Blockchain use is spreading
Blockchain has become popular after the meteoric rise in the value of the Bitcoin. Everybody wanted to understand what was happening and many had heard about blockchains for the first time. This has caused waves of innovation and here we are, a few years after and many different industries are integrating blockchain into their processes.
One fine example is from the music industry. Getting musicians their rightful pay is a cumbersome process. So, a technology to get paying songwriters within hours rather than two years is a big step.
This is possible by new platforms, powered by blockchain technology. In an industry-first partnership, Revelator, Teosto and BMAT have demonstrated a new standard for paying rights holders faster than ever.
The technology enablers near real-time processing of radio performance royalties using a music monitoring platform in conjunction with a smart contract-powered platform. Blòkur uses advanced algorithms to reconcile music rights and deliver conflict-free data. Bloomen partners BMAT and Kendraio have contributed to innovative ways of managing music rights in a decentralized manner.
Another example comes from EY Canada. They have been working with Canadian Blood Services (CBS) to address this challenge with a proposal to put blood records on the blockchain.
The thinking was simple: If this was done effectively, we could provide near real-time visibility and traceability of blood products throughout the system.
Blockchain – which encodes data in a perfectly secure and transparent way – is an ideal technology to add security and visibility to the blood supply network.
By providing a platform that could guarantee the visibility, security, and reliability of records from donation to transfusion, in blockchain EY teams had identified a technology that could make blood product usage data more visible and usable.
Recently, Alibaba and Ant Blockchain signed an agreement with China’s largest port group, China Merchants Port. To build the world’s first blockchain-based digital port transparent network. That means trades and logistics involved in the port will be digital.
The global telecommunication company Vodafone has teamed up with the blockchain startup Energy Web with the aim of connecting energy generating assets across the grid. The partnership aims to incorporate SIM-centric digital ledger technology with the internet of things (IoT) connectivity. The IoT connection will be provided by the leader in this environment, Vodafone Business, to “create secure IDs for energy assets” around the world. Vodafone has over 100 million connections globally.
There are numerous blockchain projects in Turkey as well. We will see their fruits soon.
I believe that in the next five years, we will have enough data to see if blockchain is our data future or not. It will be amazing to see the results in the coming year