Traditional banks are not the only organisation applying blockchain technology to improve their services.While mostly blockchain technology is foc
Traditional banks are not the only organisation applying blockchain technology to improve their services.
While mostly blockchain technology is focused on the area of financial service, it is likely to disrupt other industry sector in the coming 5 to 10 years, according to thegeniusworks.com and consultancy.uk.
“Developers are looking at the blockchain as the alternative to the stock market, to auditing, to Facebook, to Uber, it’s quite extraordinary.”, said tech expert Don Tapscott as quoted by Financial Post (business.financialpost.com).
Tapscott recently published a book named “Blockchain revolution” in collaboration with his investment banker son Alex Tapscott.
“In 2014 and 2015 alone, more than $1 billion of venture capital flooded into the emerging blockchain ecosystem, and the rate of investment is almost doubling annually.”, as he wrote.
Blockchain Outside Banking
Blockchain is reportedly stretching beyond the banking sector to non-banking companies like shipping industry players, insurers of the goods, credit-rating agencies and others.
However, the technology can also be used for cyber security, supply chain management, forecasting, networking and the Internet of Things (IoT), cloud storage, voting and others.
For example, Samsung and IBM are reportedly using blockchain technoogy for a new concept called ADEPT that will create a decentralized network of IoT devices, according to geniusworks.com.
As for voting, Democracy Earth and Follow My Vote are two start-ups aiming to crete blockchain-based online voting systems for governments.
“With the rise of open source software and peer to peer networks, political intermediation is no longer necessary. We are building Sovereign, an open source and decentralized democratic governance protocol for any kind of organization.”, as Democracy Earth wrote on their website.
This is only a small part of the areas, where blockchain technology can contribute. It is to be seen how and to what extent DLT can disrupt these sectors.