There are numerous other sectors that can use blockchain to improve their operations. Essentially, blockchain began as the core component of cryptocurrencies such as Ethereum and blockchain. Blockchain technology by definition is a virtual ledger that can record and verify a huge amount of digital transactions. This technology is now being adopted in many different industries.
IDC predicts that businesses could spend about $2.9 billion on technology in 2019 which is 90% more that what they spent last year. Various industries such as cannabis, gaming and insurance are slowly beginning to appreciate the applications of blockchain.
The increased popularity of bitcoin has demonstrated the application of blockchain in the field of finance. This has given rise to the belief among entrepreneurs, that blockchain could change a lot more industries than just finance. Of course, there are many applications for an efficient, verifiable and transparent record of transaction data. More so because blockchain is decentralized thus, it does not need any central supervision which makes it fraud-proof.
These are the most current create ways in which companies are utilizing the potential of blockchain technology.
Politics is part of life and elections are essential in ensuring that people exercise their right to vote and choose their leaders. Elections need verification of the identity of voters, safe records to help monitor votes and trusted personnel to establish who wins and who doesn’t. In years to come, blockchain technology will be used in the voting process to prevent votes recounting by eliminating fraud. By making use of the blockchain technology to cast, track and count votes, voters and governments will have an audit trail that can be verified to make sure that votes are not altered, deleted and illegitimate votes are not added.
The company’s platform was tested in 2018 in Sierra Leone during the elections and it produced results that were almost the same as those found in official tallies.
Apps used in the transport sector such as Lyft and Uber are largely centralized as opposed to blockchain which is decentralized. This is because these apps control their members and instruct them on what to charge. Blockchain would provide a better option for the sector because with a decentralized register, the riders and drivers will be free to make decisions independently such as choose the rates they will charge and the company will take a fraction of their fares. A startup known as Arcade City offers such services to its clients. It has attracted many drivers who prefer to be given more control over their businesses. They can even offer roadside assistance and do deliveries.
Banks hold crucial information and transfer value that is usually at risk of theft. With the application of the blockchain technology, banks could store and transfer money in a safer way and even cut down on labor costs. Startups such as Banqu and Crowdz are already providing blockchain-based services to banks.
Energy sector has always been centralized in most countries around the world. With the use of blockchain technology, it will be possible for people to produce, buy and sell energy to other people in the neighborhood.
Blockchain technology can help with the control of the public services by reducing paper-based procedures, mitigating fraud and boosting accountability between those in power and citizens. Several states in the US have embraced blockchain in an effort to increase efficiency and expedite incorporation services.
Numerous other industries are looking for ways to incorporate the blockchain technology into their processes.These industries include stock trading, forecasting, car leasing and sales, hedge funds, cloud computing, cloud storage, human resources, and supply chain management, photography, fishing and publishing among others.