The growing adoption of Blockchain technology has been disrupting a number of industries, including financial services, data management, healthcare, agriculture, supply chain, gambling, gaming, public services, music, airline ticketing and many more.
Several companies are already piloting the technology to facilitate and improve the transparency of their transactions.
One of these companies is the American retail giant Walmart, which recently launched a project to test the technology for supply chain management. The initiative aims to leverage distributed ledger technology to monitor and trace pork sourced from China and sold in the US.
The use of Blockchain in the remittance industry is also increasing due to such factors as lower transfer costs, ease-of-use and the virtually instantaneous transfer of money to recipients.
Blockchain technology is also effective in preventing theft in remittance transactions due to the irreversibility of the transactions. The strong encryption of Blockchain-based transactions makes them less likely to be hacked or intercepted by criminals.
Virtually endless applications
The list of use cases and Blockchain technology seems nearly endless. Major corporations are getting involved, having filed various applications for patents in order to bring their own ideas to market.
Let’s explore several startup companies that are implementing Blockchain technology to disrupt their respective industries.
Bitcoin image mining
Lampix plans to use Blockchain technology to establish one of the biggest image databases in the world. The content of the database will be supplied by image miners, who will be compensated with PIX tokens for their efforts. The firm also plans to offer this database to software developers to use in products such as the HoloLens or Google Glass. Lampix has also introduced its own hardware and software solution that can transform any flat surface into a smart, augmented reality surface.
Sustainable virtual economy
VIVA is trying to establish a sustainable virtual economy under its VIVAconomy project. To achieve this goal, the company has introduced a three-tiered digital currency framework: an online Blockchain trading exchange, a proven virtual currency ATM network and real world Blockchain applications.
Paying for content
WildSpark allows users to send cryptocurrency directly to content creators. It currently supports Youtube and is looking to add more platforms down the road. The platform also enables users to “tip” their favorite content creators/influencers through cryptocurrencies such as Bitcoin.
This is not the first time that someone has taken a stab at innovating this controversial industry. Growers International are now trying to provide transparency to cannabis cultivation using the Blockchain. They claim that their token will allow users, legal growers and cannabis entrepreneurs to participate more easily in the industry. It will also introduce a new Seed-2-Sale platform to help growers track sales across the supply chain, improving transparency in the growing industry.