8 Industries Equipping Blockchain To The Sharing Economy

May 16, 2019

Digital currency isn’t going anywhere. A handful of industries are going to make sure of that.

These eight industries are jumping on the blockchain bandwagon in interesting ways, and we’re going to dive into what changes these industries are making to accommodate blockchain in the new economy.

First, let’s touch on what exactly blockchain is.

What is Blockchain ?

Blockchain is essentially the record-keeping tech that supports Bitcoin. “Blocks” that are part of the blockchain are made of digital chunks of information. They contain three vital pieces of information-- the transactional information about a purchase, information about who is participating in the transaction, and information about other blocks.

Essentially, blockchain is a way to track transactions and integrate bitcoin into the sharing economy.

8 Industries That Are Bringing Blockchain to the Sharing Economy

1. Healthcare

Aenco is a blockchain company that is creating blockchain technology specifically for the healthcare and medical industry.

It’s being touted as this industry’s first platform to be supported by blockchain technology. The promises behind it are certainly attractive-- Aenco’s product is highly customizable and can support many decentralized financial applications.

2. Insurance

It’s been a long time coming, but it finally looks as if blockchain will be implemented into banking and subsequently insurance.

Blockchain has quite the potential when it comes to improving the insurance value chain. Blockchain can improve security, provide immutable qualities, and create “smart contracts.” The insurance industry has been a slow-growing one, and the services provided by insurance companies haven’t seen much innovation in the past few years. Perhaps blockchain will be able to change that.

3. Agriculture

The agricultural industry has certainly been making technological advancements when it comes to producing food and reduce waste, and now blockchain is starting to be integrated into the agricultural supply chain. Companies like AgriLedger are creating tech that utilizes blockchain technology to improve efficiency and traceability from farm to fork.

4. Traveling

Rideshare companies have been around for a hot minute, but it looks like Uber is the first rideshare enterprise to utilize blockchain. Though Uber’s use of blockchain has had a rocky start, there are many ways that blockchain can be used in the transportation industry. It could be used to make payments easier to process between the rider and the driver with substantially lower transactional fees through digital asset transfer.

5. Housing

Airbnb has been utilizing blockchain for a minute, and the results seem to be good. Airbnb has promised a 20% cheaper place to stay than the average hotel, which is a pretty hefty promise to make. But with blockchain, it's certainly possible. With no middleman to transactional fees, cryptocurrency can make purchasing goods and services, or finding a place to stay while on vacation, a much cheaper endeavor. Other housing facilities may take note in the near future.

6. Creative

Steemit is an interesting endeavor that combines creative content-makers with a bitcoin-funded incentive. Creatives can purchase Steem Power to raise their content's visibility and thus receive more votes. On Steemit, votes translate into money. Essentially, it's a gamble, but it's also a gamble that can reward great ideas. When it comes to taking this approach to other areas of the creative industry, utility tokens can be implemented to help creatives raise capital for their future content.

7. Social Network

Not too long ago, the dating app Tinder began to use blockchain with the help of the startup Hicky. While the real profit of this change is yet to be known, it’s easy to see why blockchain would be useful for social network enterprises. Because of the consistent logging nature of blockchain, it would be easier to connect with others online for the purposing of hiring someone for a service, networking, dating, or just making friends.

8. Retail

Retail and e-commerce businesses are probably one of the biggest proponents of blockchain technology for one big reason-- it’s easy to track transactions. This means that it’s easier to market to target customers and plan innovative ways to connect with the customer throughout the product life cycle. It also makes it easier to save and secure sensitive customer data, such as addresses and debit card numbers. Even the massive online retailer Alibaba is considering a move towards blockchain.

What do you think about blockchain innovations that these industries are making? Tell us what you think about blockchain in the comments below.

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