Blockchain is unlocking value in an industry near you
Article by John Fitch
For most of the non-initiated, the whole concept of Blockchain technology might still sound completely futuristic and entirely unachievable for the time being. However, more companies are starting to jump onto the Blockchain bandwagon and put this state-of-the-art tech to real use.
Contrary to what many might believe, these companies aren’t just restricted to the IT and computing sector. In fact, we are starting to see Blockchain projects emerge across almost every major industry. You may be surprised by some of the everyday examples we encounter already. Right now, Blockchain technology is helping various companies benefit from the Decentralized Economy and increase technical security, and we’re extremely excited to watch this trend develop further and be a lot more widely adopted.
To put this into perspective, here are a few remarkable examples of how the Blockchain is already making waves.
The Decentralized Library of Alexandria — Publishing
One great example of how the Blockchain can help publishers and creators is The Decentralized Library of Alexandria. This online platform gives different types of creators and content producers the chance to publish and distribute their work for direct compensation. From blog posts and eBooks to music videos and short films, the platform gives creators much tighter control over everything they create and share with the world. With this increased control over their content, creators can then determine for themselves how to generate revenue.
By using decentralized technology, The Decentralized Library of Alexandria is able to eliminate central points of failure related to using proprietary databases, ensuring that each piece of content which gets uploaded is completely protected and accessible. And as the library uses Bitcoin for payments, it gives creators the chance to choose the best method of monetization for their content. Plus, the direct payment from fans to creator means that the middleman is cut out, bringing expenses down to a minimum.
Medrec — Healthcare
Many forward-thinking initiatives are trying to create patient-centric health records, and a great example is MIT’s project Medrec. Medrec’s aim is to revolutionize the relationship between patients and medical researchers by stopping the fragmentation of healthcare information. The patients will be able to keep total personal control of their health data while also sharing it with researchers as needed.
Users of Medrec platform and apps will be able to authorize and track their data completely. To enable effective auditing, numerous health regulators will also keep independent records. Permissioning and access to the data is all confirmed by users first, which creates a totally user-driven platform.
Digital Assets Holdings — Trading
One further example of the use of this technology is the Digital Assets Holdings, which aims to bring fast clearing to US equities. Even though the company is still in its early stages, the team behind it has already collected investments from titans like Goldman Sachs, IBN, Deutsche Borse, Abn Amro and BNP Paribas.
Digital Asset Holdings can commit transactions to multiple types of distributed ledgers, Blockchain and traditional ones. As they expressed, They understand that Legacy financial infrastructure, traditionally based on centralized, unencrypted hub-and-spoke database architecture, is expensive, inefficient and vulnerable to operational failure and cyber attack.
They essentially aim to bring more speed and efficiency to a sector currently plagued by the need of systems that require the duplication and distribution of enormous amounts of data. In many cases, incongruencies within and across these systems create inconsistent transaction data that often necessitate costly reconciliation processes. They envision that Blockchain and Smart Contracts can work as an effective solution to these inefficiencies.
Although Blockchain is still in its infancy, everyday examples of its use will surely increase over time, and many more entrepreneurs and professionals will adopt it. Does it sound like something you could put to use in your company or organization? Our education course, “The Basics of Blockchain” is perfect for those who wish to learn more about Blockchain Technology and its uses in business. Created by Tom Serres, Bettina Warburg and myself, the course includes 33 lectures and 1.5 hours of on-demand videos, which help professionals identify the aspects of Blockchain Technology that can benefit their business and set a strategy to prepare clients for the emerging Decentralized Economy.