5 Sectors that are using Blockchain technology
The information provided on this website and in this article does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website's content as such. ICORating.com does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions. Note: this is a guest post.
itcoin and its underlying technology have been concerning the mass media ever since the crypto industry started increasing in popularity. And while many new investors are wondering how to buy Bitcoin, the popular crypto coin has not yet proven itself as a reliable store of value. Even though cryptocurrency as an industry is very interesting and has a lot of room for growth, blockchain technology is what most industries can benefit from.
The introduction of decentralized, public ledgers and smart contracts has made business leaders from all industries curious about blockchain technology. Companies of all shapes and sizes are already experimenting with the application of this technology to improve their day to day tasks and streamline internal processes. As decentralization continues to increase in popularity, we have gathered a list of five sectors that blockchain is currently disrupting.
Sectors #1: Data verification
For most, the process of verifying data seems rather monotonous. For large institutions, however, identifying data in a secure way is essential. At the moment, the industry is desperately in need of innovative solutions, as they rely solely on information provided by third parties to check with particular databases.
This is where startups like Verifier come in play. The early-stage company utilizes blockchain technology to create a reward structure for real world “verifiers” to confirm identification data. Participants can simply sign up at the platform and earn tokens by verifying people they may be acquainted with. Through the use of blockchain technology, Verifier builds a network of nodes that confirm and distribute information to institutions.
Sector #2: Voting
With the new round of elections coming upon us, allegations of poll manipulation and fraud seem to increase. Aside from being very vulnerable, voting methods are currently very outdated, making the process very costly and time-consuming.
Early 2018, Agora provided a blockchain solution for the presidential election of Sierra Leone. The reduction in voting costs and improvement of accessibility made the project so successful, that Russia is currently considering doing the same on the WAVES blockchain.
By placing votes on a transparent public ledger, governments do not only eliminate fraud, but they also generate a feeling of trust. This is closer to democracy than the methods currently used for the process.
Sector #3: Music
The music industry has many barriers towards innovation. Creators struggle to promote their music and find it hard to access markets that would allow them to generate a loyal customer base that could support them financially.
There are several blockchain-related companies that are trying to change that. Their goal is to give power back to music creators, and incentivize all participating parties by developing mutually beneficial solutions.
One such company is DAC, a decentralized music platform. The company could aims to creators and agencies distribute and profit from their content in a better and more efficient way.
Sector #4: Cryptocurrency transactions
The crypto industry has experienced a massive growth phase thanks to an increase in user demand. While investors have many options when it comes to new products, there is still a vague gap related to merchant (e-commerce) payments and the security thereof.
Companies like BitPay and Coinbase Commerce have created systems that allow for merchants to easily support cryptocurrency payments on their platform. Not only does this offer more opportunities and opens up the doors to a new target audience, but it also reduces costs that would be required if such solutions were built manually.
This is probably the one sector that is expected to see the most benefit from blockchain technology in the coming years, as digital transactions still fall prey to unfair practises that negatively affect business transactions.
Sector #5: Education
As cryptocurrency is once again entering into the mainstream, many new investors are looking to profit from industries that are meaningful for the public. One such sector is education. While the market is open to everyone in the world, the amount of educational material related to trading and blockchain technology is still rather limited.
This is where HybridBlock comes in. The early-stage startup provides secure data transfers that allow users to access large databases with tutorials and guides related to blockchain technology. In addition to that, the company allows helps users trade cryptocurrency using the same interface, which further improves the experience for those less familiar with crypto.
As the growth of blockchain technology continues to become more prevalent, a large number of companies will start exploring its applications beyond cryptocurrency. And while blockchain already has a large number of applications, not all industries are ready to benefit from such innovative solutions. Thankfully, the 5 sectors we mentioned above are more than ready for blockchain applications, making them interesting for investors to observe, analyse and participate in.
As blockchain technology continues to develop, more and more companies are exploring its use cases beyond cryptocurrency. While blockchain has many applications, not all of them have the potential to be applied in a timely manner. The aforementioned 5 sectors are ripe for blockchain innovation, making them must watches for investors, analysts, and consumers alike.
The five sectors we analysed above are some of the industries that are ready to welcome blockchain innovation. Not only does this mean that cryptocurrency projects related to these industries have high potential, but it also indicates that a massive operational shift is upon them.
In short, the industries we are watching are related to:
- Data verification
- Cryptocurrency trading
We hope you found valuable information in this article and are ready to dig deeper into your research objectives. If any questions remain, feel free to leave a comment down below or contact us directly.