In 2016 the attention on blockchain was close to euphoric. 2017 might be the year where public hype dissipates but practical application of blockchain manifests itself in business transactions. Furthermore, the application of blockchain will spread from banking and payments across a number of industries. The advance of Blockchain will have the greatest effect on industries where data has traditionally been centralized. From securities trading to the music industry a wide array of blockchain applications has seen the light. Here are a few of the industries which will be affected by blockchain technology.
- Voting: Blockchain can serve as the medium for casting, tracking and counting votes so that there is never a question of voter-fraud, lost records, or fowl-play.
- Music: Blockchain can make music sharing easier and develop more direct payments to the artists and using smart contracts to automatically solve licensing issues.
- Networking and IoT: Blockchain eliminates the need for a central hub. IBM and Samsung are working on a proof-of-concept called ADEPT which eliminates this need. Without a central control system to identify one another, the devices would be able to communicate with one another autonomously to manage software updates, bugs, or energy management.
- Supply Chain:With blockchain, as products change hands across a supply chain from manufacture to sale, the transactions can be documented in a permanent decentralized record — reducing time delays, added costs, and human errors.
- Healthcare: Blockchains can allow hospitals, clients, and other parties in the healthcare value-chain to share access to their networks without compromising data security and integrity.
You can read the full list of 20 industries where blockchain could be used here. The list provides a brief explanation of the uses of blockchain in each respective industry and the introduction to startups working on the matter.