Blockchain’s disruptive potential has been prophesied ever since its humble Bitcoin-based beginnings. The technology was widely predicted to revolutionise much more than just the finance sector, and in 2020, we’re beginning to see some evidence of that.
So, which industries are getting on board and benefitting from blockchain solutions?
Both governments and individuals are set to benefit from this one. Incorporating blockchain technology into electoral systems means that each vote cast is recorded as a transaction in the digital ledger. As such, votes can’t be altered, removed or added, eliminating the need for recounts, as well as the possibility for fraud.
Agora tested its blockchain-based voting platform in Sierra Leone’s 2018 presidential election, with results not straying far from official tallies.
Ride-hailing apps such as Uber may not have got in on the action just yet, but certain services are rethinking the way we’re calling our cabs in order to cut out the middleman.
Blockchain-based ride-hailing startup, Arcade City, allows drivers to be their own bosses, thanks to smart contracts - rather than human intermediation - facilitating driver-rider interactions. The app lets drivers set their own rates, build their own customer base, and even accept payments in crypto if they wish.
Introducing blockchain technology to the real estate industry could truly transform the entire buying and selling processes, making them faster, cheaper, more transparent and error-free.
Propy aims to simplify and speed up the real estate ownership process, using smart contracts which are programmed to auto-execute the next step - e.g. when contracts are signed or money is transferred.
This industry isn’t necessarily known for being the most sustainable or legally-compliant. But blockchain could be the key to turning this around.
In 2018, WWF partnered with blockchain software tech company, ConsenSys, to help stamp out illegal fishing and human rights abuses in the Pacific Islands’ tuna industry.
The Blockchain Supply Chain Traceability Project tracked individual tuna from vessel to supermarket, providing customers reassurance that their fish was ethically sourced through a quick QR code scan.
These days the concept of cloud storage is almost synonymous with leaks and hacks. But the answer isn’t far off by the sounds of it.
Rather than storing customers’ data in a centralised server, blockchain solutions offer decentralised alternatives, which are altogether more secure.
Filecoin is a decentralised data storage network which involves miners competing to store clients’ data and being rewarded in filecoin (the currency) in return for storing it properly.
There you have it - some real-world examples of blockchain use-cases, which before long could be commonplace.
The list of industries blockchain could transform is a long one. Let us know of any interesting ones you’ve come across!