Known as the world’s leading software platform for digital assets, companies using the blockchain have gained significant popularity in a variety of industries. Especially those in the areas of privacy, cybersecurity, and secure payment transactions.
Based primarily on its ability to promote trust and transparency, as well as increasing the level of efficiency in executing contracts (see the news that JP Morgan has recently jumped on board?) and that companies such as IBM are merging worlds to propel the industry in new directions.
So, how is blockchain really revolutionizing some of the most mainstream industries? I found out.
Blockchain in business marketing
Because blockchain resets the control of data, relationships, and the creation of value, companies utilizing blockchain in marketing are able to make direct connections. Now able to utilize a one-on-one negotiation with other businesses and site owners, businesses often enjoy faster service, lower costs, and better results when it comes to marketing and advertising. Smart contracts eliminate the need for trading texts and facilitate easily managed contractual agreements. Without outside facilitators, the cost of marketing is decreased.
Not to mention, advertising safety and truthfulness are improved through the removal of fraudulent activity, such as bot traffic. Professional trust is improved and brand loyalty increased because consumers know that the company is transparent in all its dealings.
Blockchain in social media compensation
Because blockchain is a public electronic ledger that stores data and is continually authenticated by a community of average computer users rather than a central authority, digital information is distributed rather than copied. Companies, then, can better track user interaction with content. This leads to a better understanding of how each user should be compensated for their activity.
One company focusing on this model is Mobs, which has built an application that converts chat logs into video stories automatically using AI and friendly editing. This content can then be monetized within their blockchain-powered marketplace through the use of smart contracts and micro-payments which will allow groups of people the chance to monetize safely and fairly.
Blockchain in health care
The major difference between conventional medical records and the blockchain model for medical record-keeping is that the patient is the keeper of the key. The patient permits doctors and other healthcare personnel to make transactions, including appointments, tests, surgeries, prescriptions, and other health-related tasks, on his behalf. Rather than fragments scattered across several databases that do not communicate with one another, instead the health records blockchain is accessible from any smartphone or PC. It's something the NHS in England is currently opening out to tech companies to help them go further in an accelerator programme.
Blockchain will also protect patients’ privacy but also guard against fraud. For example, when a doctor performs a procedure or conducts an assessment on a patient and then updates the patient’s record, a notification of that update is logged on the public blockchain. All information that related to the patient and the procedure would only be unlocked with the patient’s private key and if in the case of private healthcare systems, any attempt for physicians to add time or other billing would be deemed fraudulent as the time stamp on the public blockchain would attest.
Blockchain in social media and advertising
In addition to compensation, companies like SocialSteeze are looking at promoting user accountability and data security in online social media businesses. Blockchain immutability can make identity verification easier and prevent identity theft as users without proper authorization will no longer be able to access information. Building communities of real followers and real users for businesses by using social media as part of their marketing and advertising campaigns will be easier as blockchain is used to address fake content, spam bots, and fraudulent ad impressions.
But online advertising is not the only impact area of blockchain. We've all seen the ICOs that use incentivization in the form of tokens, so it's interesting that Amsterdam-based startup Boostchain is working on rewarding users for their time and attention. Wherever they are, users will see targeted advertising and be compensated for watching it. This is only capable due to blockchain’s reliance on immutability and smart contracts to make sure that all engagement is authentic.
Blockchain in the freelance market
In the US alone, nearly 60 million people freelance every year whereas in Europe, this number is also growing to nearly 10 million workers. Given the growth of freelancers, it makes sense that startups are focusing on helping freelancers land better jobs and align incentives in a way that is fair for both sides. Blockchain helps do just this with the use of built-in incentivization models and decentralization.
One startup, Boon Tech, has named itself as the first AI-powered freelance job marketplace. Utilizing blockchain, they have found a way to conduct instant transactions devoid of policing. This centralized system made up of where millions of professionals will cut down on outrageous service fees for accessing and utilizing such platforms. Boon Tech’s more efficient system allows workers to keep 100 percent of their earnings and provides opportunities for entrepreneurs to find the best and most talented professionals for whatever tasks are required.
Blockchain infrastructure
Despite more visible applications of blockchain, companies around the world are working behind the scenes to integrate blockchain into their current business models as well as trying to streamline the transition. Curvegrid is a new startup that provides a MultiBaas blockchain application server making it easy to build, deploy and scale business applications on one or more blockchain platforms. This means that companies can use their current engineers to move into blockchain, without the need of hiring new dedicated talent.
And another infrastructure project that caught my eye is #MetaHash. Their network is already operating in live mode and can process more than five billion transactions per day with no more than three seconds to validate a transaction. Way more than what Visa or Mastercard currently undertake. To do this they invented an architecture that utilizes blockchain to become decentralized, making it fast and secure at the same time.
With such innovative solutions such as those above, there is no need to ask when blockchain will become mainstream, it already is.
