Blockchain: Revolutionizing Industries Beyond Finance


Mar 13, 2023 ·


Blockchain: Revolutionizing Industries Beyond Finance

Blockchain technology is a massive and internationally distributed ledger/database operating on millions of devices. It is accessible to anyone, where information and any valuable assets, such as money, deeds, art, and intellectual property, can move and securely stored. Trust gets built on the blockchain not by strong intermediaries, such as banks, technology companies, and governments, but via mass collaboration and proper coding. As blockchain ensures trust and integrity between strangers, it makes cheating tough.

Most of the hype surrounding blockchain is focused on its power to transform the financial services industry. As blockchain drops the cost and eliminates complications in financial transactions, it makes the world's unbanked a lucrative new marketplace, increases transparency, and improves regulation. Blockchain has transformed society, government, and business in multifarious ways.

As the internet's second generation focuses on value and information, blockchain may significantly reduce transaction costs. For instance, an international searchable database of transactions will significantly lower search costs. Blockchain's smart contracts will decrease the costs of enforcing contracts, contracting, and making payments. Autonomous agents on the blockchain can eliminate the agency, coordinate costs, and may even result in highly distributed enterprises with no or little management.

Blockchain technology can even upgrade networked business models by supporting a host of advanced apps. Native payment systems running without banks, credit card providers, and other intermediaries will save you time and cost in transactions. Reputation systems built on economic and social capital, which are controlled by people, will change the dynamic between companies and customers more than intermediaries credit rating service providers, and rating agencies.

Unreliable transactions, where two or more individuals don't need to know or trust each other will get feasible. Blockchain technology is revolutionizing industries beyond finance. Wondering how? Here are the areas that will experience Blockchain's significant impact:

Solving the Intellectual Property Issues in Digital World
Many intellectual property creators didn't get proper compensation during the internet's first generation. Engineers, architects, scientists, fashion designers, architects, artists, photographers, journalists, playwrights, and musicians aren't only responsible to record labels, big corporations, universities, film studios, galleries, and publishers. Now, such investors control digital piracy that became possible online.

Blockchain technology offers a new platform for intellectual property creators to get the deserved value. Check the digital registry of artwork, such as certificates of ownership, condition, and authenticity. Ascribe, a startup functioning on the Blockchain helps artists to upload digital art pieces, watermark them, and transfer them. The entire process is quite similar to a bitcoin transfer that moves from one person's collection to another's. Blockchain fixes the intellectual property world's double-spend problem much better than the current digital rights management systems. Artists can decide if, when, and where they want to upload art.

Build a Better Sharing Economy
Many sharing economy companies are genuine service aggregators. They combine the interest of suppliers to sell their extra capacities, such as cars and equipment, via a centralized platform and then resell them to users. Blockchain technology can provide a means of collaboration to these service providers and they get a larger share of the value. Smart agents on a blockchain can do almost everything that Uber does.

The Blockchain's trust protocol helps autonomous associations or cooperatives to form and get controlled by people who collaborate to fulfill common requirements. The revenues for all services, except overhead, will go to members, who also manage the platform and make decisions.

Open the Limits of Corporate Manufacturing
3D printing has turned out to be a revolutionary technology that is taking manufacturing nearer to users and adding life to mass customization. However, manufacturers still require centralized platforms to sell wares and find it tough to protect the IP of their creations. Blockchain helps data and rights holders store metadata of any substance, from powered aluminum to human cells. It opens up the limits of corporate manufacturing and protects intellectual properties.

New marketplaces can help sellers and buyers to contract more easily in the open marketplace. The Internet of Things will require blockchains to handle trillions of everyday transactions. Traditional finance companies can't control micropayments and settle payments, like when a factory light buys power from a public power auction. The Internet of Things requires a Ledger of Everything.

Promote Enterprise Collaboration
Nowadays, collaboration tools are transforming the nature of work, management, and knowledge inside companies. However, today's suites of tools have clear restrictions as we still require central intermediaries to build trust and coordinate to the best of our capabilities. It creates a lucrative opportunity for blockchain-activated systems. Blockchain social networks will have richer and more customizable functionalities that protect data and empower customers more than incumbents.

The current vendors will either experience disruptions or implement blockchain technologies to deliver much better CX. Earlier, smart managers worked dedicatedly to understanding internet functionalities and how they influence their businesses. Now, blockchain technology has invaded the internet's second generation. Companies are required to gauge the innovator's dilemma and disrupt internally if companies don't want to stay behind.

The Bottomline
So, blockchain is revolutionizing industries beyond finance in the ways discussed above. Even if you aren't a financial service provider, you can use this technology to upgrade operations and stay ahead of competitors.