For many developers, the most exciting thing about the cryptocurrency isn’t the incredible profits some investors have seen, but the blockchain technology that supports it all. There have been many reports in recent months about entrepreneurs taking the blockchain out of the financial sector and applying it to other industries, and experts predict that it is only going to increase.
Here are eight industries where blockchain could really make a difference.
1. Supply chain management
The blockchain is both cost-effective and completely traceable, which makes it a boon for logistics and the supply chain industry. It allows companies to track the movement of goods from point of manufacture, to wholesalers, to retail outlets, and back again.
2. Quality assurance
Blockchain technology enables companies to track irregularities in their supply chain system all the way back to the source. The transactional nature of the record means that investigations can be carried out quicker, and solutions reached far easier.
With blockchain’s unique method of retaining and validating transactions, human error can be virtually eliminated, and the data is safe from possible tampering. This makes it a superb accounting resource, increasing the integrity of our financial institutions.
With blockchain being open, accurate, and immutable, it only makes sense that it be used to facilitate the instant production of contracts. Smart contracts can automatically sign, validate, and enforce agreements through a blockchain construct.
The appeal of blockchain tech in the voting booth is that it adds a much-needed element of trust. Currently, Moscow is preparing to test the technology in its local elections to see how it fares against voter fraud, and stock market stalwarts NASDAQ recently incorporated it into their shareholder voting system.
6. Stock exchange
Using blockchain to monitor commodities and securities trading is really an extension of its current role in cybercurrency. Little wonder then, that the Australian stock exchange intends to switch their whole operation to a blockchain-enabled system, for its transparency and accountability.
7. Energy supply
Blockchain is being used to enable transactive grids of new energy solutions that are both renewable and sustainable. The blockchain can track usage with incredible accuracy, as well as tracking the source of energy to the grid, assuring its green credentials.
8. Peer-to-peer global transactions
By transferring the benefits of blockchain technology from digital currencies to fiat currencies, it will be possible to transfer funds around the world both cheaply and securely. While global transfers are possible at the moment, they are rarely instantaneous and often attract large fees.
Image Source: Flickr