The blockchain and smart contracts are changing the way we do business across dozens of industries. A smart contract allows two users to enter an agreement that’s validated and stored on the blockchain. Beyond cryptocurrency, this technology has the potential to disrupt and improve upon established norms across numerous fields. Whether it’s changing the way people communicate online or how we track and monitor real estate, the blockchain is making its mark on these industries.
1. Social Media
A new DApp known as Leeroy is changing social media. Users have to pay to use the platform, but there are not ads, and users are assigned a unique online identity, which means no spam, bots, or false accounts.
The blockchain is also being used to trade energy resources, including power surpluses. This has the potential to make the world more energy-efficient as more energy producers are able to send electricity to markets with peak power consumption. We’re already seeing utility companies investing millions in these new DApp projects.
The blockchain is helping big banks cut down on their middlemen costs by as much as 20 billion dollars. Banks can provide more security to their customers by using the blockchain. This removes the threat of fraud when each transaction has to be verified by a system of nodes.
Need access to your health records? Up until now, patients have a hard time managing their health information because it’s usually spread across different facilities, specialists, and doctors. But the blockchain is helping people take control of this information. A person can instantly have their identity verified on the blockchain, so they can use their healthcare information as they see fit.
5. Real Estate
Just as the blockchain tracks and monitors the value of cryptocurrency, the same idea is being applied to the real estate industry. DApps like Ubiquity let users track a piece of real estate as it changes hands. Nodes work to verify real estate transactions, creating a more transparent, accessible marketplace.
Passing around sensitive information as it relates to a case or a criminal inquiry can be tricky. But with the secure login credentials made possible by the blockchain, law enforcement officials can quickly share and get access to the information they need.
Need to hail a ride? Instead of depending solely on companies like Lyft and Uber, the blockchain is helping independent drivers get a leg up on the competition. Drivers can set their own rates using a ride-sharing DApp like Arcade City, and every transaction is logged on the blockchain for more transparency and quality assurance.
8. Computer Resources
Verifying a transaction on the blockchain takes a lot of computing power, and now there’s a DApp for sharing and trading unused computing resources. Users can tap into another computer’s processing power to complete a certain task by trading cryptocurrency on the blockchain.
Need to hire a freelancer? New DApps are creating peer-to-peer networks where employers and freelancers can create their own smart contracts. The platform doesn’t take a cut of their earnings and users have more peace of mind knowing their transactions are transparent and verifiable.
If you’ve ever worked in HR, you know how much paperwork is usually involved. But managing and acquiring new employees is bound to get easier with the help of the blockchain. A new DApp called Chronobank wants to put every job candidate on the blockchain, so HR staffers can quickly verify their identity and confirm their credentials.
11. Voting and Democracy
Democracies all over the world are trying to make their digital voting infrastructures more secure and efficient. New DApps like Follow My Vote let users create a secure online identity that they can use to cast a ballot, getting rid of voter fraud, and ensuring accurate vote totals.
Credentials are everything when it comes to education. And the blockchain is helping academic institutions quickly verify a person’s credentials without the need for paperwork and extensive documentation. This allows an educator to be instantly recognized for their expertise across numerous institutions and universities.
The blockchain is only scratching the surface when it comes upending these industries. But as the technology improves and more companies invest in the blockchain, we’re going to see a radical shift in the way people use and share data across a multitude of industries.
If you’re ready to capitalize on the power of the blockchain, contact the blockchain developers at Ionixx Technologies for a range of services, including blockchain consulting, ICO development, and DApp development.