Banking and payments aren't the only industries that could be affected by blockchain tech. Law enforcement, ride hailing, and many other sectors could also have blockchain in their future.
Bitcoin and other virtual currencies are made possible by what’s known as blockchain technology. Blockchain is essentially a global public ledger capable of automatically recording and verifying a high volume of digital transactions, regardless of location.
Bitcoin’s popularity is proving blockchain’s usefulness in finance, but entrepreneurs have come to believe blockchain could transform many more industries. Ultimately, the use cases for a transparent, verifiable register of transaction data are practically endless — especially since blockchain operates through a decentralized platform requiring no central supervision, while still remaining resistant to fraud.
As startups use blockchain to drive greater transparency and veracity across the digital information ecosystem, they’re boosting awareness of the technology in sectors ranging from payments to public policy. Here are the latest innovative ways companies are harnessing the power of global blockchain.