How Blockchain Technology Can Benefit Many Industries Beyond Finance
Blockchain technology is largely associated with the financial sector, but distributed ledger applications have much to offer other industries as well. Deloitte University Press recently released a report titled, “Beyond bitcoin, blockchain is coming to disrupt your industry,” examining blockchain’s application in different industries. Industries besides the financial sector include: media, consumer products, industrial products, automobiles, travel, hospitality, retail, life sciences, healthcare, government, and energy. The report, authored by David Schatsky and Craig Muraskin, reviews....
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Most of the world’s largest banks and financial institutions have already allocated billions of dollars to the development of Blockchain technology. The question remains, will Blockchain technology revolutionize the finance and legal industries in the same way the Internet changed the media industry, once and for all? Blockchain in finance. The applicability of Blockchain technology in the finance industry is completely different to that of the legal industry. Corporations or service providers within the finance industry are required to deal with millions of data sets on a daily basis,....
When Bitcoin first became popular, much mainstream coverage focused on its illicit uses. Then a revolution in thought led people to understand the less sinister benefits of Bitcoin, and namely its underlying technology, the blockchain. Many experts suppose blockchain could revolutionize numerous industries, with financial technology receiving most of the coverage in 2016, which some observers have dubbed “the year of the blockchain.” But, as 2016 rolls into 2017, focus on blockchain in industries outside of cryptocurrency, and finance, are emerging. Insurtech, according to Jupiter....
SafeShare, an insurance services company has launched a new blockchain based insurance product targetted towards the sharing economy businesses. The Blockchain technology is designed to be secure by default as it stores important cryptocurrency transaction data. The information stored on blockchain is responsible for the execution of transactions and prevention of double spending. The bitcoin blockchain is built around the SHA-256 encryption system to secure data. The open source nature of bitcoin technology has facilitated its adoption in sectors other than mainstream cryptocurrency. It....
BLOCKS is an innovative decentralized autonomous organization that offers blockchain solutions to companies that need to alter their modus operandi. The core objective of BLOCKS is to help companies revolutionize the way they operate and make industries benefit from blockchain technology, considered as the future of finance. One of its aims is to migrate traditional, existing businesses onto the blockchain. The business space is undergoing a massive transformation in terms of how enterprises are run, thanks to blockchain. This technology is continually evolving, and it’s only logical....
The uses of Blockchain technology is virtually endless, but it will take time for the industries to adopt it. The potential applications of cryptocurrencies and its underlying blockchain technology have been hailed by almost all the industries so far. Blockchain technology is probably the most versatile of all the technologies so far, right after the internet perhaps. Even though its potential applications in various industries has already been endorsed by experts in both cryptocurrency and other fields, there are still doubts among select few. A leading online tech magazine, in one of its....