Bitcoin is the first manifestation of what exactly blockchain technology can do in revolutionizing systems — operating a decentralized system impeccably.
Thanks to Bitcoin’s popularity, the world now somehow understands the utility of blockchain technology; several startups are actually leveraging this technology to offer effective and innovative solutions to the public.
Here, we will look at the top industries that are already disrupted by blockchain technology.
When we talk about blockchain technology, the first thing that comes to our minds is cryptocurrency. However, the use of blockchain technology is now far beyond cryptocurrencies. Healthcare systems are already using this immutable ledger to store discreet patient information, hunt down counterfeit pharmaceuticals and cosmetics, and also securely share patient data between doctors and platforms.
There are several healthcare-blockchain start-ups. However, I have picked out the top projects:
MedicalChain–It’s already leveraging blockchain technology to manage and control patients’ health records. In case of an emergency, a doctor can access those records easily.
Gem–It develops decentralized health care applications, and its top decentralized application is the Gem Health Care Network that is used to enhance interoperability among hospitals, clinics, and health service providers.
2. Real Estate
The real estate business is “a pen and pencil” business that requires a lot of paperwork; it also requires several third-party intermediaries and brokerage firms for its success. As such, it is filled with many fraudsters, bureaucracy, errors in records, and also high brokerage fees. Blockchain technology is springing up in this sector to improve efficiency, transparency, and to also reduce costs in transactions.
Top blockchain start-ups in this sector include:
PROPY–It is offering amazing decentralized solutions to the real-estate business, such as simplified transaction management, easy transfer of land titles, and real-time compliance checking. The project intends to make the real-estate business available to everyone in the world.
ATLANT–It is building the next generation global real estate platform on Ethereum blockchain that allows property owners and developers to tokenize their assets.
These days several western universities are publishing academic transcripts, diplomas, and degrees on the blockchain. The University of Nicosia was the first university to break new grounds for this technology in the education industry.
For such a long time, the education sector has been relying heavily on paper documentation which is ineffectual; to make a real difference, it is now applying blockchain technology to:
Allow employers to review the credibility of academic transcripts independently without contacting the university.
Reduce the costs of re-issuing academic documents in case the hard copies are lost and cannot be recovered.
Allow students to share their documents with potential employers conveniently.
Top blockchain start-ups in the education sector include:
ODEM–It uses blockchain technology to connect educators, students, and professionals to relevant courses and resources.
Sony Global Education – It is a blockchain education company that partnered with IBM to develop a blockchain platform that stores students’ information on a ledger.
4. Music and entertainment
One of the biggest problems in the music industry is piracy (unauthorized users reproduce musicians and artists work without their consent). Blockchain technology provides a way for artists to register permanent ownership of their music albums. It is also solving the problem of economic distribution in the music industry by providing a transparent system where artists can get information on how much music distribution companies make from their music.
Top blockchain start-ups in the music industry include:
Muzika–It is an online streaming platform that is already using blockchain technology to connect music artists with their fans with no third-party intermediary. It also provides musicians the fame and money that they deserve.
UjoMusic – It is a digital rights management platform that is based on Ethereum. It enables fairness and transparency in the music industry by allowing artists to publish their work immediately after uploading it.
Some Philanthropists have stopped their charity work in Africa because the charitable foundations in Africa are opaque. These charities do not show any proof of how they spend their donor’s funds. On top of that, they have high overhead costs that soak up cash which is meant to help the people.
Charitable blockchain companies are using blockchain technology to address most of the charitable issues. Let’s look at the top projects in this sector:
Binance Charity Foundation – It is allowing donors to contribute to charitable organizations in a transparent and effective way; the platform also shows clear accountability of all the funds received.
BitGive – It is a bitcoin-based charity platform that enables donors to give bitcoins to charities. It uses blockchain technology to offer a transparent system to philanthropists, and it clearly shows the impact of their funds on needy societies.
6. Supply Chain management
The supply chain industry faces several issues as well. The top problems that plague the system include counterfeit products, delays in the transportation of perishable goods, and third-party intermediaries that make the whole process expensive.
Supply chain based blockchain start-ups are blending RFID chips, Internet of Things, and blockchain technology to:
Track the paper trails of a container.
Reduce time spent in the transit and shipping process.
Enhance transparency and security of product information exchanged between parties.
Top blockchain companies in this sector include:
Walton Chain–It is using a unique mixture of technology (RFID, blockchain, and IoT) to create a transparent and trustworthy ecosystem that tracks products during each step of the production.
TradeLens–It’s a blockchain-based platform that is created by IBM and Maersk to digitize global trade. It tracks shipments from end to end, hence providing a transparent system.
7. The renewable energy sector
Nowadays, renewable energy consumption is at a high rate in different parts of the world. This type of energy is produced from sources that do not deplete, for example: wind, solar, biomass, and geothermal. Blockchain technology is scaling the renewable energy sector by providing these solutions:
Peer – to-peer decentralized energy trading.
Storage of transaction data and recording of electricity generated per participant within a network.
Transparency in solar energy trading.
Top – notch blockchain start-ups in the renewable energy industry include:
Brooklyn microgrid – It’s a blockchain-enabled community that has developed an app that allows residents of a community with solar panels to earn revenue from selling their excess solar energy to their neighbors.
Power Ledger–It’s an Australian blockchain-based cryptocurrency and energy trading platform that allows for decentralized selling and buying of renewable energy.
The financial industry is developing at a higher speed, but it is leaving behind the insurance industry. Literally, the latter still has several pain points such as fraud, human errors, and cyber-attacks. Additionally, the insurance policies are still processed on paper contracts that are ineffectual since anyone can tamper with these contracts.
Blockchain technology is offering amazing solutions such as,
Transaction security and ease authentication of any transaction since all operations are transparent.
Fast claims processing since blockchain technology enables real-time data processing.
Enables event-based smart contracts that ensure automatic payouts.
Top blockchain companies in the insurance industry include:
Etherisc–It’s an Ethereum blockchain-based insurance platform that allows clients to purchase insurance policies using cryptocurrencies.
PAL Network–It is using blockchain to offer smart contract-based insurance products.
9. Wills and inheritance
Last year, a 30-year-old CEO of a major Canadian exchange passed on suddenly, yet, he was the only person with cryptographic keys of that exchange. As such, tons of people who had kept their bitcoins with that exchange lost their wealth.
After that incident, several blockchain-based start-ups have come forward to offer solutions in this sector.
Top projects in the sector include:
Eternitas.io–It allows individuals to create an immortal coded will where no single person can alter it. Amazingly, it is using a decentralized network to distribute funds when you are gone.
PassOn – It helps people to transmit their digital assets to loved ones before they pass on.
10. Retail industry
Blockchain technology is addressing a problem of high transaction fees, delays, and frauds that occur in cross-border payments. So, it enables retailers to accept cryptocurrency payments that come with a handful of advantages.
Additionally, it allows retailers to protect the privacy of consumers because cryptocurrency transactions are anonymous. So, when hackers breach the security data of a retailer, the data of the consumer is safe.
Top blockchain projects here are:
OpenBazzar – It has developed a protocol for e-commerce transactions in a fully decentralized marketplace. It allows its users to buy and sell goods without any middlemen or platform fees, and all payments on this platform are settled using cryptocurrencies.
Paytomat–It is a payment solution that allows merchants to accept cryptocurrency easily without investing in any training sessions.