Here, it is following the continuing of the companies which are using blockchain to drive greater transparency and veracity across the digital information ecosystem.
CANNABIS: The cannabis industry is making significant investments in technologies and research following legalization in Canada and rising momentum for legalization in the U.S. It is likely that the recreational cannabis industry is closely regulated and will benefit from consistent and safe cultivation and delivery monitoring system. Blockchain technology could record commodity flows from farm to factory, which could further improve the protection and enforcement of regulations. IBM has also proposed blockchain technologies to regulate the source and distribution of cannabis by governments.
ACCOUNTING: Accountants deal on a comprehensive variety of records – including material from tax returns, financial accounts, and tablets. Laying this confidential information through blockchain technologies will make it easier to manage it as done by accounting companies. Blockchain technology data monitoring can also lead to automating some AI accounting services and can minimize human error and fraud. Big Four accounting companies are now boarding: KPMG has been investing in testing and knowledge sharing systems and ventures, Deloitte has developed blockchain-based applications, and PwC has developed a blockchain auditing service.
CONSTRUCTION, ARCHITECTURE, & BUILDING: The building is a heavily managed industry with a wide spectrum of practitioners employed on complex ventures. It can be difficult and time-consuming to verify their identity, their working efficiency, and reliability. A blockchain-based ecosystem could help overcome this problem by making the authentication of identity and the success of various teams easier for general contractors. The technologies of Blockchain can also help to ensure that building supplies come from the right locations and are quality, whilst smart contracts make it possible to pay in time automatically connected to project milestones.
FEDERAL MAIL: Even the US Postal Service is exploring blockchain implementation to boost operations and service. Distributed headline technologies may lead to developing a monitoring system that lowers USPS costs and saves postal workers time.
PUBLIC TRANSPORTATION: The rise of towns has also placed strain to bear on many transit networks which are also unreliable and costly to operate. Usage of blockchain technologies could help communities better understand how public transit solutions are used by their residents. For example, the UK's DOVU helps people to share their transport and transportation details – like how they use buses, trains, motorbike shares, and even pedestrian routes – through a crypto-ticket blockchain-backed app. The organization has been partnering with carmakers and Go-Ahead.
HOSPITALITY: In the form of a fee paid to third parties, major hotel chains forfeit 10 to 15 per cent of their sales. Small chains and self-employed hotels rush over to third-party services — between 18% and 22% of their sales. Blockchain technology can allow intermediaries to minimize costs and promote direct contact between vendors and customers.
ART: As an alternative to growing foreign entry into the art market and reducing transaction costs, the art industry has also started to embrace blockchain and tokenization. The blockchain Artory company provides a public ledger for recording art pieces' history, origin, and records. In April 2019, it raised 7.3 million dollars from 2020 to Hasso Plattner Money in its Series A financing round.
E-COMMERCE: By lowering transaction costs and increasing the protection of transactions, blockchain technology has the capacity for transformation into eCommerce. E-commerce companies like Walmart, Amazon, and Alibaba have started to test technology blockchain. In terms of foreign trading, blockchain may aid in traceability, ensure proof of delivery, and track transaction information in a safe way without the possibility of modifying or altering data.
FOR MORE INFO: https://www.cbinsights.com/research/industries-disrupted-blockchain/
