Talk of blockchain technology is seemingly everywhere these days. While the underlying concept is not new by any means, its worldwide usage didn’t begin until a few years ago.
In 2008, the world was introduced to Bitcoin, the first cryptocurrency on the market. It was also the first large-scale application of the blockchain. This technology underpins Bitcoin since it allows a public and distributed database of transactions, called a ledger, to be maintained. This ledger resides on several computers around the world. When a transaction takes place, it is updated and can be verified everywhere, enabling Bitcoin’s original vision of decentralization.
In the time since the introduction of Bitcoin, the use of blockchain technology has gone beyond just cryptocurrency though. Even governments such as China and India have taken great interest in integrating the technology within their country’s infrastructure. In this article, we’ll take a look at the influence of blockchain technology in several industries around the world and how companies are using it to target younger generations.
The media is probably one of the prime industries to benefit from transparency and trust, which is why it was only inevitable for the blockchain to be used for the purpose. With the far reach of the internet amongst the youth, it only further solidifies the scope of blockchain technology in this domain.
PUBLIQ is one such organization that is working to defeat censorship and centralization of news. With a peer-to-peer (P2P) system reliant on the blockchain, the team aims to get rid of problems such as fake and low-quality news that currently plague the industry today. Further, since the platform is inherently non-profit, all the wealth goes directly to those responsible for the content instead of a parent company, encouraging freelance reporters to focus on delivering high-quality news.
Winding Tree calls themselves the future of travel. They aim to offer the lowest transaction fees as compared to other travel websites. It also adds safety and trust between the consumer and provider. Their recent partnership with Lufthansa helps them further achieve this idea. Being decentralized in nature allows them to take out any middlemen involved and help customers and providers save money.
Propy aims to be the “world’s first international real estate marketplace” by using a blockchain ledger to make title deed issuances, among other things, secure and instant. With the amount of confidence and security offered by the technology, it can be used by anyone, around the world.
Given the nature of blockchain ledgers, they are resistant to hacking. This means that data related to a property, for example, cannot be modified or destroyed. Compared to competitors, Propy can offer greater transparency and security to the parties involved in the exchange.
With an aim to replace traditional credit lending and the associated high-interest rates, Celsius aims to build a P2P decentralized credit protocol. Using Celsius, users can take loans from peers instead of a centralized institution such as a bank. Using smart contracts, lenders can directly interact with borrowers. It offers lower interest rates on credit, especially if it is repaid on time. The service targets those burdened by the limitations of traditional banks, especially the youth.
Blockchain applications are vast and limitless. It is likely that we will see many more companies experiment with it in the future, which should bring a great deal of direct benefits to both, suppliers and consumers.