Industries That Can Benefit From Blockchain Technology
Blockchain, originally created as a distribution ledger for online cryptocurrencies, continues to be one of the biggest software trends of 2018. Its primary use is arguably no longer for Bitcoin, as multiple businesses are beginning to adapt its technology for their own benefit.
What is Blockchain?
Blockchain can be viewed as a new type of internet database that can be controlled by any single entity so, when making a transaction, you no longer rely on a third party to secure your action. Rather, the action takes place on an open decentralized database. Blockchain has no single point of failure, as its entire technology is based on trust and validity. However, aside from cryptocurrency transactions, blockchain technology has the potential to revolutionize other industries, including:
1. Virtual Reality
If virtual reality, or VR, businesses aim to transact business on their own secure blockchain economy, they could create their own business ecosystem based on a blockchain platform. By creating a new VR marketplace system, businesses could benefit not only users but content creators. A revolutionary blockchain distribution method could therefore encourage the greater adoption of VR by consumers, creating a unique and secure trading platform that is easily adaptable and updated thanks to blockchain technology.
2. Modeling Industry
Consider the following as an example of the far-reaching implications for blockchain technology; there is almost no industry that couldn’t be improved through the use of blockchain. Consider the modeling industry: a modeling contract or transaction that is verified and added to the public blockchain ledger will remove the chance of any ambiguities in a contract and may help any lawsuits that may arise over the terms of a contract. If all contracts are recorded and stored as standard, the use of models in a worst-case-scenario of sex trafficking can be more readily combated thanks to data tracking, as the terms of the contract will be publicly available. The modeling industry could also benefit from blockchain technology by removing third parties, simplifying deals, and streamlining any litigation.
3. Banking and Finance
Banking is another industry that could potentially benefit from blockchain. If banks introduce distribution ledgers, the finance industry could benefit from quicker banking solutions which may speed up bank office systems. This could offer more transparency in light of financial scandals and fraud as blockchain technology can be used to create a public ledger system that tracks payments and data.
4. Online Messaging
Encryption of messaging systems is more prevalent than ever, particularly in light of the Cambridge Analytica scandal. Due to such scandals, consumers today have a more skeptical relationship with social media and online messaging outlets. Blockchain technology could improve this lack of trust, as blockchain is a global, decentralized source. Blockchain technology could develop a messaging system that allows people to communicate more efficiently and potentially more securely.