You may have heard about blockchain technology having a high potential in banking, finance, and insurance spheres. But could you imagine blockchain being used in industries not related to finance at all?

We’ve asked the Crowdholding community this question and got some insightful answers, which we’ll provide in this article!

First of all, for those who can’t call themselves geeks or crypto-enthusiasts, here is a short description of blockchain:

Blockchain technology replaces the trusted intermediary with a network of computers. In fact, blockchain is a public database containing the accounting for every transaction that has ever been done. A new transaction is always stringed to the existing data blocks of transactions as a chain. Hence the name blockchain.

Because the entire network keeps a copy of the blockchain that is constantly being refreshed, fraudulent transactions are to be noticed directly by the system. What makes Blockchain so attractive and popular is that the technology can be used for any type of appointment or transaction.

Blockchain Solutions for Wholesale and Retail Businesses

One problem which wholesale and retail companies face is creating pricing strategies for thousands of SKUs/products. Having rich and up-to-date pricing information of competitors would be very helpful for making decisions about product pricing. Blockchain technology would be a good way to decentralize the collection of information and speed up the delivery of information to clients.

Blockchain projects could be working as a clearing house for data requesters and data collectors. A data requester would submit contracts to collect pricing data from specific stores at specific rewards within a certain frame. Data collectors would use smartphone apps to claim a contract, go to the store and collect the specified data. If the data collector meets the conditions of the contract they would receive the rewards. Using a fixed supply token would create an environment where data requesters would need to purchase tokens from the market to create contracts. This would create a gig economy for data collectors and give workers more flexibility on when and where they work. Individuals maintaining a decentralized network could receive a small percentage of each contract that is cleared.

Artificial Intelligence and Blockchain

Blockchain technology can be used in the development of artificial intelligence. In this way, the development of humanity will accelerate. Thanks to the decentralization structure, developers will reach investors more easily. Artificial intelligence and the development of robotic systems will pave the way for humanity to make space travels.

Artificial intelligence is the business of the future. The decentralization structure will accelerate the development of this system.

In this way, more ideas will be developed, scientists will reach investment easily. Silicon valley-like places in the world will multiply. People who need investment in all continents will be able to reach investors through this structure.

Blockchain used for Voice Recognition Software

The great thing about blockchain is that it gives power to the masses. That’s something that sounds like a popular line, but in this case really true. An entity that would like to harm the system needs more than 50% of the votes or mining power. So the bigger blockchain grows, the harder it becomes to manipulate.

A nice opportunity for blockchain is in getting data on large amounts of people without the need to buy from large companies. Get the data right from the source “people”.

A very nice idea, for example, is the ability to sell your voice for voice recognition software. If a company needs data like this, it’s hard to find, especially for a startup. Public data is very limited, and even if available, it won’t be exactly what you need. The cost of purchasing this specific kind of data would be very high. But blockchain makes it possible to get this kind of info directly from the crowd and in exactly the format you are looking for. But on the other side, for people that record their voices, will also keep it safe until it’s paid for by the companies interested in the data. Now this could work for a lot of other markets as well and could bring great opportunities. Creating safe transactions between supply and demand.

Education on the Blockchain

When it comes to universities, blockchain technology can support several aspects of the education process. First, it can be used in recording and storing employee training history. Second, it can support credentials: learning certifications and degrees could be stored on the blockchain, fixing the problem of determining authenticity. Besides, blockchain might be applied to MOOCs (Massive Open Online Courses). MOOCs are decentralised by design. Adding course material, certifications, and more to the blockchain would seem to be the logical step in their evolution.

Agriculture and Blockchain Technology

Agriculture is a very traditional industry, which is being innovated very slowly. So, how could we even use blockchain here?

In fact, blockchain can help insurance companies in tracking the actual drought and fire at times of crop failure. Thereby it can remove fraud claims of crop failure. Also, it will help in auto-initiation of payments using smart contracts written in blockchain. IOT can be integrated as well. In addition, blockchain could help consumers track the products providing trust.

Human Resource Improvement with Blockchain

In Human Resources, the technology can be applied to talent acquisition for verifying candidates’ background info and assessing their potential. It is also useful for payroll and mobility, as cross-border payments become a critical topic for HR departments.

In conclusion:

At the moment it is difficult to distinguish between hype and real-life applications. We have experienced this before with the internet hype. It will take time until the hype translates to worldwide adoption. Still, blockchain is here to stay.

Co-authors: Yerome Berlosconi, Doug Christman, Erkan Camli, Elric Drost, and Alex Bojinov.

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