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5 Unexpected Industries Influenced by Blockchain Technology

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Photo by Paul Hanaoka / Unsplash

Blockchain has been making ripples in the world, and its claim to fame has been in finance. Blockchain technology is the force behind cryptocurrencies such as bitcoin which recently hit over $6k per coin. Banks and governments all over the world have been fascinated by the potential of decentralization.

Banking, insurance, and cryptocurrencies are but a small part of blockchain’s impact on our future. Other industries have also begun to adopt the distributed ledger concept for use with medical records, government record-keeping, insurance, supply chain tracking, and energy.

Blockchain technology is in such high demand that professionals in the industry can hardly keep up–most experts are booked many months in advance. This becomes increasingly apparent as blockchain spreads to more unexpected industries.

The following are five interesting and surprising uses for blockchain.


Music and Art

While technology has often influenced art and vice versa as is the case with this real-life Star Trek-esque Holodeck project, art is certainly not what first comes to mind for most folks at the mention of blockchain.

However, the immutability of blockchain actually offers major benefits to artists as well as solutions to issues that have grown so overwhelming in the art world to discourage even those experienced artists who have been dedicated to their crafts for decades.

Among these issues, four are especially prevalent:

  • Censorship
  • Rights
  • Revenue
  • Piracy

Blockchain project Alexandria is using blockchain to solve all four of these issues. Their platform allows any with works in digital form to set their own rights on their works including ads, sampling, and royalty splits, publish the high quality file once for limitless sharing, and deny any possibility of censorship since, on the blockchain, work cannot effectively be altered. This gives artists more creative freedom and more potential to generate a sustainable living from their work.

Other blockchain projects merging blockchain and art include Verisart, Ascribe, and many others.

Fashion

A union between high-end fashion company Babyghost and blockchain company VeChain has resulted in FashTech which harnesses technology to verify the authenticity of designer projects. Not only does the scannable chip in this high-tech clothing allow users to determine whether or not the piece is a knock-off using the blockchain, it also introduces users to the story of the article by offering information about the original models who wore it.

This helps designers maintain the quality of their designs and reputations while adding an interactive, experiential facet for luxury buyers.

Knowledge

Resources such as Wikipedia have inarguably brought massive benefits to humanity by aggregating our knowledge, linking it categorically, and offering anyone the ability to contribute to the project for the good of us all. Unfortunately, not all editors on Wikipedia place the pursuit and proliferation of knowledge first and foremost, instead using it for disinformation, political gain, and, admittedly, occasionally a laugh.

Millennials and beyond will recognize the same phrase from every English teacher, “Do not use Wikipedia as a source.” The ability to edit at random without substantial peer review can lead to inaccuracies, and a lack of rewards for editors on the platform can result in inconsistent and untrue posts that are not reliable in an academic setting.

Lunyr is a “knowledge DApp” which uses Ethereum to offer up all of the benefits of Wikipedia plus all of the perks of blockchain. Contributors on Lunyr can assist with creating this decentralized knowledge base all the while collecting crypto rewards and stamping out censorship.

Articles on Lunyr go through a peer review process and, once published, are available on the blockchain. That is to say that knowledge can not be eradicated through a simple edit as is the case on Wikipedia. Instead, reviewers must agree on changes and resolve discrepancies.

As the concern of censorship grows in the world, information resources such as this–which place the value of legitimate information and the needs of the people above money and control–may be among the most valuable resources to humanity. The lack of centralization in Lunyr means no entity controls the information and the power of knowledge remains in the hands of the people with zero downtime.

Virtual Reality

Virtual reality is itself changing multiple industries well beyond gaming including travel, engineering, and fine dining.

But what happens when you merge blockchain and virtual reality? Decentraland. Decentraland is a decentralized virtual reality world wherein users purchase space via the Ethereum blockchain, build whatever they like in their virtual space, and profit from allowing other users to visit their creations. Because virtual “land” is bought on the blockchain, there is an immutable ledger of ownership. Some of the interesting creations in Decentraland include virtual workshops, live music, and 360 degree underwater tours. There are even people creating businesses within Decentraland.

Gaming

Video games have come a long way since Pong and The Oregon Trail. Gaming is now a career for many players and supporters alike. Content creation and streaming is also a big moneymaker in gaming. Twitch, a highly popular video game streaming platform which anyone can join to make money or have fun, could be worth $20 billion by 2020. In competitive gaming alone, known as esports, around $696 million dollars in revenue will be generated in 2017 and is expected to rise to $1.5 billion by 2020.  

In many ways, though, aspects of gaming such as these are very young, and tons issues still exist in this industry. Technology-minded people are helping to resolve some of them using blockchain.

FirstBlood is one example of blockchain in esports which lets players connect to compete then receive their winnings in their crypto wallets. Another is Gameflip which uses their own cryptocurrency token to allow users to sell in-game goods they’ve earned to other players. Considering there are in-game items worth $5000 or more (the CS:GO Crimson Web Bayonet, for example), having an easy way to exchange items for money while lowering the risk of scams is a great use of blockchain to give power back to the players.

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The DREAM platform isn’t just another untested beta program on a white paper… It’s live and being used right now to hire blockchain professionals. The token sale will enable DREAM’s innovative team to take DREAM to the next level by integrating A.I. and incorporating our platform token.

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5 Unexpected Industries Influenced by Blockchain Technology
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