Blockchain tech goes far past its banking and cryptocurrency beginnings: Annual worldwide budgets for blockchain implementations almost tripled after 2017.
The success of Bitcoin helped illustrate the implementation of blockchain in banking, but companies assumed that blockchain might change many more industries. Finally, there is a virtually infinite usage of cases for a clear and verifiable registry of transaction data, particularly when blockchain runs on a decentralized network that does not need central control and therefore is fraud-resistant. With businesses adopting blockchain, they raise the visibility of technology in industries ranging from infrastructure to public policy, driving greater openness and reality in the distributed content ecosystems. Here are some new groundbreaking ways businesses use global blockchain control.
- PHOTOGRAPHY: In our digital world where image theft is often a two-click process, photographers can have a difficult time getting paid royalties for their work. At CES 2018, Kodak unveiled its plan to launch its own cryptocurrency, KODAKCoin, to ensure that photographers are paid appropriately for usage. KODAKCoin is backed up by a blockchain ledger and image rights platform called KODAKOne, which allows photographers to securely register new and old work
PUBLIC ASSISTANCE: Adoption of blockchain may lead to streamlining the already cumbersome public assistance system. For example, the United Nations World Food Program (WFP) has been using blockchain to safely and privately deliver aid to refugees. Since refugees frequently cannot open bank accounts, WFP will directly transfer assistance using blockchain and biometric verification technology to validate and record transactions. In Jordan, the WFP has developed iris scanners in food stores in refugee camps that recognize people securely who need financial help for their food. All transactions would be reported instantly on a private blockchain and payment will be automatically transferred from a blockchain account of the person.
VIDEO STREAMING: Video is predicted to account for 82% of all internet traffic by 2021. Blockchain could help dramatically reduce the cost of video traffic by decentralizing video encoding, storage, and content distribution. This could disrupt Netflix, YouTube, and other players in the video distribution ecosystem.
GAMING: Blockchain technology enables gamers to have a more even playing field for competing, getting rewarded, and exchanging assets across digital universes. Through blockchain, digital tokens can be securely exchanged for cryptocurrency without third-party investment.
FOOD & BEVERAGE: As a decentralized ledger that records, stores, and tracks data, blockchain provides a way to monitor the food supply chain and trace contamination issues to their root. It benefits the food processor, which can avoid sending harmful items to distributors; the retailer, which can cut down on or respond more quickly and effectively to recalls; and the consumer, who can trust that what they buy is safe to eat.
AIR TRAVEL: Implementing blockchain technologies to guarantee a smoother trip – and to make it easy for the traveler. New protection layers are provided to turn the information ticket into a digital token. Airlines can monitor pricing and the use of tickets by using a smart contract as part of the ticket token for validated passenger interactions. It is also ideal for producing more precision aircraft repair records, avoiding overbookings, and more.
CROPS & AGRICULTURE: Blockchain has the ability to assist in the development of agricultural space. A decentralized blockchain system could boost transactions in the agricultural chain, expanses in markets, and product-specific logistics. A blockchain record in agriculture provides a degree of confidence among merchants who otherwise would not have experience with each other. It stimulates the market to rise and fosters healthy competition among sellers.
GAMBLING: Online gambling has seen significant growth over the past few years. But some of its core issues — namely a huge gap in transparency — haven’t yet been solved. Introducing blockchain technology can help establish transparency and build trust between a business and its consumers. The technology helps ensure fair games
PHARMA: Blockchain can also enforce safer drug production. If errors are made, they can be caught and traced to the source. This helps prevent recalls or at least allows manufacturers to quickly contact retailers to lessen the impact of unsafe drugs on patients’ health and businesses’ finances.
TRUCKING: Blockchain can improve transfers, monitor shipments and fleet management, and secure assets, and improve the performance of the fleet. It may help track food contamination, for instance, by monitoring a truck with materials and figuring out if safe storage conditions are preserved during delays. It can also help optimize routes by matching truckers and products which are supplied in a specific area by trucks.
WASTE MANAGEMENT: A blockchain solution could contribute to improving existing recycling systems. In return for used plastics, the Plastic Bank provides money or digital tokens, and partners with IBM is extending its recycling approach internationally.
