Using Ethereum in Different Industries
The amount of companies prioritizing blockchain in their future plans has increased to 53%, per Deloitte’s Global Blockchain Survey — and for good reason. Blockchain is becoming key for large companies to save time and money, not to mention the environmental benefits of being a paperless method of record-keeping and the data-privacy perks of sensitive transactions.
Ethereum is one of the most popular blockchains used out there today, with a “goal of using a blockchain to replace internet third parties — those that store data, transfer mortgages and keep track of complex financial instruments.” (Source: CoinDesk.)
Because of the myriad advantages, organizations are getting creative and there are lots of new ways that Ethereum is being utilized. We want to highlight a few of the interesting implementations we’re seeing (and would like to see) in a variety of industries:
Real Estate
If you’ve ever purchased property, you know how many middlemen there are in the process, which increases the overall cost. The process could certainly be optimized, and real estate companies are discovering the benefits of blockchain when it comes to streamlining transactions, processing securities and documents, accounting, etc.
The distributed ledger technology also makes the process entirely online, replacing paper deeds and land titles with digital assets, providing real-time data for asset management and real estate funds, using smart contracts for sales and other transactions. It’s happening around the world, and making its way to the US — Sweden, for example, has made its land registry fully blockchain-based.
Healthcare
Record-keeping in the healthcare industry is in dire need of an update. Often times patients’ records are handwritten or kept digitally in a closed system. This leads to misinformation, poor communication between medical professionals as well as with patients, and incomplete patient histories. Implementing Ethereum-based data management could radically change the way information is kept, tracked, and shared in the US.
A few examples of how this technology could be used: patients could manage third-party access to their electronic health records, pharmaceutical companies could more accurately track their products, data from clinical trials could be better protected and validated, doctors could more closely monitor patients’ medical devices, etc.
An industry-wide transformation has to start somewhere. One interesting initiative we’ve found is Healthureum, using Ethereum-based smart contract technology to improve efficiency and interoperability of healthcare services.
Sports
Ethereum is the crypto of choice for betting on sports and many websites are opting for it over Bitcoin due to its smart contract functionality. It enforces payments and makes them transparent, secure, and quick with lower transaction fees. Plus, there is often no “house,” users can bet peer to peer similar to a stock exchange — the website takes a commission rather than profiting from users losing money.
Though we cannot vouch for any sites, there are numerous options out there making use of this technology and making decentralized sports betting exchanges the new future of gambling.
Outside of betting, Consensys, a leading blockchain software company, notes that other possible uses for Ethereum in sports could include verification of the authenticity of sports memorabilia, the sale of digital collectibles, and allowing the public to buy shares of sports teams.
Logistics
Supply chains make the world go ‘round. Access to our basic necessities and more is all due to a well-oiled supply chain, but plenty of logistics companies could benefit from advancing their technology using Ethereum.
For one, consumers could be protected against counterfeit goods as the blockchain can verify their authenticity. As well, if there are any product recalls, companies can more easily find the affected products and source information.
One of the main perks, however, is that products could be tracked at every point in the supply chain. The company ShipChain, for instance, uses Ethereum to service pharmaceutical, medical equipment, food, retail, and other companies on a secure, unified platform. Users have full, real-time visibility into shipments from production facility all the way to the customer’s home.
Transportation
Along the same lines as supply chains, products need to be delivered, and companies need trucks and vans for those deliveries. Vehicles are also needed for construction, farming, and other transportation needs, but it can get pretty expensive to own them outright. Smart contracts can take care of rental transactions easily, validate damage by storing images of the vehicle pre- and post-lease, and protect against theft as well.
Smart contracts can be used for personal transportation as well. For example, the startup Viking Garage has introduced its Ethereum-based utility coin Motoro to facilitate motorcycle rentals (think a sort of Uber-Zipcar hybrid for bikes, where owners can rent out their motorcycles). It can be used for other types of vehicle rentals, too.
While blockchain and cryptocurrency offer numerous benefits that naturally fit into banking and finance sectors, we’re psyched to see folks in different industries get creative and bring their age-old operations into the future. We know there’s more out there beyond the above areas— so what industries are you seeing take advantage of this technology? Share with us in the comments!
