New reports emerge daily about blockchain’s infinite potential to upend entire industries. However, there’s a precariousness in touting the future of a certain technology without proof of concept.
Investors grow wary of a bubble burst similar to the dot-com fiasco. The more evidence available of blockchain’s real-world value, the more likely investors will support new blockchain solutions, and in turn, consumers may place trust in this decentralized infrastructure.
Although there is a lot of hype, some industries stopped theorizing about blockchain’s potential and put the ledger to work.
According to CNBC, in 2018, home prices in the U.S. increased twice the rate of income growth. Raised prices coupled with a supply shortage left some buyers feeling powerless. However, the arrival of a new sphere of blockchain-based solutions may grant more power to homeowners and buyer to take control of the house-hunting process and financing.
Leveraging an open protocol eliminating the need for brokers and intermediaries within sale agreements benefits both buyers and sellers. One way the blockchain will revamp the industry is by making property history more accessible. As a digital record, every transaction records without chance of tampering.
Additionally, blockchain is streamlining the actual transaction process. Deed Token is one organization dedicated to this overhaul. Through tokenization, traditional real estate fees can reduce from 6% to 1%.
DeedToken customers use DEED to decide what to pay in commission costs when purchasing or selling a home
— Deed official (@DeedToken) May 29, 2018
The organization is working with partner brokerages across the country to help every home buyer and seller lower the stress and financial burden of the process.
Deed affiliated brokers in all 50 states are already helping homeowners and buyers; home prices are on the rise, but by with Deedcoin, 80%+ can be saved on real estate commissions through traditional brokerages.
The potential to help individuals manage finances has long celebrated. And many financial organizations have begun infusing their core and legacy services with blockchain solutions.
One of the most renown examples of this is IBM’s Hyperledger project. The tech giant established this project to make international payments more secure, efficient, and scalable. The project garnered the support of multiple financial institutions worldwide.
Shipping and logistics
The arrival of blockchain within shipping and logistics stands to save money in logistics waste and improve the end-to-end user experience. Fr8 network is a freighting organization that created a new protocol based on standards of data, payment, regulatory, and cybersecurity to deliver more efficient facilitation of global logistics.
The Fr8 Network centralizes the transactional data associated with every leg of a shipment journey – making this data transparent and accessible to everyone ranging from delivery logistics coordinators to brokers and drivers.
The entertainment industry is welcoming blockchain-based solutions, from paying to access streaming content with cryptocurrency to investing in a crypto-based media project. The arrival of blockchain is making it easier for artists to finance their projects.
A recent Fast Company article revealed the ways media leaders and creatives view blockchain’s potential impact on content accessibility and artistic agency. IBM’s Media and Entertainment CTO, Peter Guglielmino discussed the value of blockchain’s inherent visibility about creative financing. He stated,
“Where there’s mystery, there’s margin. So if I have a supply chain, and I can’t have visibility, all of a suddenly money starts disappearing and the wrong people are getting money and the people who should be getting it aren’t getting it. And that’s really how blockchain is going to help the creative industries.”
Inalterable medical records and transactional histories have the power to vastly improve patient experience in healthcare. Additionally, managing pharmaceutical distribution may benefit from blockchain’s decentralized technology.
To combat the $200 billion counterfeit prescription drug industry, FarmaTrust was established to eliminate the distribution of expired and counterfeit drugs. Using blockchain and Artificial Intelligence, FarmaTrust’s system creates a centralized data repository easily accessed by everyone from warehouse managers to pharmaceutical technicians to ensure patients receive the legitimate medicine.
There is no shortage of ways in blockchain can change the world, and successful implementation of blockchain across these industries may spark a renewed sense of confidence, even among the most skeptical of audiences.
Cover Photo by Nigel Tadyanehondo on Unsplash
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