Part 1 of a 2 part series.
I watched this video on YouTube and started thinking about the new uses for Blockchain (distributed ledger technology) that will most definitely be coming in the future. The Blockchain makes things Transparent, Democratic, Decentralized, Efficient, and Secure
I have summarised the items discussed in the video. The 18 Industries that will benefit from Blockchain.
- Banking- Access to banking, little fees, instant delivery.
- Cyber Security- Although the data is public, it is also verified by all. Eliminate middle men attacks.
- Supply Chain Management- Documents in a permanent public ledger, remove resource waste, verify fair trade status and track origin.
- Forecasting- Research approach will change.
- Networking and IoT- Central location not need to communication.
- Insurance- Remove reliance on trust, identity, real world data, crop insurance.
- Private Transport and Ride Sharing service – Secure with no third party required (look out UBER).
- Cloud Storage- Robust storage
- Charity- to track donations and remove corruption
- Voting- identity registration, votes not changing,
- Government- reduce bureaucracy. Dubai aims to put all documents on the Blockchain by 2020.
- Public Benefits- Assess and distribute welfare in a streamlined way.
- Heath care data- Secure data, share with authorised people.
- Energy management- Buy direct from the providers removing middle layers.
- Music- Artists to get paid direct removing record label taking their cut.
- Retail- Trust verified buyers and sellers removing the middle man (Amazon).
- Real Estate- Remove bureaucracy, fraud, remove paper based documents, transferring property more easily.
- Crowd Funding- Remove the need for a middle man services (gofundme), and smart orders can release funds only when certain achievements are met.
We do say from time to time in IT that this is something that you must learn and get your head around. I believe that this is the case with Block-Chain. Click here for my second part of the series where I look deeply at voting with Block-Chain.