Nowdays, the practical uses of blockchain are not necessarily clear at such an early stage in the development of the technology. However, if we look at what major companies, governments and the most interesting and potentially disruptive startups in the space are doing with blockchain, we can get some idea of how it will be utilised in the future.
Finance
Blockchain can streamline banking and lending services, reducing counterparty risk, and decreasing issuance and settlement times.The use of decentralized exchanges would also democratize investing by allowing two parties to trade without the need for a third party. Less administration, less cost.Clearing and Settlement- The Australian Stock Exchange announced at the end of 2017 that it plans to use blockchain technology to manage the clearing and settlement of equities. Recent reports that the Hong Kong Stock Exchange is also looking at utilising a distributed ledger system to cut costs, shows that the implementation of blockchain in finance is being accelerated globally.
It allows: Authenticated documentation and KYC/AML data, reducing operational risks and enabling real-time verification of financial documents.
Identity
Blockchain could provide a new compliant usage model whereby the customer permits the company to access a level of data for a limited time and limited use. In this model, you don’t need ad blocking software because you get to choose which ads you see and you get paid for it.Social media companies like Facebook monetize our personal information by selling it to advertisers.
Land and Property
So, ff you don’t have a valid title to your land/property, you can’t borrow against it to set up a business and you can’t plan for your financial future. About 70% of the world’s population do not have access to a formal system of property rights. This creates an oppertunity for brokers and advocates to handle the process in league with governments. Corruption and high fees are endemic in developing nations in particular. Blockchain could help link an individual’s land/property with his or her details. It isn’t just developing countries like Honduras and Kenya looking to utilise the technology, Sweden has ambitious and advance plans to implement a land registry on a private blockchain.
Travel
If you travel recently you may see that, the biggest tourism company in the world , TUI, recently announced it plans to move all its data to the blockchain. It would use blockchain technology to track internal contracts and launched an application- BedSwap- to maintain real-time records of hotel inventories. A single, secure and transparent distributed ledger could drastically reduce costs for airlines, hotels and travel agencies by streamlining bank payments and settlements.
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