13 Industries And Activities That Could Benefit From Blockchain’s Transparency

By June 25, 2019 Bitcoin Business
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Blockchain—the digital ledger technology behind cryptocurrency such as bitcoin—is praised for its transparency and traceability. With its verifiable register of transaction data, blockchain technology can improve many industries that strive to reduce fraud and give customers and partners greater insights into their operations.

The experts of Forbes Technology Council are familiar with the benefits of blockchain and believe many different industries and activities can capitalize on blockchain’s benefits. We asked a panel of members to weigh in on the sectors they believe could take advantage of blockchain’s transparency benefits in the near future.

1. Advertising

Online advertising is an industry where blockchain technology—and its touted benefits—are taking hold. The industry is rife with fraud, and having a transparent, traceable way for publishers and advertisers alike to see how an ad makes it from creative to page will provide a level of trust that is severely absent in many advertising stacks. - Michael Zaic, Wild Sky Media

2. Stock Trading

Imagine the ability to trace all stock market transactions back to their source and detect—or undo—investor fraud (pump and dump, insider trading, or Ponzi schemes). Not only could blockchain technology enforce/improve the process, but the damage done by the next Bernie Madoff could be nullified or at least greatly reduced. Paying a fine to the SEC does not make defrauded investors whole again. - Chris Kirby, Retired

3. Government

We need to maximize the transparency and traceability in government. Imagine having the ability to track back where every cent of funding came from and from whom. Corruption laws can be written into a contract on the blockchain that governs the source of the funding and how it’s spent. - Dimitry Kudryavtsev, Cortex

4. Nonprofits

Nonprofit organizations could benefit from blockchain tremendously. Blockchain has the ability to provide lower administrative costs, giving-chain transparency and philanthropist control. Lack of transparency degrades trust in charities and can ruin a charity. If nonprofits integrate blockchain, they can utilize its transparency and traceability aspects to make sure that all is right. - Alexandro Pando, Xyrupt Technologies

5. Elections

One area where blockchain could have an enormous impact is voting. Blockchain has the potential to create a transparent, open, online voting system, which could dramatically increase participation and strengthen our democracy. There are lingering security concerns, to be sure, but it’s not as if we don’t have security issues now. If we can plug the remaining holes, there is great potential here. - Ron Cogburn, Exela Technologies

6. Internet Of Things

SMS (text messaging) is utilized in user-based cybersecurity, primarily in two-factor authentication to identify “what you have” with the mobile phone. Given that this workflow doesn’t work for machines, blockchain may play a similar role for IoT-based cybersecurity. Blockchain technology entails a transaction history that can be validated mathematically, preventing spoofing by intruders. - Steve Pao, Hillwork, LLC

7. Real Estate

Transactions in real estate are being bolstered by blockchain, with escrow services being especially prominent. I’ve seen this firsthand with companies like Propy, where a neutral third party is now possible via blockchain’s traceability. Contents aren’t released until conditions are met, and public/private keys can be bartered, rather than traditional transfers/holdings. - Artem Petrov, Reinvently

8. Education

The traceability benefits of blockchain can disrupt many data-exchange scenarios within the education system—specifically, verifying the authenticity of certificates and accreditation. Any kind of documentation—degrees, qualifications, licenses—can be unalterably secured with blockchain. The technology could eliminate the need for educational institutions to authorize credentials entirely. - Sanjay Malhotra, Clearbridge Mobile

9. The Automotive Industry

The automotive industry stands to benefit greatly from blockchain’s unique properties. This industry is being highly disrupted through autonomy, electrification and ride sharing. By building a certainty of trust within the vehicles themselves, automakers and suppliers can build next-generation products and services with their vehicles acting as a platform, rather than just selling vehicles as a product. - Allison Clift-Jennings, Filament

10. Healthcare

A substantial hurdle that health tech companies have is around data. Regulations are slowly forcing companies to comply with interoperability standards, but one of the largest issues faced is connecting disparate data. Blockchain might be too slow (by its architecture), but having a universal ID that could tie all of the health records together would dramatically enable patient-centered health. - Marcus Turner, Enola Labs

11. Pharmaceuticals

Blockchain can unlock a great amount of value for pharmaceutical companies and can actually save lives. Counterfeit and stolen meds put millions of people at risk of injury or death. Knowing the origin of your chemical compounds and being able to trace those compounds through manufacturing, packaging and final delivery to a patient via blockchain can ensure medication purity and save lives. - Marc Fischer, Dogtown Media LLC

12. Banking

Blockchain will be able to provide financial services to people from all across the globe who previously didn’t have access to traditional banking services. For instance, Barclays Bank is looking to adopt blockchain in order to facilitate cryptocurrency transfers. This would give people the ability to send money across borders easily, instantly and with relatively low fees. - Thomas Griffin, OptinMonster

13. Manufacturing

The manufacturing industry, which has implemented supply chain logistics, can leverage blockchain. A distributed ledger can be implemented between internal business stakeholders and external suppliers and their subcontractors. It optimizes approval processes, enabling transparencies between different groups. - Naresh Soni, Tsunami XR

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