There is little doubt that the blockchain revolution is well and truly underway. This has been exemplified by the huge number of businesses within each sector who have begun accepting cryptocurrency for purchase of products and services. A few sectors though, may be set to completely evolve with the introduction of blockchain technology and cryptocurrency paving the way.
Music and Entertainment Industry
In recent years with the development of so many streaming platforms and the ability to download music and TV with ease, these are industries which have really suffered.
Through the use of blockchain technology though, it is hoped they can begin a steady recovery. The advantage which the blockchain holds within this industry is the ability to cut out unrequired intermediaries from the process. This gives the artists a much greater degree of control over their work and also a closer connection to platform users.
With the implementation of many incentivized platforms from which advertisers can also benefit, it is hoped this will rejuvenate the industry, and act as a turning point for many artists.
A key concern within the shipping industry is always security. Reliability and speed of delivery are also very close to the top of this list. By incorporating blockchain technology in to the industry courtesy of many start up projects, all of these issues can be addressed.
Security will be provided thanks to immutable smart contracts and the complete transparency which the blockchain provides, speed and reliability can be improved through the removal of ineffective intermediaries’ which have commonly slowed down the system.
The fact that the blockchain allows for total and easy tracking also ensures that all parties in the industry benefit vastly from its introduction.
Payment Services Industry
Much alike some of the key concerns in the shipping industry, the payment services sector can be overly bureaucratic and tiresome to engage in. That has all changed with the introduction of blockchain technology. Suddenly, the world has opened up like never before, with a range of platforms offering ultra-cost-effective, fast, and reliable payments across the globe in a borderless fashion, and all assisted by various cryptocurrencies and blockchain supported platforms.