Complex Made Simple

Blockchain’s potential future (unless it fails)

The future of blockchain is promising in very essential aspects of our lives like real estate and healthcare. It could reinvent the internet. It first needs to survive.

Blockchain could be used for Payment processing and money transfers, Supply chain management, Digital IDs, Data sharing, royalty protection, more Blockchain could be used to decentralize video infrastructure allowing video encoding, storage, and distribution costs to drastically be reduced .Businesses focusing on blockchain are on pace to draw $1.6 billion this year, down from a record $4.1 billion in 2018

When I first read about blockchain 3 years ago, I googled it out of curiosity, and I understood absolutely nothing.

That was it until it popped again when the crypto craze began in 2017. I can now explain it but not like a developer. It’s not for your average Joe to understand.

And given all of the hype around its importance as an indispensable part of our future, it is kind of a disappointment today, having failed to yet reach prominence in our day to day lives.

Some even say it has failed.

Doubtful.

Read: 4 crypto-related projects and businesses you should know about

Businesses disrupted by blockchain

Blockchain is only getting started.

Blockchain is one of the most disruptive technologies in recent times. It seems it is set to disrupt and revolutionize many industries in the next few years. 

Here we explore what blockchain can be used for apart from cryptocurrency.

Blockchain could be used for Payment processing and money transfers, Supply chain management, Digital IDs, Data sharing, Copyright and royalty protection, Food safety, Data backup and others.

According to  blockchain-council.org, various companies are already either using or heavily investing in blockchain technology. These include FedEx., Burger King Russia, KIK, IBM, Walmart, Microsoft, Overstock, and Mastercard.

But in terms of industries that could, and probably will be, revolutionized by blockchain technology, here are a few: 

Read: China launching the e-Yuan way before Facebook’s Libra

1. Real estate 

Buying a property involves much paperwork and bureaucracy and can also slow the process down to a snail’s pace.

Blockchain technology speeds up transactions and conveyancing of property deeds between parties and all necessary documentation and records could be stored securely for all authorized parties to access when required. 

2. Education could be changed forever 

Education could be another industry to be massively improved through a significant breakthrough in utilizing an emerging new form of internet Called “3DInternet” that combines blockchain, cryptocurrency, and VR. 

Blockchain will help provide a safe, secure, auditable ledger for all education-related data and transactions. 

3. Healthcare 

When it comes to sharing and storing medical data and records and errors, fraud, and lost records, this is where blockchain could change this situation forever, allowing the securing of medical records, accurately, and safely and also eliminate the potential for fraudulent activities in the healthcare industry. 

4. The legal industry

The legal industry could use of blockchain to enable professionals, and clients, to store and verify documents like wills and allow them to be authenticated and could also eliminate lengthy court battles. 

5. The video industry

Blockchain could be used to decentralize video infrastructure allowing video encoding, storage, and distribution costs to drastically be reduced. 

Some startups  are trying to create innovative ecosystems for new video apps to break into the market.  

6. New information super highway 

Ideas are springing that we could build a completely decentralized version of our current internet, with no firewalls, no tolls, no government regulation, and no spying. Information will be free in every sense of the word.

One of the reasons why the current internet is not perfect is that there is no transparency and accountability in how private user information is collected, stored, and used by governments and tech giants. A Blockchain based internet solves that and its where companies can introduce tokens that rise in value each time goods and services are exchanged.  

Read: ‘Japan’s Amazon’ Rakuten allows converting loyalty points to cryptos

Ok but is blockchain dead?

The decentralized technology records and verifies transactions and has been adapted by companies including Walmart Inc. and Microsoft Corp. But after only a decade in use, the news is somber.

“Blockchain is dead,” Meltem Demirors, chief investment officer of CoinShares Group said. “After two, three years of spending a lot of money on this and a lot of investment dollars going into this, I think the bigger question as an investor is: What’s the scalable revenue model and is there equity value that’s created in these businesses? And arguably the answer is: not yet.” 

For evidence, Demirors points to early adapters including R3, Digital Asset Holdings and Chain, which she says are pivoting into new business models. 

The flow of cash into blockchain start-ups has dropped, according to data compiled by CB Insights. Businesses focusing on blockchain are on pace to draw $1.6 billion this year, down from a record $4.1 billion in 2018, the firm said recently.