How the Blockchain Will Impact Our Lives in 5 Years
When it comes to the blockchain, there are wide spread theories in what it can do. While most seem very applicable, the reality of their usefulness in the near future seem very distant. So instead of waiting till we live in the Minority Report, this post will cover 5 ways the blockchain can be used within 5 years.
Banking
The three biggest benefits to banks are:
- Distributed Ledgers (Blockchain) acts as a common ledger to clear and settle transactions in real time
- Distributed Ledgers (Blockchain) enables banks to provide customers with new international payments services
- Distributed Ledgers (Blockchain) enhances legacy systems to execute more complex transactions
Financial Markets
Similar to banks, back office operations of clearing and settlement can be handled by the blockchain. Not only would this reduce costs but accountability will be very clear. And though there is heavy debate on the pros and cons of High Frequency Trading, you can see someone taking it to the next level with smart contracts and automation.
Real-Time Bidding
RTB for advertising is a $30 Billion business that just keeps growing. Since it is already heavy in automation, similar to financial markets, the blockchain can increase speed, reduce costs and is more trackable.
Internet of Things
You can’t have two of the biggest tech breakthroughs of the last few years and not have them cross over. With 25 Billion things to be connected by 2020, the blockchain with it’s roots in currencies will be needed to automate payments: tolls, parking, subways, electricity usage.
Video Games
In the PC world, mods have always been a huge thing. Players build new assets (characters, clothes, weapons) and sell or trade them with others. Imagine someone builds a new asset, sell its, and the buyer modifies it and sell it again. But because of the blockchain, the initial creator can still collect a royalty because everything has been accounted for.
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