Shere is the megatrend: applications based on the blockchain. More and more companies are looking into new technology that has proven it can exist without Bitcoin. But in which industries is blockchain already used and will the consumer finally feel it?
Has the blockchain impacted the development of the crypto market?
While many pundits are talking about the “next big thing”, there are also critical voices who believe that interest in blockchain is already waning. In 2008 white paper published by Satoshi Nakamoto the concept of blockchain was described – today we know that blockchain was created with bitcoin, but blockchain can survive without bitcoin. Indeed, the blockchain is ultimately more than the framework of a cryptocurrency. Nevertheless, blockchain technology is having an impact on the crypto market: those who plan to cheap cryptocurrencies Investing is well advised as there are predictions that the crypto market will regain strength. Mainly because of blockchain technology, which is increasingly becoming the focus of society.
The blockchain is a ledger that documents who owns what and when ownership changed. The ledger is located on different computers that are networked with each other – this means that the blockchain is not managed at a central location.
This also guarantees security: since each transaction added to the blockchain cannot be manipulated afterwards, the security is 100%. Indeed, the blockchain consists of blocks filled with data. Each block contains specific information and is networked with each other – but cryptographically, i.e. encrypted. In addition, every block and every transaction can be verified for all network participants.
If you plan to change a block on your computer, failure would be inevitable. This is because connected strings monitor each other and exclude manipulated strings.
The fact that the blockchain is secure means that more and more companies are dealing with it. But in which industries are you already feeling the effects of blockchain technology?
Are there already noticeable effects?
The Swiss start-up Winding Tree has created a decentralized B2B marketplace for companies active in the travel industry. The blockchain-based travel marketplace aims to bring airlines and hotels closer together. It is precisely this model that should eventually eliminate intermediaries, in order to ensure greater efficiency and transparency. Lufthansa has already agreed to cooperate; other companies have already agreed to work more closely with Winding Tree.
Slock.it is a company that operates in the field of the sharing economy. Blockchain technology should allow unused properties, such as offices and apartments, to be rented out without any problems. Of course, this would have an impact Platforms like AirBnB. The intermediary would no longer be necessary.
IBM is also interested in blockchain and has several ongoing projects related to the new technology. IBM Food Trust is particularly promising. New blockchain technology should improve food safety, there should be less waste, and recall campaigns should be made easier. Since the supply chain is mapped via the blockchain, full transparency can be guaranteed here.
Blockchain technology has also arrived in the music industry: Ujo Music, a start-up in the USA, has created a version with smart contracts to facilitate the management of rights, including the remuneration of partial owners. This allows everyone who has worked on a coin to be properly compensated through the blockchain.
There are also companies in the insurance industry that are already using blockchain. These include Fizzy, a policy developed by Axa in beta phase that passengers can use to protect against delays. The blockchain system not only manages the purchase process, but also damage reports in case of delays.
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