Kenneth Rogoff, a Harvard University professor and economist, recently made a bold but frequently repeated prediction about bitcoin–it’s going down. According to Rogoff, “bitcoin will be worth a tiny fraction of what it is now if we’re headed out 10 years from now … $100 [is] a lot more likely than $100,000 ten years from now.” The accomplished academic, who once served as the chief economist for the International Monetary Fund (IMF), went on to say, “Basically, if you take away the possibility of money laundering and tax evasion, its actual uses as a transaction vehicle are very small.”
Time will tell whether or not Rogoff’s bearish prediction is correct. Nevertheless, to Rogoff’s sure dismay, blockchain technology is here to stay. The nascent technology has already disrupted dozens of industries, and undoubtedly, many more are in line. From banking and financial services to supply chain management, blockchains are revolutionizing the way businesses and industry leaders are conducting their operations. Here are three industries that will forever be changed because of blockchain technology.
Blockchain Technology and the Travel Industry
One specialized travel platform, Cool Cousin, has a well-received iOS app that lets local residents give tips and create travel guides on where visitors should go in their hometowns in exchange for money. Vacationers and tourists can explore new areas through Cool Cousin guides developed by city natives. Cousins, as they’re affectionately called, have the responsibility of offering digital tours and pointing out the best local restaurants, businesses, and attractions. What’s more, Cool Cousin is developing blockchain solutions to their app.
The platform’s blockchain implementation is centered on smart contract integration. Smart contracts will both establish and enforce interaction between the platform participants, thereby implementing a system of checks and balances. This will keep the platform truly decentralized. Smart contracts will also be the mechanism that facilitates transactions between cousins and travelers, creating trust between all parties. Cool Cousin will eventually operate using the CUZ coin, its native crypto token. CUZ will remove the need for third parties and allow rapid cross border transactions and international payments to take place. Visitors can save on travel expenses while cousins will benefit from higher profits because they will transact in a peer-to-peer, decentralized manner.
How the Sports Industry is Getting a Blockchain Boost
Another company, Jetcoin, is partnering together athletes and their fans to incentivize success in the sports industry. Through the platform, fans can earn money and directly participate in emerging athletes’ careers. The platform works like as follows. First, an athlete releases a portion of his or her IP rights to the Jetcoin Institute. Second, the Jetcoin Institute, with its expert panel, creates a career plan along with a corresponding budget. Third, the Jetcoin Institute releases the rights in the form of Jetcoin smart contracts, which can be purchased with Jetcoins on the platform. Finally, as the athlete follows the plan and begins to secure revenues, a portion of his or her earnings are distributed back to the smart contract holders. Jetcoins can either be exchanged for another crypto or fiat currency, or used on the platform to purchase tickets to events, VIP access, and other perks.
Data Sharing and Security Meets Blockchain Technology
The world is increasingly dependent on data. But, as history has often shown, data isn’t always as secure as it needs to be, nor is it always easy to share in a safe manner. In response to these issues, Tierion uses the power of blockchain technology to verify data sharing, files, and processes. Their API and other platform tools can be used by companies and organizations to anchor a timestamped proof of data on the blockchain. The platform is particularly helpful for companies that mus share and store large amounts of data, as the platform uses blockchains to create immutable records and verifiable audit trails. The platform is also extremely easy to use and integrates with existing web, desktop, and mobile applications.