Blockchain Technology Has its Footprints Across Sectors and Industries
Over the past few years, we’ve seen phenomenal growth in the market for blockchain technology. From a meagre $210 million market in 2016, this figure is projected (by Netscribes) to grow to $13.98 billion by 2022. According to an International Data Corporation report, global spending on blockchain solutions is estimated to reach $2.1 billion in 2018.
The rapid growth in the blockchain technology market can be attributed to increased awareness and usage of this niche technology. Earlier limited to just cryptocurrency and financial uses, blockchain technology now has its footprints over almost every industry and sector. Here, we will highlight 5 lesser-known but very important use cases for blockchain technology.
1. Asset Digitization
Asset digitalization entails the conversion of endorsement documents of physical assets into packed and sealed blocks on a blockchain. The digitization of assets offers advantages such as high circulation, high traceability, high credibility, convenient trading and liquidity. Prominent real world use case examples of asset digitization include:
- Vaultoro and Orebits for gold and precious metals
- Registry Blocks and Blockcerts for items and documents on a blockchain
- BlockVerify for protecting assets from anti-counterfeit measures
- Everledger certifies assets (diamonds, gold, art, etc.) and stores records of verified ownership on the public ledger
Blockchain technology has the potential to transform healthcare, placing the patient at the centre of the ecosystem and increasing the security, privacy, and inter-operability of health data. Consequently, many blockchain projects are now using blockchain technology to solve issues with electronic medical records by provide a secure mechanism for recording and keeping them. Examples of initiatives in this area include:
- MIT-led MedRec applies blockchain smart contracts to create a decentralized content-management system for your healthcare data, across providers. It facilitates data sharing while providing authentication and maintaining confidentiality
- BitHealth, a decentralized patient records management system
- Tierion collects, tracks, and stores medical records, as well as performs digital payments securely and transparently.
3. Music & Fine Arts
The music business is a prime example of an industry whose inefficiencies have seen artists poorly remunerated for their efforts.
- Artbit, overseen by former Guns N Roses drummer Matt Sorum, is a decentralized platform that will allow direct compensation to individual artists and creative entrepreneurs. By creating “virtual stages” using renowned artist hubs around the world, Artbit will allow up-and-coming creators to fund their passions through a crypto-economy powered by hashgraph.
The Arts are another field susceptible to fraud and inadequate compensation.
- Maecenas offers blockchain based auction of fine arts. Its the world’s first Art Investment blockchain-based platform that democratises access to fine art
- smArtchain showcases art projects and art start-ups based on blockchains and smart contracts
- Verisart helps certify and verify artwork instantly
4. Real Estate
Vulnerabilities related to real estate transactions such as the eye-watering amount of paperwork, illegal deeds, errors in public records, missing heirs, fraud, and lack of transparency are the key reasons that have led to the introduction of blockchain in real estate transactions. Here’s where blockchain technology projects Propy, velox.RE, and Ubitquity offer a solution.
- Propy is a global real estate store, allowing buyers, sellers, and all other parties to come together through smart contracts
- velox.RE, a pilot project established in Chicago, allows digitized property ownership, and property data exchange
- Ubitquity, a fully functioning Software-as-a-Service (SaaS) blockchain platform offers cost-efficient transactions and a secure cryptographic ledger, ensuring protection of all assets and saving time
The global advertising market is estimated to exceed a size of $550 billion in 2018. It’s huge, yet a good part of its potential remains unrealized. The market in its current state, is fraught with a multitude of murky middlemen and fraudulent behaviour, lack of transparency, and antiquated payment models. A WPP study estimates that more than $16 billion of global advertising revenue was wasted on fraudulent traffic in 2017. The advent and prominence of blockchain technology has enormous potential to disrupt and revolutionize digital marketing, especially advertising. Here are a few examples of blockchain-based projects that seek to bring more transparency, reliability, and efficiency to the current state of digital advertising:
- AdNode is creating a decentralized blockchain solution to bring transparency to digital marketing. It intends to provide commercial advantages to brands, digital marketers and publishers by optimizing for economic efficiency.
- ADconity is a user-friendly rich media advertising platform for advertisers and publishers, with competitive pricing.
- Japan-based PATRON is building a decentralized influencer-marketing platform to eliminate inefficiencies in branded content and social media.
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