How Businesses Are Using Blockchain to Revolutionize How they Work
Expected to be worth $1 trillion by the end of the year, blockchain is something that you need to be aware of, especially if you’re running a business.
There’s a lot more to blockchain than cryptocurrency, although it plays an important part in that technology as well. In fact, blockchain provides both businesses and its customers with added levels of security, anonymity, and transparency – something we all look for in today’s world of data breaches and corruption.
The team at BitFortune has created an infographic that not only goes into great detail about what blockchain is and how it works but how some of the biggest industries are implementing the technology into their business practices.
It’s not just the financial industry that’s had its eyes open to blockchain either. Businesses within the charity, retail, and healthcare industries also see how the technology can make a positive impact. Let’s have a look at just some of the ways blockchain is changing business.
1. Online music
Piracy has been a big deal for the music industry for the last few years, and that’s, unfortunately, not going to change. However, blockchain is proving to further revolutionize online music whilst also adding in additional levels of security and transparency.
For example, big online music providers are starting to use blockchain to help validate and register transactions as well as revolutionize the monetization of music through cryptocurrency. In 2016, a service called PeerTracks introduced “artist tokens,” a tradable cryptocurrency that could be used by fans of that particular artist.
Businesses within the retail industry need to stay on top of the game if they want to stand out amongst all the competition. Blockchain allows retail businesses to track buying habits and provide transparency when it comes to logistics and the ability to store business data.
McDonald’s has already tested the use of cryptocurrency by releasing its own McCoin earlier this year to coincide with the 50th anniversary of the Big Mac. Following that move, the fast food brand announced it would be accepting Bitcoin as a form of payment by the end of 2018. Argos also announced it would accept Bitcoin by the end of the year.
Those working for the government are always looking for ways to improve its security and transparency as they face real threats of corruption and data breaches on a daily basis. Blockchain provides governmental businesses with a solution that eliminates the need for third-party involvement and further opportunities to secure assets and assure data privacy. The technology also allows for a faster and more cost-efficient process for transactions.
Dubai has set itself a goal of securing all of its government documents with blockchain by 2020. Meanwhile, GovCoin is a UK-based company that is helping the government in identifying the benefits of using blockchain technology which could see the country following the precedent set by Dubai.
Take a look at BitFortune’s infographic to see how various industries are being disrupted by blockchain and how it can benefit their business. You may even find some inspiration for how you can incorporate the technology into your life too.