Five ways the blockchain technology will change non-monetary transactions
Today, I’ll show you five industries outside of finance that the blockchain
will completely revolutionize…
1.Real Estate
Land is one of the biggest sources of wealth in the world.
But an estimated $7–$9 trillion worth of land is “locked up”
due to poor recordkeeping and archaic land registries.
The blockchain will change all that…
Today, buying and selling real estate is a lengthy process…
Most people need to hire middlemen such as brokers, inspectors,
appraisers, notaries, and so on to get a deal done.
The blockchain will eliminate the need for these intermediaries—
and all their paperwork—by assigning each property a digital address.
The address will contain the property’s entire transaction history
and update it in real time.
The blockchain will also allow people to create “smart contracts.”
Smart contracts are computer protocols that execute and enforce agreements.
Since cryptocurrencies are “programmable money,” they can be added to a
smart contract to automatically pay the first month’s rent or fund escrow
accounts… reducing costs and saving time.
Cook County (home to Chicago) is already experimenting with the blockchain.
The county is working with startup Velox.re to test the blockchain
for recording and transferring property titles and tax liens.
2.Healthcare
Healthcare in the U.S. is an estimated $3.5 trillion industry.
One challenge the industry faces is finding a way to protect
and share private patient information.
Last year, health insurer Anthem’s database was hacked.
Nearly 80 million people had their personal information stolen.
Several blockchain companies are already working on a solution to protect
sensitive medical records.
One is MedRec…
it’s testing a blockchain-based records system.
Instead of saving patient information in a centralized database as
Anthem did, MedRec gives each individual patient a log of their own medical records.
Patients can then choose to release their information to doctors,
insurers, or researchers.
The blockchain will give patients complete control over their medical records—and privacy.
3.Music Recording Industry
Today, the
blockchain technology is starting to disrupt the $15 billion music
recording industry.
Like other industries, recording artists have to deal with a myriad
of intermediaries (like agents and distributors) to
get their music to the public.
The internet has made it easier for artists to disseminate their music.
But they still lose an estimated 86% of the money their music
makes to third parties.
(And that doesn’t include “pirating” of their songs.)
The blockchain will put artists back in control of their music.
For instance, U.K. singer-songwriter Imogen Heap has partnered
with a company called Ujo.
Ujo created a blockchain-based platform artists can use to
be paid directly for access to their content.
Last year, Imogen debuted her song “Tiny Human” on Ujo.
Not only can users buy the song…
they also can buy the track’s key, tempo, and stems with digital money.
Proceeds are then distributed to all involved in making the music,
including singers, producers, writers, and engineers.
4.Voting
Anyone following the U.S. election has heard Donald Trump’s concerns over
“large-scale” voter fraud.
While many have said his concerns are unfounded,
it brings back memories of the 2000 election
and the “hanging chad.”
The blockchain will make voter fraud virtually impossible.
A company called Follow My Vote has created a blockchain technology
that allows you to securely and privately vote from your smartphone,
tablet, or computer.
It also features state-of-the-art ID verification.
Because of its immutability, the blockchain can’t be hacked…
so the vote count can’t be tampered with.
And it automatically tabulates the vote without any human intervention.
In addition, the new tech allows you to check your
vote to make sure it was counted.
5.The Internet of Things (IoT)
Cisco predicts the global IoT market will be over $14 trillion by 2022.
That’s a lot of money sloshing around…
and another opportunity for blockchain technology.
[The IoT is the point where nearly every device we use today
(dishwashers, automobiles, even your garage door opener)
will be connected to the internet.]
IBM is at the forefront of IoT and blockchain technology.
It’s building a “proof of concept” called Autonomous
Decentralized Peer-to-Peer Telemetry (ADEPT).
ADEPT uses Bitcoin’s underlying blockchain design to create a
ledger of existence for billions of devices.
Each device on the system can autonomously talk to its peers.
IBM is already testing use cases for ADEPT…
It’s partnered with Samsung to make the AW9000 washing machine.
Using ADEPT, the Samsung washing machine was able to reorder
detergent and service parts, and control how
much electricity it used.
We’re in “the Early 1990s Internet” All Over Again…
Today, the blockchain is at a similar point to where the internet
was in the early 1990s.
Remember, many people didn’t see the significance of the internet at first.
But early investors started pouring in… and that was an indication
that the technology was about to take off.
We’re seeing a similar pattern with the blockchain.
Venture capital is flooding into the space .
And those that follow suit have a chance for life-changing gains.
Our primary focus at Coinomia is to keep you ahead of this trend
and ensure that you are educated enough to profit in a big way
from this once in a while Trillion $$$ trend ….
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