Why Blockchain Is Not Just for Banks

Why Blockchain Is Not Just for Banks

The popularity of blockchain in mainstream media may have started with Bitcoin, but blockchain technology has the potential to disrupt more than just the FinTech industry.

Due to the ability of blockchain technology to record digital transactions, it can be applied to any industry where things of value are exchanged. In that aspect, blockchain creates a continually reconciled database which is easily verifiable and continually updated. The fact that blockchain databases are not centralized and not controlled by a single entity make them nearly impossible for hackers to target and corrupt.

 

“It’s my belief that Block Chain technology will be as important to the world as Gutenberg’s printing press, and the Internet. For the first time in the history we can reimagine how the world transacts without relying on an intermediary.” – Geir Solem, Chairman at Cryptor Trust

 

As a result, industries where security is paramount to them have been searching for ways to leverage blockchain technology to their advantage. Join us as we explore the unexpected ways blockchain can change the world (and not just banks).

Changing the Arts

The art world was recently shaken up when a Da Vinci painting was sold for a record $450 million. Beyond the staggering price and the anonymity of the buyer, the painting is interesting because it has disappeared numerous times throughout history, reappearing every few hundred years to questions of authenticity.

Advancements in blockchain technology could simplify the authenticity and ownership verification process of valuable art pieces, ensuring that art pieces are easily traceable and their sale and re-sale digitally recorded. Many startups have been leveraging blockchain technology to reduce forgeries in the art world.

Blockchain can digitize and simplify the authentication process of valuable art. Click To Tweet

Verisart is currently creating a permanent and decentralized ledger containing information about art pieces and other collectibles in a way that can be easily accessed by artists and potential buyers. By generating permanent authenticity certificates through the use of blockchain technology, companies such as Verisart are transforming the art world, infusing innovation in an industry that has remained stagnant for hundreds of years.

In addition to investors, large corporations have recognized the impact blockchain could have on the art world, from verifying authenticity to simplifying transactions. Deloitte has already announced that they are running Proofs-of-Concept (PoCs) to solve traceability and authenticity issues.

Rethinking Cloud Storage

In order to improve efficiency and communication, most companies today rely on cloud storage in order to share files, store information and orchestrate daily operations.

By integrating blockchain technology into cloud storage, companies will be able to know who has accessed their information, where it went, when and how. Essentially, blockchain will make verification and monitoring of shared information entirely traceable and easily verifiable – a huge benefit for companies looking to improve monitoring and data control while sharing information internally or externally.

Startups such as Storj have already secured more than $35 million to privatize and optimize the security of blockchain-based cloud storage. Blockchain makes their model unique because it creates a marketplace for digital storage where people can rent out unused storage capacity, thereby reducing the dependency on large server farms.

Blockchain can transform the way companies store, share and secure their information. Click To Tweet

Enterprises fear the shift blockchain is causing in the profitable cloud storage space, and as a result are seeking blockchain innovations of their own. Microsoft is already one step ahead of the game thanks to their facilitation of the integration of blockchain cloud technology on their Azure cloud platform.

By changing the way cloud storage is perceived and moving to a more crowd-sourced storage sharing model, blockchain technology has the potential to transform the way companies of all sizes store, share and secure their information digitally.

Improving Electronic Voting

Voting controversies and scandals have long riddled politics worldwide. While the automation of voter ballots is an obvious choice in modern society, the technical issues and ease at which votes can be fabricated makes electronic voting controversial at best. So what does that have to do with blockchain? A lot!

First and foremost, the security advantage of blockchain and the lack of a central storage location make hacking vote results nearly impossible. Simply put, changing votes that are cast and stored using blockchain technology would require such a massive amount of computing power that it would be nearly impossible to do. The encryption of blockchain technology can also ensure that a person is a single-time voter while simultaneously retaining their anonymity.

Governments worldwide are already turning to blockchain technology in order to standardize digital voting while ensuring anonymity, authenticity and transparency. In Denmark, politicians are adamant about the integration of blockchain in e-voting.

As more governments recognize the positive impact blockchain can have on voting regulation, innovation will likely be pushed forward, as rival political parties will want to keep each other in check.

The World of Tomorrow Will Be Different Because of Blockchain

There is a reason people are saying that blockchain technology could be one of the biggest IT inventions of our time.

As the technology becomes more mainstream, and startups and forward-thinking enterprises begin thinking of out-of-the-box applications of blockchain technology, there is no doubt that the entire digital landscape will be changed.

While Bitcoin may have put blockchain on the map, the technology has the potential to disrupt art, cloud storage, elections and so much more. The only question is: Who will do it better?

 

Free Ebook: Learn How to
Simplify Your Software Testing

 

About the author

Brought to you by the Proov Content Team. We're obsessed with finding the best ways for you to adopt the latest and most relevant technologies quickly and safely.