Everybody loves blockchain

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For some time, pretty much all discussions about blockchain have focused on Bitcoin and Fintech. These debates have centred around the future of Bitcoin as a currency and whether or not blockchain would really become the main platform for Fintech. The discussion has finally moved on, because there has been an explosive growth in blockchain over the last year, and its increased used across a swathe of industries certainly indicates that any questions about whether it is her to stay or not have been answered in he affirmative.

For a start there is now a whole host of blockchain crypto products. Bitcoin has plenty of company now on the crytpocurrency exchanges and major banks are adopting blockchain technology, because it is seen as cost effective and secure when compared to traditional banking methods. Plus, peer-to-peer payment systems continue to grow, enabling individuals to send money across borders instantly at relatively low fees.

But banking isn’t the sector where blockchain has made a somewhat surprising impact. Real estate businesses are using blockchain platforms for record keeping and for streamlining the buying and selling process as well as making it more secure.

Charities are also using blockchain to ensure that funds go where they are supposed to; this issue had dissuaded some donors from giving, but with blockchain platforms like BitGive, which is a transparent and traceable donation platform, donors can actually monitor their donations to ensure that the money gets to where they want it to go.

In the music business, individual artists have suffered losses of income through free streaming and downloading of music. Streamspace is a blockchain platform where artists can distribute their products directly to their fans in a secure manner, thereby ensuring that they get adequately compensated for their work.

Education is another area that is expanding its use of blockchain. For example, education certificates are verifiable documents that should never be altered or manipulated, but cases of forgery are all too common. To prevent this, certain schools and colleges, have started publishing students’ certificates on the blockchain. Because of this, the authenticity of such document is not in doubt as the data represented becomes secure and immutable.

The list can go on, as almost every industry is experiencing the inevitable implementation of blockchain solutions. That’s one reason for the incredible rise in the number of ICOs, as the blockchain industry needs to raise funds to develop products. And the blockchain makes it easy as the entrepreneurs can raise funds from almost anyone in the world. You could say that the blockchain is powering the development of its own ecosystem – undoubtedly we’re going to see even more blockchain-backed products in the near future.

 

 

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