Although there is a lot of hype around blockchain projects right now, to many they can still be considered pretty confusing. To put it simply, a blockchain is essentially a global public ledger that is able to record, verify, and secure digital transactions with no interference from a single authority or group.
For the most part, blockchains are associated with the financial industry, but not too far in the future they are set to transform the way that many industries across the globe operate. It has the potential to provide the solution to a range of problems, by building a decentralized digital platform that is unable to be touched by any fraud or tampering.
Plus, all transactions carried out in the network are available to be viewed by anyone. Here are a few industries where it is most likely to make an impact.
At the moment, the energy management is highly regulated, controlled by a few big names. Blockchain is set to be used to change the energy management industry into something that is more user driven. Furthermore, BitFortune.net argues that blockchain tech would help reduce settlement time and transaction costs, which would ultimately bring down the cost of energy itself.
The majority of popular ride sharing businesses currently in operation are the opposite of a decentralized platform, as the transactions are handled by the company. There are already startups out there creating a ride sharing services that facilitate all operations though blockchain, which puts the driver back in control.
Music and Entertainment
Blockchain will be especially helpful for artists and entertainers who want to distribute their work while still being completely in control of it. It will allow them to cut out the middleman and directly benefit from using a more modern contract.
Using blockchain in the real estate industry could help to eliminate the extensive paper based systems that are currently in place. It will enable all transactions to take place digitally, with documents finalized, recorded, tracked, and stored using the technology.