Here’s How Blockchain and Business Go Hand-in-Hand. Blockchain is taking over the world, one bitcoin at a time. However, blockchain is involved in much more than just cryptocurrency and is actually playing an important role in the transformation of modern-day business.
Expected to be worth $1 trillion by the end of the year, blockchain technology provides deeper levels of security, anonymity, and transparency that your traditional database or transaction simply can’t provide. As a decentralized option, it’s proving to be incredibly popular.
To identify how businesses are incorporating the tech into their everyday practices, the folks at BitFortune have created an infographic that shares some examples of blockchain in use. From the real estate industry to even the government, businesses around the world are coming to rely on the technology. Some other examples include:
While the internet made music more accessible for us all, it also increased piracy and illegal sharing. Blockchain won’t eliminate illegal sharing, but it can help the industry become more secure.
Many online music providers are using blockchain to help verify its transactions whilst also accepting cryptocurrency as a form of payment. PeerTracks is just one service leading the music industry through the world of blockchain as its secure database helps artists manage royalties and business revenues, paying out via cryptocurrency. It’s a quick solution for artists that also cuts out the middleman.
Blockchain can help reduce transaction costs and settlement time. Moreover, it can help to promote alternative energy sources, which is where some of the most innovative ideas within the industry are coming from.
KEPCO recently unveiled details for a blockchain-powered electric vehicle charging station, whilst Solar Coin is using bitcoin donations to help identify power shortage problems. The most exciting prospect, however, is from 4NEW. The company is working out how a new KWATT coin can be used to buy and sell energy generated entirely by waste.
These are just some of the possible applications of blockchain. For the full picture, take a look at the infographic we’ve mentioned below.