Most people associate blockchain technology with the popular cryptocurrency Bitcoin. The two gained fame around the same time due to ground breaking inventiveness. Bitcoin operates on the blockchain system, a distributed ledger technology. Aside from being the platform for cryptocurrency, blockchain is making its way into other industries.

Banking is one dominant industry blockchain has entered. Due to  system decentralization it creates transparency, security, and makes the middle man (the bank) nearly obsolete. Users are armed with a digital signature with which to make changes or transfers of data. Because everyone has unambiguous access to view the data it is a truly game-changing technology.

Companies in industries other than banking are adopting the technology to innovate or completely restart their processes and operations. Big-time investors are seeing the technology’s potential and are pooling money to create and invest in blockchain hedge funds.

Blockchain investments are moving beyond the banking industry and into other sectors to add greater efficiency and security. CBInsights lists 42 big industries blockchain can transform. This article discuss five of them.

Ride Sharing

Uber and Lyft have become very popular companies in major cities. They work off centralized hubs that utilize complicated algorithms to organize their drivers and customers. According to CBInsights, “blockchain could inject new options into that dynamic: with a distributed ledger, drivers and riders could create a more user-driven, value-oriented marketplace.”

Startups are beginning to use blockchain so that drivers can establish their own rates, offer additional assistance, and attract their own clientele; a game-changer for drivers trying to make a living.

Education

The education industry is moving towards digitalization. Through learning management systems and other student driven platforms, blended learning is becoming more prominent, more useful, and time efficient for teachers. Post-graduation, there are very few automated ways to verify records. Blockchain is emerging in this sector through developments including Sony Global Educations platform that “uses blockchain to secure an share student records.”

Real Estate

When buying or selling property the amount of paperwork is the most tedious aspect of the search. CBInsights writes “pain points for buying and selling property include a lack of transparency during and after transactions, copious amounts of paperwork, possible fraud, and errors in public records.” An identified tech-startup called Ubitquity has designed a SaaS to solve this problem in Brazil. The transparency and reduction in human error makes record keeping much simpler and more efficient.

Sports Management

There is considerable controversy surrounding professional athletes, their success, and the way they’re funded. New Jersey has recently jumped on the bandwagon of sports betting, and the investment in athletes is going even further to include blockchain technology. A company called The Jetcoin Institute is experimenting with allowing consumers to invest in athletes they believe will do well in the future, in return receiving a portion of the athletes earnings. Not yet a popular concept –  it’s in the works.

Gun Tracking

Another controversial topic in the U.S currently, gun owning advocates may have met their match. The major problems regarding gun safety include not knowing who has what and if they should have those. The decentralized ledger offered by blockchain technology offers the option for “fun possession-related information [to be] logged and connected through blockchain, [providing] a connected infrastructure for tracking where weapons came from in the event of unlawful use.” There’s potential to include this type of system into larger security problems like terroristic no-fly lists, FBI watch-lists, and fugitives.

The opportunities are endless when it comes to integrating blockchain technology into industries you may not even know exist. Some believe that new decentralized platform will evolve to compete with blockchain, but its’ head start has given it great success. With hundreds of large scale companies investing in the technology, its’ use will be almost natural in the coming years.

Shift Frequency © 2018 – Educational material