Blockchain the incorruptible digital ledger technology is the hottest sector of 2018 with innovation projects being developed across the globe by behemoths like IBM to small startups. Blockchain removes intermediaries and provides a layer of trust and transparency that many individuals and companies are gravitating towards. The technology is not just used for financial transactions but can be programmed to store virtually anything of value, like data and identities. Blockchain provides the immutability of records to prevent manipulation of data in a hack-proof manner, just think election impact. Blockchain has been deemed the Internet of Value and those early adopters of this primarily open source technology are making waves in the creation of new technology sectors, driving employment trends and investment dollars. Blockchain has affected industries and entire regions of the world, and the disruption is not stopping.
Countries like Malta are looking to become the destination of choice for blockchain and cryptocurrency companies including the most recent announcement that cryptocurrency exchanges Binance and Okex will open offices or move headquarters there. Malta’s new legislation proposals around DLT (Digital Ledger Technology), virtual coins and technology arrangement and service providers are sure to attract others to “blockchain island.” The addition and influx of these technology companies are sure to create new economies for the island nation known for their maritime and financial services friendly ecosphere.
Blockchain also affects whole industries that are ripe for disruption and in doing so create new economies in the process. Various sectors are staunch with fraud and inefficiency, so blockchain has the power to streamline processes and ensure the safety of data. Governments are moving services to the blockchain as seen in Dubai and Wyoming. Several companies are upheaving their existing sectors as well as creating new industries in the process. Here are some companies to keep an eye on.
Uulala: A visible industry that is full of intermediaries and ripe for disruption is the remittance industry. The global remittance industry topped $429 Billion in 2016. The World Bank says transaction fees average 7.45% globally, and, in many remittance corridors, they are a lot higher driving rates as high as 15%. Blockchain-based fintech companies like Uulala are leveraging the technology to drive consumer fees down, and they created a decentralized community to load funds, which will significantly impact existing intermediaries like Western Union, and MoneyGram in the Latin American remittance corridor. Their banking core engine technology allows merchants to create their own smart contracts for micro-financial products for their customers. Uulala’s remittance and micro-credit services will provide social impact for generations as the financial tool for Latino financial solutions creating a new economy in the process.
Sportyco: Athletes can create donation or investment campaigns to get the required funds for training and living while trying to achieve their dream. Fans and supporters can donate to athletes, while investors can invest in them for a future return. SportyCo is a decentralized sports investment & funding platform, where athletes, clubs, and sports organizations can raise funds required to achieve athletic success. Sportyco is creating a new economy around the success of athletes who otherwise would not be able to afford the training and practice time without the assistance unless they happen to come across a rich benefactor to flip the bill. The impact of this ecosystem can level the playing field for those who come from humble beginnings.
Fr8 Network: Inefficiencies run rampant throughout the freight industry. On the one hand, manufacturers struggle to access enough transportation resources while on the other end of the spectrum; carriers drive over 29 billion miles with partially or totally empty trucks according to Fr8 Network’s whitepaper. The disconnect is not only costing manufacturers but is creating waste. The Fr8 Network team realized that the shipping industry was in need of a decentralized solution. Their blockchain-backed marketplace, fueled by Fr8tokens streamlines the existing fractured supply chain and facilitates transactions backed by smart contracts for all stakeholders including carriers, suppliers, and brokers.
Blockchain adoption across industries and nations will bring both innovation solutions to aging industries and government processes as well as disruption to the status quo. Blockchain will be viewed in the years to come as the death to the middleman and conduit of access and innovation. These organizations are pushing boundaries, and the limits are boundless.