Advances in blockchain technology have been big news for some time now. The incredible price fluctuations of Bitcoin have certainly captured the imagination and brought this issue to the attention of millions of people.
Yet, it seems fair to suggest that many people still don’t fully understand how this could change our lives in a not-too-distant future. So, what are the things we do regularly that could soon be transformed by the blockchain?
Carrying out Financial Transactions
High-profile events such as Paris Blockchain week in March 2019 and the DX Asia and Blockchain Summit Singapore later in the year show that interest in this technology is growing rapidly around the planet. It is likely that the first noticeable effect in many people’s normal lives is in their financial transactions.
It is clear that Bitcoin is best known for offering a way of sending money directly to someone else or for allowing us to pay for goods and services without intermediaries. However, there are other cryptocurrencies that use the blockchain and will let us do far more than this.
For example, SALT, CoinLoan and ETHLend all offer ways of borrowing money using digital currencies. TenX offers a blockchain-backed debit card linked to crypto assets. Many banks have also started looking at using the blockchain for their international transfers, with JPMorgan recently announcing its own move into blockchain technology.
Listening to Music
How could this cutting-edge technology possibly affect the way that you listen to music? Well, you might be surprised to see that there are a number of blockchain platforms that are designed to make an impact in this industry, which grew by 8% in 2017. This growth was mainly due to a 45% increase in streaming subscriptions.
Among the platforms competing to get noticed in this sector, BitSong is all about decentralized music streaming that rewards artists and listeners. Then there is Viberate, which is a live music ecosystem, and the music video-focused Dench Music.
The massive global gaming industry is one of the most innovative areas of business just now. Among the factors driving change here are cloud gaming, cross-platform functionality and tougher regulations. There is also the possibility of making a career in gaming now. The idea of peer-to-peer transactions is something that looks perfect for gamers and game creators to take advantage of.
One of the blockchain platforms that could make a big difference is called Alax, with a goal of bringing online gaming to people who are currently excluded due to a lack of banking facilities. FLUX Gaming gives rewards directly to gamers and developers. Another example is Refereum, which aims to revolutionize marketing in gaming.
No matter how or where you like to travel to, the blockchain could soon play a big part in how you do it. For instance, MeetnGreetMe allows travelers to benefit from the experience of locals in the places that they visit.
Backpack Travel brings travelers the prospect of a border-less platform that brings together a range of tourism services. East2 looks to give frequent flyers digital tokens, while TravelVee lets hotels sell unoccupied rooms directly to guests.
It is likely that not all of these projects we have looked at come to fruition, with emerging regulation around the world making this a constantly-changing industry. However, the sheer variety of blockchain ideas around means that enough of them should succeed for this technology to have a big impact on our lives in the future.