacy. While for education it means providing a proper educational channel, a necessary digitization of data and a better preservation of academic information.
Startup OMNY is working on revolutionizing how healthcare data is stored and valued by using blockchain technology to optimize the process. Lead by CEO Mitesh Rao, it aims to maximize efficiency with which prescriptions are managed and delivered, improving quality patient care and value for manufacturers.
A field of operations that is more and more adapting to this technology revolution, the transport system has already implemented some changes with Blockchain that will significantly improve the way we travel. The automotive industry will benefit by being able to track vehicles, while also accessing better supply chain management and a transparent production and sales history. Business transport will at last be able to access trip data and track the path. While public transport will see the positive outcomes of introducing more accurate payment processes, being allowed the option to share a ride and streamlining rides.
British company DOVU has created their own cryptocurrency meant to encourage people to change the way the travel by rewarding them everytime they offset fuel consumption and help the ecosystem in small steps. Lead by CEO Irfon Watkins, it aims to use this incentive to contribute to the future of cities all over the world within everyday actions related to travel.
These are just some of the changes that Blockchain has made possible and as it keeps evolving and improving, so will all these industries. Ensuring a future where anyone can benefit from a more efficient, faster and reliable system within any field of operation.
Amirsan Roberto
Genaro Network (GNX) Sentinel, Head of CIS
Serial Entrepreneur, Blockchain Advocate, ICO Advisor, Digital China Expert, China Knowledge Sharing Researcher
Originally published at https://www.linkedin.com on September 6, 2018.
