Industries to be Disrupted by Blockchain
Blockchain is the underlying technology of Bitcoin. The introduction of Bitcoin and thus the birth of the blockchain radiated joy and excitement all over the financial industry. This excitement is not only limited to the financial sector. While Bitcoin is an electronic payment system and meanwhile also electronic investment assets there are other blockchain applications and use cases which are likely to disrupt several industries within the next years.
Ethereum: The Fundament for Blockchain Applications
Ethereum is a blockchain platform which limits its use case not only to electronic peer-to-peer payments. It is seen as the most prominent next-generation blockchain platform as it allows the development of any application on an open-source protocol. Ethereum was founded by its inventor Vitalik Buterin who argues that that Bitcoin was not designed to serve as the blockchains answer to the internet. Don’t see Ethereum as a product or service. It is rather a programming language which allows the creation of any imaginable blockchain application. Vitalik Buterin created the first and most promising platform which seems to be the perfect fit to create innovative blockchain-based applications in the following areas:
- Currency issuance: digital crypto currencies will be able to operate on the same network
- Decentralized autonomous organizations: New forms of digital entities will rethink the way current corporations and organizations are run
- Smart Contracts: Contracts don’t need to be enforced by law but they will programmatically enforce themselves
- Smart property: Cryptographic, blockchain based tokens will be used to serve as a representation of real-world assets like real-estate or plane tickets.
While I don’t want to talk about technical details of Ethereum I will rather discuss a few ideas in the next blog posts where blockchain and Ethereum backed applications have the chance to disrupt today’s companies and businesses.
Blockchain Uber & Airbnb
Uber disrupted the taxi industry and it might be disrupted itself soon. Blockchain applications like a Blockchain-Uber will make intermediaries like the Uber-Company unnecessary.
Users will book, pay, and trust drives by using the blockchain. The blockchain which might be connected to the IOT network of New York City – which means e.g. every traffic light. will specify the perfect route and driver payments will be automated thanks to smart contracts. The driver will earn more as no intermediary (like Uber) will take a share of the ride fare. This business model will gain in importance as autonomous cars are on the rise.
Autonomous cars may take part in the Blockchain-Uber network. As soon as an autonomous car dropped off its owner at work it will earn money on its own. By offering its availability on a blockchain based platform, users of the Blockchain-Uber will be able to book rides according to their wishes. Autonomous cars may also be connected over a different insurance blockchain which guarantees to the Blockchain-Uber that the car is sufficiently insured. Riders may state if they would like to take the fastest or the least expensive routes and choose the autonomous car with the lowest bid or with the best rating.
What is the most promising use case I should write about in the next days? Leave a comment and I will join the discussion.