As blockchain has swept over the tech world as one of the hottest topics this past year, it goes without saying that some real innovation is on the way that could change the industry forever. Yes, although it’s still early, some industries have already shown some early promise as front-runners in not only utilizing the blockchain but potentially becoming one of the most successful cryptocurrencies as well. And if you’ve been considering looking into blockchain solutions to keep an eye on, then I’ve provided a few noteworthy selections. Check them out below:
The Freight Industry
If there’s one industry that’s overdue for the blockchain, it has to be the freight industry. Not only is this is one field practically all of us use in one way or another, but it’s also something people have long desired more transparency from. Because as noted by Trucker Path, as a $726.4 billion industry, the blockchain could be a significant disruptor to this field, especially with the right player in the game.
One company that’s been of interest in the shipping industry is Fr8 Network, which is creating a freight coin that works with their blockchain network to be used by people in the freight industry for trading. Basically, as an industry primarily reliant on brokers in local areas to deliver work at points of drop off for other drivers, the Fr8 Network opens that market up to anyone looking to purchase a run. This not only makes what’s available much more transparent but the pricing as well, which could make this an in interesting industry to watch. All-in-all, freight is one field that while still setting their foundation, could see some major impact from the blockchain.
Another area that the blockchain could make a significant impact on is with contract executions, which is something a lot of people in today’s workforce has to deal with. In fact, according to CNN, approximately 34 percent of the workforce is under the gig economy, meaning they’re most likely doing contract work. Although this is fairly common, you’ll want to make sure you protect yourself from faulty contracts; lawyer Aaron Kelly has an automated system for creating legally sound contracts without having to spend a fortune on legal fees.
As the blockchain can execute smart contracts to specific terms set by the participants, there isn’t a bunch of chasing one another round anymore for money. For example, if I’m a designer that agreed to do a gig for someone at $350 (with half up front and half after); then, the person who hired me afterward they get decides they’re going to play less, I’d have no recourse. However, with the blockchain, that contract will be automatically executed, giving me what I deserve as soon as it’s done. And while there hasn’t been a ton of competitors yet, expect this to be one industry that the blockchain looks to explore soon.
As one industry that’s massive, healthcare is something that could use the blockchain immediately. According to Get Referral MD, as it cost nearly $250 billion to process 30 billion transactions per year, it goes without saying that this is one industry where the blockchain could not only help with finances but other aspects as well. After all, items like file transfer and a unified, secure network to connect different healthcare providers haven’t come about yet, however, could be happening pretty soon.
An excellent example is Nanovision, a company looking to mint health blockchain files and provide them on a network any hospital or lab can access. Not only are ideas like this going to help make our healthcare on a more transparent system, but one that’s the most helpful to the broadest audience. Who knows? Maybe with such an interconnected network, costs could eventually become more competitive and brought down.
Finally, as noted by Coinschedule, as communications have taken the top spot on ICO investment at 22.8 percent of the total for 2018, it goes without saying that is one field that could potentially help bring more people onto the crypto mainstream. In fact, with things like Telegram’s ICO as well as other potentials, don’t be surprised if blockchain starts to enter communications, but how we socialize as well.
Additionally, as a foundational element to any new industry, communications is always one of the first experimented, on and something that most want to be first to market on, which could be interesting to watch. Yes, although an underrated element to crypto, it’s also one to keep an eye on.
What are some blockchain solutions you’re excited to see? Comment with your answers below!