Changing industries with blockchain

What began as the basis of cryptocurrencies such as Bitcoin, blockchain technology — essentially a virtual ledger capable of recording and verifying a high volume of digital transactions — is now spreading across a wave of industries.

Blockchain tech has gone far beyond its beginnings in banking and cryptocurrency: In 2019, businesses allegedly spend $2.9B on the technology, up almost 90% from 2018, according to IDC. Industries from insurance to gaming to cannabis are starting to see blockchain applications.

Bitcoin’s popularity helped demonstrate blockchain’s application in finance, but entrepreneurs have come to believe blockchain could transform many more industries. Ultimately, the use cases for a transparent, verifiable register of transaction data are practically endless — especially since blockchain operates through a decentralized platform requiring no central supervision, making it resistant to fraud.

As companies use blockchain to drive greater transparency and veracity across the digital information ecosystem, they’re boosting awareness of the technology in sectors ranging from infrastructure to public policy. Here are the latest innovative ways companies are harnessing the power of global blockchain. 

 ''Deploying blockchain solutions in education could streamline verification procedures, thereby reducing fraudulent claims of un-earned educational credits''  

By nature, academic credentials must be universally recognized and verifiable. In both the primary/secondary schooling and university environments, verifying academic credentials remains largely a manual process (heavy on paper documentation and case-by-case checking). 

Deploying blockchain solutions in education could streamline verification procedures, thereby reducing fraudulent claims of un-earned educational credits. 

 ''As products change hands across a supply chain from manufacture to sale, the transactions can be documented in a permanent decentralized record - reducing time delays, added costs and human errors''

One of the most universally applicable aspects of blockchain is that it enables more secure, transparent monitoring of transactions. Supply chains are basically a series of transaction nodes that link to move products from point A to the point-of-sale or final deployment. 

With blockchain, as products change hands across a supply chain from manufacture to sale, the transactions can be documented in a permanent decentralized record — reducing time delays, added costs, and human errors. 

  ''Entertainment entrepreneurs are turning to the blockchain to make content sharing fairer for creators using smart contracts''  

 Entertainment entrepreneurs are turning to the blockchain to make content sharing fairer for creators using smart contracts, whereby the revenue on purchases of creative work can be automatically disseminated according to pre-determined licensing agreements. 

   ''Use of blockchain technology could allow hospitals, payers and other parties in the healthcare value chain to share access to their networks without compromising data security and integrity'' 

Healthcare institutions suffer from an inability to securely share data across platforms. Better data collaboration between providers could ultimately mean h

igher probability of accurate diagnoses, higher likelihood of effective treatments, and the overall increased ability of healthcare systems to deliver cost-effective care. 

Use of blockchain technology could allow hospitals, payers, and other parties in the healthcare value chain to share access to their networks without compromising data security and integrity. 

    ''Blockchain can help lessen paper-based processes, minimize fraud and increase accountability between authorities and those they serve'' 

 The management of public services is yet another area where blockchain can help lessen paper-based processes, minimize fraud, and increase accountability between authorities and those they serve.

 ''Wills are a highly specific kind of contract, providing an ideal use case for a blockchain smart-contracts solution''

Wills are a highly specific kind of contract, providing an ideal use case for a blockchain smart-contracts solution. In addition to the challenge of verifying the deceased’s actual death, will-related litigation often involves challenges to the “genuineness” of a will — that is, whether the legal interpretation aligns with the deceased’s intentions. 

While the application of blockchain would not completely remove these challenges, it would make it easier to identify factual information, provide verifiable transaction data, and dismiss claims that are without merit.

 ''If employment and criminal records where stored in a blockchain ledger, HR professionals could streamline the vetting process and move hiring processes forward more quickly''

Conducting background checks and verifying employment histories can be time-consuming, highly manual tasks for human resources professionals.

If employment and criminal records were stored in a blockchain ledger (and thus free from the possibility of falsification), HR professionals could streamline the vetting process and move hiring processes forward more quickly.

''The benefits of using blockchain for smart contracts and verifiable transactions can also be applied toward making business accounting more transparent''

A governance framework could be created which enables companies to manage smart contracts on the public and permissioned Ethereum blockchains. An administrative system for organizations could be set up to ensure smart contracts are executed according to rules encoded on the blockchain (or to update the rules themselves). 

It could also be applied for shareholder voting by proxy and collaborative proposal management or to “disintermediate the creation and maintenance of companies and other organizational structures.” decentralized organizations can solve the world’s worst problems.

  Source: CBInsights 2019