Blockchain is traditionally associated with cryptocurrencies and speculative markets. Almost everyone knows about the famous Bitcoin swings, generating exciting all-time highs and breathtaking all-time lows. However, turns out that there is so much more to blockchain than just cryptocurrencies.
Essentially, blockchain is a publicly verifiable ledger that, with proper functionality and decent scalability, can be used for a huge variety of use cases. And, even though not everyone is ready to embark on a crypto journey in the field of their own finances, the circulation of digital assets on a blockchain has proved a successful application of these technologies in finance. As a result, more companies are looking to implement blockchain in their sales funnels, data sets, and other areas as well. According to research, annual spendings on blockchain solutions will reach $16 billion by 2023.
Technically, blockchain is a decentralized platform capable of a secure verification and quick processing of multiple transactions, whether it is figuring out where to sell XRP in 2021, or any other important value as well. The absence of central supervision eliminates human factors and the possibility of fraud while extending the opportunities of automated processes. As a result, a number of industries are considering using blockchain solutions on a large scale.
Let’s see which businesses are working on such solutions and what particular systems do they have in mind in terms of implementation in the nearest future.
The immutable nature of a blockchain suggests that it is reasonable to create a neutral, tamper-proof, and resilient database, which will track the ownership of vehicles. Paper documentation is prone to physical damage and forgery while a blockchain database will make it easier to track all the previous history of the ownership, as well as the track record of all the repairs, changed parts, altered builds, and so on. Other services may include those which are connected with finance (car leasing) and other decentralized networks (ride hailing).
What’s more, on an enterprise-level having a blockchain would help to maintain the comprehensive supply chains in the automotive industry. Often, some plants are specifically designed only for producing some kind of parts which then has to be delivered to other factories of different brands, not to mention the supply chains to dealers and end-users. Among new initiatives, large automakers like GM and BMW announced their partnership for creating a new model of a self-driving car using blockchain technology.
The latest few decades have seen a construction boom all across the world. No wonder that new homes and condominiums in high-rise buildings experience significant demand. Also, it’s clear that construction is a heavily regulated industry with many stakeholders on all levels, from initiating the idea and architecture to getting all the necessary permissions in place, building, and selling the properties.
Blockchain ledgers can make it easier to perform a proper analysis and generation of a viable project which suffices to all the necessary requirements. After that, blockchain would be useful for regulators, builders, buyers, and sellers to track the documentation about the ownership of land, buildings, along with other permissions required by applicable law. During construction, supply chain tracking is becoming important, just like in the automotive industry.
On the stage of real estate brokerage and even direct seller and buyer relationships, blockchain systems would ensure fair prices and eliminate fraud. Smart contracts can ensure that both parties get what they have negotiated and that large sums of funds can be easily and quickly transferred as payment for the estate. The Washington-based startup Ubitquity, among others, used blockchain to maintain documents and tokenize properties.
This industry has been highly centralized throughout many centuries. In many countries, energy management totally relies on governmental structures these days. In other developed countries like the US, to transact energy, one must have a contract with a power holding entity like Duke energy or a contract with a reseller that buys from one of the big players.
A blockchain-based solution may help to minimize or entirely eliminate the need for intermediaries. As a result, the prices on the energy sources won’t depend so much on numerous middlemen.
The traditional energy exchange paradigm may also be changed in order to stay in line with the needs of consumers and sustainability goals. Some companies are already testing the decentralized energy generation schemes where renewable energy is shared between people in peer-to-peer networks. These new schemes allow people to generate, buy and sell energy on their own. Also, power companies like Acciona Energy in Spain use distributed ledgers to certify and track the sources of clean energy.
A lot of sources pointed out the necessity of blockchain in healthcare. Yet, before sharing distributed ledgers of health records and using them in medical supply chains, blockchain could facilitate medical research and clinical trials. This way, the healthcare industry can move forward, improving even before the treatment phase.
Clinical trials are a complex process that requires the participation of multiple stakeholders and maintaining ob big amounts of sensitive data. All these processes often need to be coordinated from multiple sites.
Another thing that blockchain could handle is keeping track of all the available research to date on a particular study. It is useful both for scientists and tech industries that sponsor the research and proceed with the production of approved medication. It will eliminate the need to reconcile between different databases when the research is performed across various facilities and led by different researchers. Once the study is complete, such a verifiable record can then be passed on to authorities or other researchers for approval.
There are still so many industries where blockchain can create real breakthroughs. For sure, blockchain possesses the potential to become a transformative force for the world we live in.