Whilst many people may just see blockchain as being associated with the Dark Web, the technology has actually managed to revolutionize the way we do business and it even has a wider effect seen outside of the internet too.
Done across a P2P network, blockchain helps increase security and allow full anonymity, so many businesses are now using the technology for things such as invoices and transactions. Any transactions done with cryptocurrencies will have no personal information attached, which helps reduce the likelihood of fraud and other data breaches.
In fact, the cryptocurrency industry is estimated to be worth $1 trillion by the end of the year, proving itself to be something that many businesses need to start taking seriously if they haven’t already.
If you need a little more convincing, the team at BitFortune have created an infographic which not only looks into blockchain technology but also how businesses across many different industries are using blockchain to advance their own business practices. Here’s a look at three leading industries and how they’re transforming their business with blockchain.
Recent statistics found that 56% of insurance firms now believe in the importance of blockchain. The technology can help to not only reduce the cost and time of processing insurance claims, but it can also reduce the likelihood of insurance fraud as well as anonymity.
A service called Blockverify allows users to check for fraudulent transactions or stolen goods and is being used in the insurance industry to protect against insurance fraud. The service creates a transparent environment where it is impossible to duplicate services or products.
2. Private transport/ridesharing
Blockchain helps private transport providers by improving the overall process of leasing, renting, and procurement whilst also expediating the process at the same time. Blockchain smart contracts also mean that working with providers is easier and more transparent.
A new ridesharing app called LaZooz is hoping to create a sustainable and safe community where riders can be matched with drivers to fill empty car seats on the road. Using zooz tokens (the platform’s very own “AltCoin”), people will be matched in real-time based on the destination they want to reach.
It’s safe to say that the possible tampering in voting is a hot topic at the moment, and blockchain technology is hoping to make the whole process a lot more transparent. By adding further levels of security and integrity, blockchain could help make political voting become clearer to everyone.
In 2018, Sierra Leone became the first country to allow for blockchain-verified electronic voting, whilst Russia is also testing the technology within its 2018 presidential exit poll data.
The world of blockchain technology
BitFortune’s infographic looks further into how sixteen of the biggest industries in the world can use blockchain in their businesses and, perhaps more importantly, how companies and startups within those industries are already making powerful moves with blockchain. Some of the industries featured include supply chain, charity, and finance.
For more on this, take a look at the infographic below.