Bitcoin has long been heralded as the decentralization of money and finance. Yet it is Blockchain, the distributed and open ledger system that has been finding more widespread adoption. Blockchain’s impact on banking is obvious. However, there are a number of less obvious industries that Blockchain is going to have an impact on.
Here are 4 sectors the Blockchain is set to disrupt. We’ll also address areas where Blockchain could be revolutionary, though it may or may not be implemented there.
Whether you’re concerned about the time and hassle of travelling to vote, the risk of voter fraud or the chance of manipulation of the vote count, Blockchain has the potential to eliminate all these things. Blockchain could allow people to vote through a mobile platform without waiting hours in line. The election results would be incorruptible and publicly available, while the voting decision of each person remains anonymous.
Blockchain has the potential to dramatically alter the ride-sharing industry. The most popular services in this area are centralized; all transactions are handled by the company, and they determine the prices customers pay and wages the driver receives. Selection of drivers and the issuing of ride requests are controlled by those same companies. Drivers have some control, but it isn’t the same as a user-driven marketplace. Arcade City, a ridesharing startup, is already trying to run all its operations through the Blockchain. It lets drivers set their own rates and decide how much of that rate they keep. All transactions are logged via Blockchain. Drivers can use the system to provide add-on services that the ride-sharing services don’t support, such as roadside assistance or deliveries.
Entertainment/Digital Media Industry Rights
Photographers have trouble tracking their images’ use online much less ensuring that they’re paid for the use of their images. This is where a Blockchain ledger and image rights platform has appeared, letting them register their work and control its use. Similar technology has popped up in the entertainment industry to let artists distribute their work freely while it is used within a set of pre-defined licensing agreements. Several startups are working on building new ecosystems for video apps while managing video storage, encoding and distribution.
Real estate transactions, in particular, involve a large pile of paperwork. Blockchain could potentially dramatically simplify it. For example, digital contracts could be stored securely online and let you skip the pounds of paper. It is also possible that Blockchain would make it possible to eliminate the escrow process since smart contracts could automatically ensure that funding is only released when certain conditions are met.
The reduction in administrative work could bring down real estate agent’s commissions significantly. At the same time, it opens up the door to people engaging in real estate transactions without having to go through middlemen. Another likely application of Blockchain is the use of Blockchain to handle matters like inheritance, whether it is the family home or one’s cryptocurrency assets. If you’re unfamiliar about how to acquire cryptocurrency assets, you can visit sites like Crypto Head for more information. Blockchain has the potential to disrupt a number of industries and dramatically alter standard business operations across the board. And that’s aside from securing your financial data and reducing financial transaction costs no matter what you buy.