Blockchain has outgrown its original use for cryptocurrencies. 10 years after its birth in 2008, a number of industries are looking at the advantages of blockchain.
Supply Chain
Samsung is considering using a blockchain system for its supply chain, which could save 20% on shipping costs. Anyone who understands blockchain can see the huge benefits to supply chains, but it will be interesting to see who dips their toe in first!
Property
Property is being sold on blockchain. This April, a New York townhouse was listed on the market for $45, Ripple, Ethereum or Bitcoin are all accepted as currency.
Traditional Banks
Mastercard has developed a blockchain based, identity verification system to combat identity fraud. The blockchain system enables a growing chain of data which can’t be tampered with or modified.
The Bank of America has done exactly the same, both companies patenting their own software on 12th April.
Tourism
The Caribbean Tourism Organisation is looking to use a blockchain system to accept cryptocurrency payments. Currently the organization is only analysing the viability of accepting cryptocurrencies. But it adds to the list of industries dipping their toe.
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What do you think the future of blockchain will be?
Has blockchain outgrown bitcoin and how quickly will it assimilate into all industries?