Blockchain – the new kid on the block – is being evaluated for use in several legacy industries that are attracted to its potential for making transactions significantly more secure with less infrastructure compared to traditional security measures.
“By utilizing a blockchain, companies within a supply chain gain transparency into who is performing what actions, when, and in which location,” he and Szymanski told me. “Once a supplier (or its products and shipping containers via internet-of-things sensors and chips) inputs tracking data onto a blockchain ledger, it is immutable. This allows other suppliers in the chain to track shipments, deliveries, and progress among other suppliers where no inherent trust exists. It also increases efficiency and lowers costs, as the need for middleman auditors is eliminated once individual suppliers can easily perform their own checks and balances in near real time.”
Energy is another sector the report identifies as one that is ripe for disruption from blockchain.
Energy, of course, is in the very early stages of a massive transition from centralized production to distributed production. As more and more people and organizations adopt solar, wind, and geothermal energy production, they’ll have energy to use both for their own needs and, potentially, to sell into the power grid.
Blockchain could help recognize contributions while also balancing them against withdrawals.
Other industries ripe for blockchain penetration include food production, government records, retail, health care, insurance, and education, to name a few. In government, the country of Estonia is already leading the way. The government has enabled residents to “notarize” their marriages, birth certificates, and business contracts with blockchain.
Startups currently trying to develop new businesses in the blockchain space are in a great position to create products that are in high demand in many industries. The next couple of years will be interesting to watch what emerges out of blockchain technology and how it will be used.
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