Blockchain is known as the technology that powers Bitcoin and cryptocurrencies. But it can be applied in many different industries and not just virtual currencies. Blockchain can be used for asset digitization, advertising, health care, energy, culture and real estate.
As a decentralized ledger, blockchain allows public agencies and companies to reduce costs and increase their efficiency.
As mentioned before, blockchain can be used for asset digitization. This can be used to convert documents or physical assets into blocks on the blockchain. It is very productive because the information is always available to check, offers high traceability, high credibility and liquidity.
As an example, we can mention the decision taken by the Dutch government to experiment with the technology. Different governmental agencies and companies are exploring blockchain solutions to improve their efficiency.
The Chilean National Commission of Energy (CNE) has decided to regulate the energy sector launching a pilot based on the Ethereum blockchain. Using distributed ledger technology (DLT), the Commission will be improving procedure’s safety and have a more detailed information about the energy sector.
The second industry that is going to be benefited with blockchain technology is the healthcare sector. DLT is able to transform healthcare, taking care of the patient and placing him at the center of the ecosystem. It would be possible to increase security, privacy and inter-operability.
At the moment, there are some companies trying to improve some issues related to medical reports.
Companies such as MIT-led MedRec are applying smart contracts to create a decentralized system for healthcare data. Companies can share accurate and verified data maintaining confidentiality.
The technology can also be used in the cultural landscape. The music business is just one of these examples. Some artists do not receive the full amount of money that they deserve after selling their material online. And there are some users that pay for content that is never delivered.
With blockchain technology, these problems can be solved. There are different projects in the market that are trying to deal with these issues.
At the end of 2017, Björk decided to sell its album in virtual currencies such as Bitcoin (BTC).
Artbit, for example, is also working in a platform that aims to compensate artists and creative entrepreneurs.
If blockchain technology is able to change these industries, then, it must have also a positive impact on real estate. Companies working in this industry experience a lot of paperwork, illegal deeds, mistaken public records, fraud and lack of transparency.
One of the main projects in the sector is Propy, a global real estate store that allows buyers and sellers to work using smart contracts.
Another company working on the matter is Ubitquity, which works as a Software-as-a-Service (SaaS) blockchain platform. It offers a secure ledger and efficient transactions. The funds of the individuals transacting will remain protected and far from attacks.
Finally, we can add the advertising market. According to some reports, the market could reach $550 billion dollars in the year 2018. However, the potential gains remain unrealized due to different issues that must be addressed.
Companies are surrounded by lack of transparency, difficult payment methods and fraudulent traffic. Blockchain technology may change these things forever.
We can mention AdNode, which is creating a decentralized blockchain solution that would increase transparency in the market.
ADconity presents itself as a media advertising platform for both advertisers and publishers with very attractive prices.
In this article we have just mentioned some of the different areas were blockchain technology can be applied. However, DLT has the potential to improve almost every single economic area that is currently facing problems.