Blockchain technology will forever change every industry that has the need for trust via a third party. Its decentralized nature removes the need for a central authority and here are 5 industries that will forever be changed by blockchain technology –
Forecasting
Decentralised prediction markets have become quite popular on the blockchain. Forecasting blockchain platforms encourage community participation. They give individuals a platform to predict the market, give advice and earn money.
Augur is another such platform, where virtual shares are traded for real-life outcomes. For instance, regarding predictions whether Donald Trump will win the elections or who will bag the AMAs, if shares for correct outcomes are bought, real money profits can be made. Swissborg is another such blockchain-backed platform, which provides reliable investment advice about managing crypto-wealth, and how to invest smartly and profitably in the crypto market.
Many forecasting blockchain platforms work on the meritocracy system, where earnings increase for the most accurate and reliable information. More profit, better predictions, and trustworthiness are the reasons why forecasting on blockchain is the next big thing.
Gaming and entertainment
Virtual gaming is usually very quick to adsorb technological changes, which is one of the reasons why blockchain has a big future in the gaming market. Many digital gaming websites have been eagerly giving rewards in cryptocurrencies. Gamers are one of the most eager consumers of cryptocurrency, where regular Bitcoin transactions have become common among the players.
In the entertainment industry, from videos to music, everything is becoming direct on the blockchain. In contrast to the blockchain, entertainment companies act as third parties and bridge the link between content creator and viewer. But with a peer-to-peer link on the blockchain, the viewer directly pays the artists and receives his content. So, in the absence of a third party sharing the profits, the artists’ profits increase and viewers receive less expensive content. Also, with little interference by entertainment companies, freedom to artists is more and they have complete copyright over the content. These features are making the entertainment industry another big thing on the blockchain.
Energy
Another industry that the blockchain has surprisingly decentralized is the energy sector. It is encouraging peer-to-peer trading of electricity without the need of a middleman. Some of the decentralized energy trading platforms are Powerledger, WePower, Enerchain, etc., where their main feature is the promotion of sustainable development via involvement in renewable energy sources only. They allow producers of wind energy, solar energy, etc. to directly sell electricity to consumers at both small-scale and large-scale.
Wepower enables financing investment in green energy projects, investment in green technology as well as a trade at scale. While the vision of Powerledger is to allow trading of surplus energy among common people, usually at apartment-level to reduce the role of energy companies. These trading are especially getting popular in Japan, where after the Fukushima Nuclear Disaster of 2011, people want to directly meet their energy demands via more safe and sustainable methods. Another innovative option available for firms is “Carbon Trading” to show their CSR activities, where smart contracts, that are legitimate, credible and transparent are available as carbon footprint for carbon traders.
Insurance
Blockchain has the potential to transform the global insurance industry. Though insurance on blockchain is in its infant stage of pioneering currently, this sector is most likely to have a widescale adoption in near future. One of the reasons behind this is the ‘crisis’ in current insurance service system, which stands on lack of trust, high costs, and inefficiency.
The core point of insurance on blockchain technology is to build ‘trust’ among insurers and consumers. WeTrust, Insuretech, Safeshare, etc. are such platforms to promote trust. For instance, in WeTrust the language of an insurance contract is simple and not over-complicated. So the consumer is not misguided or cheated, and his chances for claims improve.
Its most important features are cost effectiveness and time efficiency. Rather than needing multiple separate insurance policies on life, health, home, etc., a single policy is made to cover all aspects. Funds can be shared with closest friends and family. Most importantly, the deal is directly carried out between the buyer and seller without the need for a broker.
Banking and Payments
The blockchain is giving financial access to all people around the world, where the need for traditional banking institutions is eliminated. Payments, savings, lending, and borrowing can be directly carried out peer-to-peer. The aim is to provide a single, global platform where lenders, borrowers, and savers from all parts of the world can directly participate without the need of a third party.
SALT, WeTrust, and ETHLend are some of the platforms where banking activities on blockchain are carried out. Bitcoin is used to directly send money across borders. By using smart contracts, a good or service can be directly exchanged with crypto-currency as the payment. In fact, money can be lent, saved or borrowed on smart contract, by using digital currency as the asset and real money as the direct payment.
Even banks have started investing in the blockchain technology. According to IBM, 15% Banks will adopt blockchain in their system by the end of 2017. The blockchain is swiftly taking over the banking sector, and this is the reason why Banking stands first on the revolutionizing list of the blockchain.
Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.
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