Many people associate blockchain with cryptocurrencies and may immediately discard it as being part of an inflated financial market.
While this association might be correct in some cases, the reality is that blockchain is much more than that. Blockchain technology has numerous applications that can be applied to a wide range of industry sectors.
Some of the main advantages of blockchain technology are transparency, enhanced security, increased efficiency and traceability and speed of transactions.
The potential and benefits of blockchain technology are already being reaped by industry players in the insurance and film industries, IP right owners - to trace the use of their IP assets and enforce their rights, and international retailers - for the distribution and sale of their goods. And, in all of these industries where blockchain technology can be applied, smart contracts play an important role to secure and ascertain the rights of each party involved in a transaction.
Blockchain is the future, is here to stay and so, it's use should not be feared but rather understood and embraced.
“The biggest impact perceived by traditional industry players is in fraud prevention (claims) and smart contracts triggering (automated sales)… We also expect startups with new business models to disrupt the market in specific areas like risk sharing.”