Blockchain Examples - How It Will Change The World We Live.
Peoples bank of China is set to launch their digital currency and is right now in the testing phase
IBM predicts by the end of 2017, 15% banks will be on Blockchain
In September 2016, Barclays carried out the world’s first trade transaction using blockchain. They cut a process that normally takes 7–10 days down to less than four hours.
IBM is working with the government of Dubai to develop smart contracts that can facilitate all trade that passes through its port. This is huge, given $344 billion worth of goods passed through the port in 2016. Dubai’s government said it plans to shift all transactions to blockchain by 2020.
Nasdaq & automotive giant Daimler is also in on the action.
The real value of blockchain is that it eliminates middlemen. They make a living by establishing trust between parties unknown to each other. Blockchain replaces these middelmen. In case you are not aware what blockchain is, you can watch this video wherein I explain blockchain in the most simple and relatable manner.
Blockchain is likely to disrupt many industries in the coming years and not just industries it will transform the way we do things right know. I have compiled my top 5 most interesting industries that blockchain will disrupt. Let me know which industry will blockchain disrupt in the comment section.
- Social Media
Social networks essentially own all of your photos, content, and data when you post on them. You, the user, get nothing and these social networks continue to get bigger and bigger by riding off the backs of users. They are centralized in every way, literally decide what you will see or not see on your feed through their algorithms. We also have to pay in form ads if we want to connect with each other. To me, this sounds like something ripe for disruption.
- Online Music
Several blockchain starts up are coming up with ways for musician to get paid directly from their fans without giving out a large percentages of sales to platforms or record companies. Smart contracts can also be used to automatically solve licensing issues and better catalogue songs with their creators.
- Private Transport and ride sharing
Blockchain can be used to create decentralized peer – to- peer ridesharing apps allowing both car owners and users to arrange terms and condition in a secure way without 3rd party providers. This can bring down the cost significantly and both the parties will benefit.
Across the globe we use passports to identify people, which are paper-based identity cards similar to your driver’s license and therefore counterfeitable. ISIS is reported to have the ability to manufacture fake passports. Since 2005, almost 40 million “travel” documents are reported as lost or stolen according to the Interpol. Dubai is working on a digital passport with a London-based company called ObjectTech. This digital passport is based on Blockchain
Blockchain provides opportunities to create government by the people, for the people and not for big money and strong vested interests.
Blockchain can ensure transparent and secure voting, officials could be elected with a smart contract that specifies what they will do. Public welfare schemes can be put on blockchain to make sure there is no corruption and benefits are distributed to the right person.
Govt systems are often slow, opaque and prone to corruption. Implementing blockchain based systems can significantly reduce bureaucracy and increase security, efficiency and transparency of govt operations. Dubai for exampleI is aiming to become a blockchain govt by 2020. Dubai is not the only country that sees the enormous potential of a Blockchain government.
Estonia has developed a e-residency program. The program is built using Blockchain technology and it enables anyone to apply for an Estonian e-Residency, you can call it a virtual country. As a result, you can start a company in minutes, open a bank account and start doing business.
This enables Estonia to open-up their government services globally and move towards the idea of a country without borders. It is a revolutionary approach, which focuses on efficiency benefits for companies instead of tax benefits.
So that was some interesting areas/industries that blockchain will disrupt.
It will also have a big impact on the following industries:-
Cyber Security, Supply chain management, Forecasting, Networking and IOT, insurance, charity, , healthcare, energy management, retail, real estate, crowdfunding.
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Written by Arpit Khurana