While those in the cryptocurrency community have known for some time of the benefits of blockchain â the secure and incorruptible method of ledger-keeping for digital currency â it seems that many sectors outside of digital currency are beginning to sit up and take notice.
While it was made popular as a form of electronic bookkeeping, there is no reason why the information held on a blockchain should be financial.
Here are five industry sectors that will be taking full advantage of blockchain technology in the near future:
1. Business contracts
Once data is validated and attached to the blockchain, it cannot be altered in any way. This could make the managing of business contracts a much more streamlined affair, since the particulars of any given contract will be available for viewing at any time, and neither party to a contract could dispute its contents.
Because blockchain data is permanent and unalterable, tracking finances, assets, and stock will be a simple process. Internal audits could be conducted swiftly and more accurately than current set-ups allow.
3. Risk management
Every now and then, products need to be recalled due to a critical flaw, or (in the case of consumables) contamination. Using blockchain technology, once such a flaw has been reported an entire batch could be located within minutes and pulled from retail stores just as efficiently, preventing a potential PR disaster.
If salaries were conducted and recorded through a blockchain, then it could make the time-consuming process of tax preparation a thing of the past. With barely any input from the individual, tax returns could be generated automatically, efficiently, and accurately, saving countless man hours and ensuring swift and reliable refunds.
5. Car and land titles
The exchange of title for automobiles and land can be an exhausting affair, with so many layers of verification required. Using blockchain, all of that evidence would already be held in the ledger, making identification and transfer of ownership a breeze.
Clearly, the uses of blockchain outside of cryptocurrency are almost limitless. Only time will tell as to which other industries take advantage of this remarkable technology.
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