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How does the future of blockchain platforms look like? Could it become mainstream?

  • Samir El-Masri, PhD
  • Certified Digital Transformation & AI Expert Certified Blockchain Expert, Professor of Data Analytics

 

I believe the evolution and development of Blockchain and all related technologies such as Distributed Ledger Technology (DLT) are rapidly growing and gaining ground in almost all industries.

If we look at the most popular blockchain platforms Ethereum, Hyperledger Fabric, R3 Corda, Ripple and Quorum, we can see that some are focused on financial services and the rest are cross-industry platforms. I believe we will see more and more industry focused platforms as each industry has its own characteristics. Once we have that and the platforms become easy enough for any organisation to develop their own systems with all the benefits the blockchain technlogy offer, Blockhain will be the mainstream. I can already see tens of applications in almost every industry. Some industries haven't figured out yet but it is going to happen soon. Internet went through the same stage at its start where not every industry could understand how they could benefit form the Internet. Now every single industry and business use the Internet, and I think the same will happen with Blockchain.

 

 

Current examples and predictions of how sp ecific industry will be benefiting from BLOCKCHAIN technology

 

Tech Companies

  • Build, devepol & transform the AppTech Companies

 


Energy

  • Smart utility metering
  • Bypass public grids to allow for cheaper, peer to peer energy transfer


Media

  • Control of ownership rights
  • Anti- piracy/ copyright infringement
  • Use of smart contracts for artists compensation/legal proceedings
  • Payments processing - cryptographic, secure sand anti 3rd party (this opens up content availability internationally)

 

Insurance

  • Improving Multiparty contracts
  • Streamline risk contract efficiency
  • Streamline claims adjudication
  • Reduce disputes with transparency of shared data

 

Government Organization & Voting

  • Reduce voter fraud, inefficiencies with verifiable audit trails
  • Minimize government fraud, digitize most processes
  • Increase accountability and compliance for government officials
  • Identity validation, integrity of citizen registry data

Travel

  • Passenger identification, boarding, passport, payment and other documentation digitized and verifie
  • Loyalty program digitization and tracking

 

Public Transportation Ride sharing

  • Streamline public transportatio
  • Provide more accurate payment for ride, gas and wear & tea

 

Health care

  • Drug supply chain integrity
  • Patient Databases/Indexes on block chain
  • Claims Adjudication
  • Medical supply chain management
  • Transparency and Automation within the patient to hospital, or patient to doctor transactions
  • Clinical trial provenance - integrity with an audit-able trail of data exchange
  • Efficiency, privacy and ownership of patient health data

 

Supply chain & Logistics

  • Tracking journey stops; paired with IoT to create an immutable ledger of trip data
  • Supplychain parts management
  • Track truthful, full history of vehicle from pre-production to sale
  • Supply chain parts management
  • Ability for IoT applications to contribute transnational data to block chains implications across industries (trucking/ transportation, supply chain integrity.)


Oil & Gas

  • Payments: Typically, oil and gas contracts involve complementary structures. They also involve cross-border transactions, which require intermediaries and additional costs
  • Transparency: Companies invest time and effort to ensure all documents are in place and accessible to all stakeholders. It includes compliance documents, audits, and associated paperwork
  • Cost and Time: Complex energy transactions involve a wide range of orders and documents such as purchase invoices, shipping documents, bank release funds etc. They dd to the complexity of the process


Banking, Finance & Fintech

  • Streamline payments processing with the high efficiency, fast and secure transactions
  • Empower global transactions, tearing down national currency borders
  • Minimize auditing complexity for any financial ledger

 

Source: https://medium.com/fluree/blockchain-for-2018-and-beyond-a-growing-list-of-blockchain-use-cases-37db7c19fb99