How Blockchain Could Be Used In The FutureSeptember 13, 2018
Blockchain is a technology that has many areas of application and not just in the finance sector. Whereas most people associate the technology only with Cryptocurrencies, it could be used in areas such as sports, transport, social media, and health among others. Any industry that handles data (almost every industry) can enjoy various benefits by adopting this technology. Currently, the sharing economy, the banking sector, and the Coca-Cola Company are already trying to use this innovation at various levels.
Blockchain In The Sharing Economy
Sharing economy is one concept that has already disrupted various industries worldwide. For instance, in the transport sector, Uber has taken over the role of taxis. AirBnB, on the other hand, has revolutionized the hotel rooms sector. ShareRing is a company that is expected to improve the sharing economy using Blockchain technology.
ShareRing promises to create an eco-system that will accommodate the rental economy. The new company will not target one industry rather it will cover all businesses and individuals with rental products and connect them with their respective clients. Car owners, homeowners, and everyone with something to rent has a chance to benefit from this product. A new app will be launched in November and will see the renters connect with rentees courtesy of Blockchain technology.
Blockchain In International Money Transfer
Cryptocurrencies have become especially popular when it comes to sending money internationally. The process is not only faster than the traditional method but also way cheaper. Various banks have come together to use Blockchain technology in international money transfer to realize these benefits.
Santander, HSBC, Credit Suisse, Deutsche Bank, Barclays, and UBS have joined forces to create a ‘utility settlement coin’ that will be linked to fiat rates. This development has largely been inspired by virtual currencies such as Bitcoin, Litecoin, and Ethereum among others. The new coin will be used to facilitate international money transfers and bring efficiency. Moreover, the coin will only be available to financial institutions. The new currency will be ready before the end of this year.
Coca-Cola To Use Blockchain Technology
Coca-Cola has not been left behind in adopting this technology. In a partnership with the US State Department, the soft drink company wants to create a registry for all employees in the global sugar industry using Blockchain. In an attempt to fight main challenges in the sectors such as poor working conditions and forced labor, the registry will contain the workers’ contracts.
Many have hailed the soft drink company for taking this bold step to protect the interests of the vulnerable workers who are sometimes exploited by their masters. The new move will make it easy for Coca-Cola to ensure the interests of all employees in its production chain are taken care of.
The Popularity Of Blockchain Could Boost Cryptocurrencies
As more businesses embrace Blockchain, the society will have a chance to understand the technology. Any successful Blockchain undertaking will be good news to the virtual currencies as it will boost their credibility. The people will get a chance to reassess the digital assets and understand that they are built on a reliable technology.