Blockchain is a bit like love in popular songs: it is all around, (most likely) all you need and (sometimes) only it can hurt like this. In other words, the time when various industries will start to use this disruptive technology is inevitably coming. Also, some additional struggles may arise due to the lack of knowledge of how to successfully implement it. Due to blockchain’s versatility, it is highly applicable to non-tech areas as well, allowing experienced developers in collaboration with industry specific experts to deliver really useful products. There is a number of options how the technology can work in different sectors, and it is important to remember that ideas suitable for one may not be as great for others. Future Times has picked several areas holding huge potential for successful application of blockchain tech. Some areas are already covered by new startups, while others are waiting for their heroes!
In the past few years healthcare has become one of the most promising areas for blockchain implementation. These two do not seem to match at first sight, but blockchain’s potential to eliminate bureaucracy promises significant shifts in healthcare, which seems to drown in it. . For instance, thanks to the decentralization of data stored in medical institutions, patient’s medical insurance and procedure history can be detected with the help of blockchain, thus making staff’s access to it much more seamless and efficient. Moreover, blockchain-based solutions can contribute to the development of medical research. More specifically, decentralized medical data storage could significantly democratize access to it.
In recent years, the world has seen a number of moments which could set doubts regarding the stability of traditional political systems. As a result, long-lasting voting processes have been questioned and the safety of extremely private data has been shaken. Sounds like a serious crisis with potentially global consequences However, blockchain is widely seen as that solution ensuring a high level of security. With the help of this disruptive technology, e-voting can finally become fully legitimate due to others’ inability to affect the vote of each individual: their votes can be stored in a blockchain-based ledger which ensures transparency, security and complete anonymity. Also, due to inability to hack the platform where data is secured, blockchain is ideal for storing the documentation of national importance: recently, Georgia became the first country in the world where the land registry system is protected by this technology. Having experienced several war conflicts which ended up with annexations in recent decades, Georgia has probably chosen the blockchain-inspired method due to security reasons.
There are several issues with the current use of digital entertainment. First of all, the interaction between the providers of streaming services and the artists has a lot of inequality. Most importantly, streaming services pay artists only a small fraction of revenue, which leads to the decrease of their profits and the narrower range of choice for listeners, as artists are removing their music from the Internet. With the help of blockchain, online music platforms would not be necessary anymore. Thanks to elimination of middlemen, it will become possible to offer music directly to interested people, and these ‘transactions’ would be fully encrypted. Additionally, the opportunity to secure data in a reliable manner through blockchain can increase the awareness of copyright in music industry, which still is an issue in the industry due to still-ongoing illegal use of music.
Video streaming is already successfully disrupted by blockchain, as the decentralization of digital content reduces lagging and the cost of video traffic.
Blockchain-inspired ICO projects and crypto culture overall have received a lot of negative attention and complicated questions from legal authorities across the world. Although the framework is significantly clearer at the moment, especially in comparison with mid-2017, blockchain and legal services still rarely fit in a single sentence, which is a shame.. Litigation processes are mentioned by experts as one of the most expected legal areas to be enriched with the perks of blockchain technology: for example, resolving concerns over wills. Point is, various records, including wills themselves could be stored in blockchain systems, which would make the process of verification less complicated as well. Similar idea applies to notary publics which could also be stored in a digital environment without any security concerns.
Blockchain law is yet another interesting developing area bound to bring new technologies and old-fashioned legal systems closer. New frameworks will be required, as these practices have never been exercised previously. The industry is surely on the verge of some interesting changes.