A Positive Take on Blockchain Technology [Infographic]
Since being invented ten years ago, blockchain technology has defied the odds and became more than a gimmick. Blockchain allows transactions to be made across a secure and anonymous P2P network.
Whilst, initially, blockchain may have been most associated with the Dark Web, attitudes are changing – one-third of C-Level executives have now seen the benefits to blockchain and are seriously considering adopting the technology, and they’re not alone. Many businesses are now also starting to see the positive impacts the technology can have on the way it does things.
The latest infographic from BitFortune’s has looked into the very ways that businesses, from charities, the government, and energy management, are now incorporating blockchain into their everyday business processes.
Blockchain can allow transactions to be confirmed without the need for a central clearing authority, and it can provide more security and privacy than using middlemen services (like banks) and thus help to reduce fraud.
Industries Already Using Blockchain
Let’s have a brief look into some of the examples from the infographic that are already using blockchain and how it’s helping their business:
Blockchain provides charities with a more transparent way of transactions. Not only that but the technology is likely to help transform how financial records are maintained and allow for a smoother process of making such records available in the public domain. Charities currently using blockchain include Save the Children and the Water Project.
Blockchain lets governmental institutions eliminate certain needs and reliances on third parties, which in itself helps secure assets and reduce the likelihood of a data breach. Dubai has announced that it intends to put all of its government documents on the blockchain by 2020.
It’s expected that blockchain will help transform the publishing world and revolutionize the monetization of music. In 2016, PeerTracks launched “artist tokens,” a tradable cryptocurrency for artists to hand out to their fans. Other services, like PledgeMusic and BitTunes, are helping the industry make fast progress with the technology.
Again, blockchain can help cut out third parties and reduce the costs involved. With the technology, property investors can receive automated payments and smart contracts will help increase transparency and the prevention of fraud. Lake Tahoe was bought for 2,739 bitcoins in 2014 – the equivalent of $1.6M.
Blockchain will help to rapidly reduce the risks of insurance fraud whilst at the same time help improve customer engagement and relevant record keeping. 56% of insurance firms have acknowledged the importance that blockchain has for their business.
What Does the Future Hold for Blockchain?
Over the next few years, blockchain will come into its own as the technology moves from pilot to production. Whilst the popularity of blockchain will increase, this will cause a crash sometime in the next year as the market figures out the supply and demand but there’s one thing for certain, blockchain isn’t going anywhere.
With the global blockchain technology market estimating to be worth around $20B by 2024, those who choose to turn a blind eye against the rapidly-advancing technology will be left trying to play catch-up whilst the rest of the business world transforms and evolves.
Check out the infographic below to find out more and to discover how other industries are using blockchain to change the way they work!
Stefan Ateljevic, Head of Content and Casino Auditor at BitcoinPlay. With an extensive background in content creation and love for online gambling and all things crypto, Stefan aims to improve the current state of the crypto gambling industry by creating casino case studies and other valuable content. Outside of work, Stefan enjoys a glass of whiskey and late night poker sessions.
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