[Blockchain 101] Crypto Reference Book: Cryptocurrency Industries
What industries could blockchain change?
Banking
When the average person hears the word “blockchain,” they probably think “Bitcoin,” and so it’s no surprise that banking tops our list. Blockchain would be a more secure way to store banking records, and a faster, cheaper way of transferring money through the decentralization provided by blockchain. Plus, there’s minimal risk of a run on a blockchain system or a collapse, as there’s no central “vault.” It’s as though each person’s money has its own private vault that no one else can access.
Healthcare
Some of the biggest challenges in healthcare could be solved by a blockchain system allowing all doctors and healthcare providers to access your health records securely and easily. Unlike the days of paper records, or even today when digital health records can be created and stored in a myriad of different systems, your health records could be singular, complete, and travel with you from birth to death, regardless of how many times you change doctors or insurance systems. Additionally, your health information could be accessed immediately, at any time, potentially offering doctors lifesaving information in an emergency.
Real Estate
If you’ve ever bought or sold a home, you know how much paperwork is involved. But blockchain systems could be used to simplify the process and eliminate escrow altogether. Smart contracts could be designed that only execute when certain conditions are met, including funding. Besides, all these various documents could be stored securely. A startup called Deedcoin is offering cryptocurrency powered transactions that decrease the commission rate for the agent to as little as 1 percent.
Rentals and Ride Sharing
It seems like startups like Airbnb and Uber have already disrupted these markets, but blockchain could create true peer-to-peer networks for rentals and sharing of goods and services that would eliminate the need for the middle-man company, which naturally takes a cut of the fee. In fact, there’s no reason these peer-to-peer networks couldn’t expand to renting and borrowing just about anything from books to tools to furniture and beyond.
Charities and Aid Organizations
Many people want to donate to charity organizations, but worry about whether their money will actually reach the intended recipients. Charities can create trust through smart contracts and online reputation management systems that can help donors trust that their money is going to the specified people and places. And the U.N.’s World Food Programme is implementing a blockchain based system that allows refugees to get food with an iris scan, instead of relying on cash, credit, or vouchers, all of which can be stolen.
Education
As the power of online and distance learning grows, so does the need for an independent way of verifying students’ transcripts and educational records. A blockchain based system could serve almost as a notary for educational records, creating a way for employers and other educational institutions to access secure records and transcripts. In fact, it could also help universities and other large institutions collaborate. No longer would a student have to wait for the course she wants to be offered at Harvard if Oxford is offering it online; her grades and records would be easily and instantly transferable.
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